Agility Robotics Plans to Go Public via SPAC in a $2.5 Billion Deal
Agility Robotics, a startup from Oregon State University, is set to merge with Churchill Capital Corp XI in a deal valuing it at $2.5 billion, aiming to enhance production and expand its market presence.
Agility Robotics, a humanoid robotics company that originated from Oregon State University in 2015, is preparing to become a publicly traded entity through a merger with special purpose acquisition company (SPAC) Churchill Capital Corp XI. This merger values Agility Robotics at approximately $2.5 billion.
The merger is projected to yield over $620 million in proceeds, which includes around $200 million from a consortium of both new and existing institutional investors, according to the company’s statements.
Agility Robotics is primarily recognized for its bipedal robot named Digit, which is currently operational across nine customer sites, including notable companies such as Schaeffler, GXO, Toyota Motor Manufacturing Canada, and Mercado Libre.
The startup has received financial support from prominent technology firms and investment funds, including Amazon, Nvidia, SoftBank Vision Fund 2, and DCVC. The funds raised from the SPAC merger are intended to ramp up production of the next-generation Digit v5, fulfill existing orders, and broaden its reach to both new and existing customers.
Agility Robotics has reported securing over $300 million in multi-year orders for the new Digit v5 model, as well as a robust pipeline of more than 30 potential customers who are assessing large-scale deployment options.
Peggy Johnson, the CEO of Agility Robotics, stated, "Humanoid robots are poised to become a critical driver of productivity, supply chain resilience, and American technology leadership." She emphasized that with humanoid robots already operational in various customer environments, Agility Robotics is aiding businesses in tackling labor shortages, enhancing efficiency, and safely incorporating AI-powered automation into their workflows.
Following the merger, the new entity is anticipated to trade under the ticker symbol AGLT on a North American stock exchange, which has yet to be disclosed.
