Agility Robotics becomes first US humanoid robot maker to go public

A milestone for US robotics

Agility Robotics is preparing to begin trading on the Nasdaq under the ticker AGLT. This move makes the Oregon-based company the first in the United States to go public with a primary focus on humanoid robots. The listing follows a merger with Churchill Capital Corp XI, a special-purpose acquisition company.

The merger values Agility’s existing equity at about $2.5 billion. This valuation is notably lower than those of its private competitors. For example, Figure AI is valued at about $39 billion, while Apptronik and Neura Robotics are valued at approximately $5.5 billion and $7 billion, respectively.

The company’s leadership, including CEO Peggy Johnson, views the public listing as a way to build formal measures for customers. These measures will help businesses evaluate the safety and reliability of humanoid robots before they integrate them into their operations.

Financials and capital goals

According to merger filings, Agility reported $1.8 million in revenue for 2025. The company also reported a net loss of $138.1 million during that same period. A significant portion of that loss, about $38 million, was due to non-cash expenses related to employee stock awards.

The company is currently seeking to raise capital to sustain its growth. It expects to receive about $465 million in gross capital before expenses, which includes $100 million it has already secured. Agility used $99.8 million in cash to operate the business during 2025.

Despite the current losses, the company is looking toward long-term scaling. Agility stated in its filings that it expects to incur additional losses and higher operating expenses for the foreseeable future as it builds out its infrastructure.

Real-world robot deployments

Agility is not just developing prototypes; it is already putting its Digit humanoid robot to work. The company has deployed these robots at nine different customer facilities. These sites include operations for major global brands such as Amazon, Toyota, and GXO.

While these early deployments are currently limited in scale, they represent a major step for the industry. Analysts note that these small-scale tests are significant for the commercial humanoid market. They provide the data needed to prove that robots can function in real-world environments.

The company is currently relying on its newest model, Digit 5, to drive future expansion. This specific model was designed to work near humans without requiring the safety barriers that were necessary for earlier versions of the robot.

Orders and production timeline

Agility has secured more than $300 million in orders for 1,000 robots from a single customer. These payments are structured to be tied to the actual use of the robots over a three-year period. The fulfillment of these orders depends on Agility meeting specific delivery deadlines and product features.

The company has established a clear timeline for its next generation of hardware. It targets initial deliveries of the Digit 5 robot in the first half of 2027. General availability for the model is expected by the end of that same year.

Manufacturing for the Digit robots takes place at a factory in Oregon. This domestic production is relevant given recent regulatory shifts, such as the Federal Communications Commission barring new foreign-made advanced robotic devices.

The global robotics landscape

Agility enters a market where international competition is intense. Data shows that Chinese robotics companies accounted for about 90% of humanoid robot shipments last year. One Chinese firm, Unitree, recently went public on the Shanghai stock exchange with a market value of about $40 billion.

In the United States, the competition includes major tech players like Tesla. Tesla is currently developing its own humanoid robot, Optimus, though it does not have a standalone valuation. Agility aims to carve out a space by focusing on specific industrial applications for its humanoids.

The success of Agility will likely depend on its ability to transition from small pilot programs to large-scale manufacturing. By going public, the company gains the visibility needed to attract the investment required to meet its 2027 delivery goals.