Agility Robotics plans to go public through a merger with Churchill Capital Corp XI in a transaction valuing the humanoid robotics company at $2.5 billion before the investment proceeds.
The deal is expected to provide Agility with more than $620 million in gross proceeds. The company plans to use the capital to fulfil customer orders, increase production of its next-generation Digit robot, expand commercial deployments, and continue developing its robotics and AI platform.
Transaction Includes $200 Million Private Investment
The financing includes $420 million held in Churchill XI’s trust account, assuming investors do not withdraw their funds. Another approximately $200 million will come from a private investment in public equity, or PIPE, priced at $10 per share.
Foxconn is leading the PIPE, with participation from new and existing institutional investors. Agility’s current shareholders will retain their equity in the combined company and face a 180-day lock-up after the transaction closes.
The boards of Agility and Churchill XI have unanimously approved the business combination. It is expected to close in 2026, subject to shareholder approval, an SEC review, regulatory clearances, and approval from the selected stock exchange.
The combined company is expected to retain the Agility name and trade under the ticker AGLT on a major North American exchange. Agility has not yet identified the exchange.
Digit Operates Across Nine Customer Facilities
Agility’s bipedal robot, Digit, is designed to perform repetitive and physically demanding work in warehouses, factories, and distribution centres. The robots are operating across nine customer facilities and have accumulated more than 65,000 hours in working environments.
Customers include Schaeffler, GXO, Toyota Motor Manufacturing Canada, and Mercado Libre. The company is also supported by investors and partners including Amazon, Nvidia, SoftBank Vision Fund 2, DCVC, Foxconn, and Playground Global.
Agility says it has secured more than $300 million in multi-year orders for Digit v5, subject to contractual milestones. More than 30 additional customers are evaluating larger deployments.
Funding Will Support Digit v5 Production
Digit v5 is being developed as an AI-enabled robot capable of working safely alongside people. The company plans to increase production at RoboFab, its manufacturing facility in Salem, Oregon.
RoboFab was designed with the capacity to produce more than 10,000 robots per year, although Agility has not disclosed its current production rate. Chief executive Peggy Johnson said the company aims to address labour shortages while improving productivity and supply-chain resilience.
Featured image credits: Magnific.com
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