Agility Robotics becomes first humanoid robot company to go public

A first for Wall Street

Agility Robotics is making history as the first company focused on humanoid robots to go public in the United States. The Oregon-based startup will begin trading on the Nasdaq under the ticker AGLT following a merger with Churchill Capital Corp XI. This move provides a rare opportunity for public investors to participate in the humanoid robotics boom.

The merger with the special-purpose acquisition company (SPAC) was led by Michael Klein, a former Citigroup executive. Klein is a well-known sponsor who previously helped take companies like Lucid and Oklo public. Agility chose this specific path to bring Klein's experience in navigating the public markets to their growing robotics business.

Agility CEO Peggy Johnson noted the importance of being the first to enter the public arena. She told Business Insider that the company will be able to set many of the metrics on what customers need in a humanoid. By being the first, the company aims to define the standard for how these machines are measured and sold.

The reality of the balance sheet

While the company's debut is a milestone, its financial disclosures reveal the steep hurdles remaining for the industry. Agility reported just $1.8 million in revenue last year, while simultaneously posting a net loss of $138.1 million. These figures highlight the difficulty of turning humanoid technology into a consistently profitable commercial enterprise.

The company's losses are not entirely tied to operational failures. About $38 million of the total loss came from non-cash expenses related to employee stock awards. However, Agility still spent $99.8 million in cash to run the business in 2025, and it lost $2.7 million on its sales even before accounting for research and other overhead costs.

The company warned in its SEC filings that it expects to face additional losses and higher operating expenses for the foreseeable future. Analysts point out that the firm still faces significant challenges in solving unit economics, which refers to their ability to make a profit on each individual robot sold. For now, the business remains in a heavy investment phase.

Real-world deployments vs. hype

Agility distinguishes itself from many competitors by having robots already working in the real world. Its Digit humanoid robot is currently deployed across nine different customer facilities. These include major logistics and manufacturing hubs for companies like Amazon, Toyota, and the logistics firm GXO.

Despite these active deployments, analysts suggest the current scale is still relatively small in the grand scheme of the global market. However, these early uses are considered a significant step for commercial humanoids. They provide a testing ground for how robots can carry heavy materials and sort goods in complex warehouse environments.

The company is now betting on its newest model, Digit 5, to drive future growth. This version is designed to operate safely near humans without the need for the safety barriers required by previous iterations. This capability is essential for moving robots out of isolated cages and into shared human workspaces.

Valuation and market dynamics

The $2.5 billion valuation of Agility Robotics highlights a massive divide in how the market views different humanoid companies. This price tag is notably lower than that of several privately held rivals. For example, Figure AI is valued at approximately $39 billion, while Neura Robotics is valued at around $7 billion.

Market analysts suggest that companies with actual hardware deployments and shipping capabilities are being valued much lower than those betting on future potential. Agility's public listing provides a concrete reference point for how the market values a company that actually produces and ships hardware today. It serves as a reality check against the higher valuations of purely speculative firms.

The public debut also arrives as the U.S. government tightens restrictions on foreign-made robots. The Federal Communications Commission recently banned new foreign-made advanced robotic devices, including humanoids. Because Agility manufactures its robots at a factory in Oregon, the company may benefit from these new domestic manufacturing advantages.

The road to 2027

Agility is currently working toward a major milestone involving a single customer who has placed orders for 1,000 robots. This customer is expected to pay to use the robots over a three-year period, totaling more than $300 million in orders. However, these orders are contingent on Agility meeting specific deadlines and delivering the robots with all promised features.

The company is targeting deliveries for these robots in the first half of 2027. They hope to achieve general availability for the technology by the end of that same year. Meeting these targets will be critical for proving that humanoid robots can scale beyond small-scale pilot programs into large-scale industrial use.

The humanoid market is currently dominated by Chinese firms, which accounted for about 90% of shipments last year. Agility's move to go public is seen as a way for the U.S. to show strength in this sector. As the company moves toward 2027, its success will determine whether American manufacturers can compete with the massive production scale of overseas rivals.