Humanoid Robotics Firm Set for IPO, CEO Cautions Against Immediate Home Integration

The humanoid robotics industry is currently experiencing a surge in investment. Recently, AI2 Robotics, a startup from Shenzhen that specializes in wheeled humanoid robots, secured approximately $735 million, leading to a valuation close to $3 billion. Earlier this year, Apptronik, located in Austin and known for its humanoid robots aimed at manufacturing and logistics, finalized a $935 million funding round, achieving a valuation exceeding $5.5 billion, with backing from major firms like Google, Mercedes-Benz, and John Deere. Additionally, Figure AI from San Jose announced last fall that it raised $1 billion in Series C funding, boasting a staggering valuation of $39 billion.

In contrast, Peggy Johnson, CEO of Agility Robotics, took a more cautious approach. We spoke by phone recently after Agility revealed its intention to go public through a merger with Churchill Capital Corp XI, a special purpose acquisition company (SPAC). This transaction is expected to value Agility at around $2.5 billion and generate over $620 million in gross proceeds, marking the largest capital raise in humanoid robotics to date. The deal requires shareholder approval and an SEC review, with completion anticipated later this year.

Agility was established in 2015 as a spin-off from Oregon State University. Based in Salem, Oregon, the company creates bipedal humanoid robots intended for use in warehouses and factories. This move is significant for multiple reasons, as it positions Agility as the first dedicated humanoid robotics firm to be publicly traded, offering retail investors a direct opportunity to engage with a sector previously dominated by venture capital investments. Furthermore, it sheds light on the financial aspects of a business operating in an area where competitors typically guard their financial data closely.

Johnson, who previously served as Microsoft’s executive vice president of business development and later as CEO of Magic Leap, took a measured tone during our discussion. She refrained from providing future financial projections, avoided disclosing the costs associated with Agility’s main robot, Digit, and respectfully redirected questions that veered into speculation.

When asked why Agility chose to pursue a SPAC merger instead of another round of private funding, Johnson emphasized the first-mover advantage it presents for a publicly traded company. For investors eager to acquire shares in an innovative robotics enterprise, Agility represents both “an acceleration story and a timing story,” as she put it. The funds raised will support increased production in Agility’s 70,000-square-foot manufacturing facility and help fulfill existing customer orders.

Addressing the negative reputation of SPACs—many of which have struggled post-IPO—Johnson remained optimistic. She stated, “By staying focused on delivering results, we aim to minimize volatility.” She identified the main challenge as internal, focusing on how timely and efficiently the company can grow its offerings and skills.

Agility’s current pipeline extends well beyond initial pilot programs. Johnson mentioned over $300 million in secured multi-year revenue linked to approximately 1,000 robots operating on a robots-as-a-service basis, wherein clients pay a monthly fee instead of outright buying the devices. “All our clients have been vetted and come with solid deployment plans,” she noted, revealing names like GXO Logistics, Amazon, Toyota Motor Manufacturing Canada, Schaeffler, and Mercado Libre as part of their clientele.

Digit is designed with simplicity in mind. Standing around 5’9″ and weighing about 160 pounds, it excels in moving heavy items within human-made environments. Its most notable feature is its reverse-bend knees, often referred to as “bird legs,” which enable it to reach from the floor to overhead shelves without interference. The robot’s hands, equipped with two thumbs and two fingers, are specifically crafted for gripping heavy plastic totes, even as their contents shift during movement.

Johnson emphasized that Agility is “LLM-agnostic,” utilizing models like Claude and Gemini to interpret broad instructions into actions. She described a recent experiment where engineers scattered various types of trash and tasked Digit with “cleaning up this mess.” The robot successfully sorted and stored items accurately, including distinguishing bubble wrap as non-recyclable.

Agility’s core proprietary advantage lies in the physical capabilities of balance, movement, and manipulation that have been developed over a decade of real-world application. Johnson stated, “While LLMs have the internet for training, the physical AI of humanoids is still emerging.” She believes Agility possesses “the largest data lake of real-world robotics operation data.”

Johnson highlighted safety as a pivotal area where Agility differentiates itself from competitors. Unlike firms that showcase their robots in controlled demonstrations, Agility has complied with actual industrial safety certification standards to function within customer facilities. “You can’t just create a robot and then make it safe—that’s a redesign process,” she clarified. “All aspects, from the electrical system to software, need certification.” This concern is particularly significant given that human workers often share the same space. Notably, there have been reports within the industry about safety issues, such as the allegations against Figure AI regarding the safety of their robots.

Regarding the integration of humanoid robots into domestic settings, Johnson believes it will eventually happen, but cautions against expecting immediate results. She predicts that it will take “10-plus years” before humanoid robots can effectively navigate homes, which are unpredictable environments filled with various obstacles. “Unlike warehouses, homes lack structure,” she remarked, drawing a parallel with the challenges faced by autonomous vehicles.

Agility does not dismiss the possibility of entering the home market but remains focused on warehouses for the time being. Johnson noted the urgent need in the warehouse sector, where a significant number of jobs remain unfilled, particularly as many workers are retiring or younger people are unwilling to take on physically demanding jobs. “Currently, over a million positions in the U.S. fit this description,” she noted. “Filling these roles is quite challenging.”