Agility, the Oregon company that spun out of Oregon State University to rise as a leader in the world of bipedal humanoid robots, has always struck me as an Oregon startup that doesn’t get the attention it so richly deserves. Well I guess that’s going to change. You see, Agility is heading to the public markets. The company is going public via a merger with Churchill Capital Corp XI, the SPAC run by Michael Klein, at a pre-money equity valuation of $2.5 billion.
“Humanoid robots are a critical driver of American technology leadership and the future of global industry,” said CEO Peggy Johnson. “With category-defining commercially deployed humanoid robots operating in real customer environments today, Agility is at the forefront of a new era where safety-first, AI-powered technology can reliably work alongside people to bridge labor shortages, increase productivity, and strengthen the resilience of our supply chains. We believe humanoids are at a meaningful inflection point in commercial adoption, and we are focused on meeting growing customer demand, expanding deployments, and advancing our roadmap across robotics, physical AI, safety systems, and enterprise software. As adoption accelerates, we believe Agility is positioned to address a market opportunity across manufacturing, distribution, and logistics environments in the United States that is estimated by management to be approximately $1 trillion.”
The deal is expected to bring in roughly $620 million in gross proceeds — about $420 million from the Churchill trust plus another $200 million or so in a PIPE led by Foxconn at $10 a share. It’s expected to close sometime in 2026, pending the usual shareholder vote and SEC review.
The company says its Digit robots have logged more than 65,000 operating hours across nine customer facilities, working for the likes of Schaeffler, GXO, Toyota Motor Manufacturing Canada, and Mercado Libre. There’s a reported pipeline of 30-plus customers and more than $300 million in multi-year orders for the latest Digit v5. All built right here at RoboFab, a facility designed to crank out as many as 10,000 robots a year with roughly 75% U.S.-sourced components.
“Churchill Capital is proud to partner with companies that are shaping the future of technology and commerce,” said Michael Klein, Chairman and CEO of Churchill Capital Corp XI. “Agility is a humanoid first mover with proven technology, real-world deployments, and the trust of some of the world’s most demanding enterprises. We are excited to support Peggy, Jonathan, and the Agility team as they scale deployment of Digit, extend their leadership in physical AI, and create enduring value for shareholders.”
And while going public via a SPAC can be dicey at best, I’m really trying to stay focused on the significant infusion of capital here. The kind of capital that can change the trajectory of a local company.
For more, read “Agility Robotics goes public at a $2.5B valuation.”