Agility Robotics began trading on Nasdaq on Thursday under the ticker AGLT, becoming the first dedicated humanoid robot company to go public in the United States. The Oregon maker of the two-legged Digit robot listed through a merger with Churchill Capital Corp XI, a special-purpose acquisition company led by former Citigroup executive Michael Klein, in a deal that valued its existing equity at about $2.5 billion and is expected to leave it with roughly $465 million in gross capital.
The listing exposed how early the humanoid business still is. Agility reported just $1.8 million in revenue last year against a $138.1 million net loss, and more than half of that revenue came from five robots bought by one of its own investors, according to merger filings. The company burned $99.8 million in cash running the business in 2025 and lost $2.7 million on its sales alone, before research and other costs. "We expect to incur additional losses and higher operating expenses for the foreseeable future," it told the SEC.
Agility is betting on scale it has not yet delivered. It has deployed Digit across nine customer facilities, including sites run by Amazon, Toyota and the logistics firm GXO, and its filing cites more than $300 million in orders for 1,000 robots from a single customer over a three-year period. Those orders depend on the company hitting deadlines and shipping Digit 5, its newest model, which is designed to work near people without the safety barriers earlier versions required. Agility is targeting deliveries in the first half of 2027 and general availability by the end of that year.
The debut exposes a split in how investors price humanoids. Agility's $2.5 billion valuation sits well below privately held rivals that have shipped far less: Figure AI is valued at about $39 billion, Germany's Neura Robotics around $7 billion and Texas-based Apptronik about $5.5 billion. "Companies with deployments who are actually shipping hardware today are valued by the market a lot lower than companies that are betting on this future," ABI Research analyst George Chowdhury told Business Insider. As a public company, Agility will now set a visible reference point for what the market will pay for real humanoid revenue.
Its backers span the industry's biggest names, including Amazon, Nvidia, SoftBank's Vision Fund 2 and Foxconn, which led a roughly $201 million private investment tied to the merger. CEO Peggy Johnson, who previously led Magic Leap, framed first-mover status as the point: "We will be able to set many of the metrics on what customers need in a humanoid."
Timing may favour US manufacturers. In July the Federal Communications Commission banned new foreign-made "advanced robotic devices," including humanoids, and Agility builds Digit at its Oregon factory. That matters because Chinese firms dominate: Unitree, which listed in Shanghai this summer at a market value near $40 billion, is part of a group that accounted for about 90% of humanoid shipments last year, according to Omdia. The contrast with those valuations underlines the test Agility now faces in public view, where the gap between order books and delivered, profitable robots is harder to obscure.