Agility Robotics goes public at $2.5B — with 65,000 operating hours behind it

Agility Robotics signed a definitive business combination agreement with SPAC Churchill Capital Corp XI, with the listing expected in 2026 subject to approvals. The deal values Agility at a pre-money equity value of US$2.5 billion and is expected to deliver more than US$620 million in gross proceeds.

The operational figures disclosed alongside it are the substantive part. Agility has secured more than US$300 million in multi-year Digit v5 orders, milestone-contingent, and Digit has logged over 65,000 operating hours across nine customer facilities.

Capacity ahead of the listing

Agility opened a 60,000-square-foot physical AI development hub in Fremont, California, announced July 16, 2026, adding nearly 200 technical and field-operations roles alongside its Salem, Oregon manufacturing. Proceeds are earmarked for fulfilling orders, expanding deployments, scaling Digit v5 production and advancing the company's integrated robotics and physical AI platform.

The update came via Humanoid Global Holdings Corp. (CSE:ROBO), a Vancouver-based embodied-AI investment vehicle holding a minority stake in Agility. It is not a party to the SPAC transaction. CEO Shahab Samimi called the listing "a watershed moment for the humanoid robotics category."

Why it matters

The humanoid IPO window that opened this year is being tested on a single question: can any of these companies show operating history rather than order intent? Sixty-five thousand hours across nine facilities is a small number against a labour market and a large one against every competitor's disclosure.

It also sets a comparison point. Unitree priced its Shanghai listing at about 61 billion yuan on hardware sales; Agility is listing at $2.5 billion pre-money on deployed hours and contingent orders. Public markets are about to price two different theories of what a humanoid company is.

Update: S-4 filed, AGLT ticker, Q4 close

Updated October 2, 2026. The deal is now in the SEC process. Churchill Capital Corp XI filed its Form S-4 registration statement in September; the amended S-4 filed September 30 dates the merger agreement to June 24, 2026, names AGLT as the post-closing Nasdaq ticker, and adds a $201.0 million PIPE at $10.00 a share alongside a condition of at least $200 million in available closing cash. The $2.5 billion consideration is paid entirely in stock, about 9.295 new shares per Agility share. A September 17 filing said closing is expected in the fourth quarter of 2026 and scheduled an analyst and investor day in New York on October 6. The shareholder meeting date was still blank in the September 30 filing. On the product side, Agility has since launched Digit 5, the robot its order book is written against.

Update: investor day sets the 2026 cost base

Updated October 7, 2026. At its October 6 analyst and investor day in New York, Agility repeated that it aims to trade on Nasdaq as AGLT in the fourth quarter of 2026. The presentation, filed with the SEC, gives model assumptions of about $115 million in research and development and about $60 million in selling, general and administrative expenses for 2026, with R&D growing at about 15% a year and SG&A at about 20% a year through 2028. Its footnotes add that the buyer behind the $300 million-plus order book holds warrants that vest in proportion to robots deployed. According to Humanoids Daily’s account of the presentation, management put an installed base of 2,500 robots at about $250 million a year in revenue and 10,000 robots at about $1 billion; we could not find those scenarios in the text of the filed slides. Unit costs, margins and the order’s robot count are in our Digit 5 report.

Update: merger closed, trading as AGLT

Updated November 8, 2026. Churchill XI shareholders approved the merger on November 2 with more than 84% of votes cast in favour, the deal closed on November 4, and Agility began trading on Nasdaq as AGLT on November 5. Gross capital came to about $465 million before expenses, below the more than $620 million expected when the deal was announced, after redemptions left about $164 million in the SPAC trust. The first trading day, the lock-up terms and the 2025 financials are in our report on the listing.