Agility Robotics, the Salem, Oregon company behind the Digit warehouse robot, announced on June 24, 2026 that it will merge with Churchill Capital Corp XI, a special purpose acquisition company. If the deal closes, it would create the first publicly traded humanoid robotics company focused on real-world deployment.
The deal terms
The merger assigns Agility a pre-money equity valuation of $2.5 billion. The combined company expects to raise over $620 million in gross proceeds.
That money comes from two buckets. Approximately $421 million is expected from the SPAC’s trust, and roughly $200 million is expected from a PIPE led by Foxconn.
The transaction still needs regulatory approval and shareholder votes. Agility is targeting a close in the fourth quarter of 2026. After that, the merged entity will operate as Agility Robotics, Inc. and trade on the Nasdaq under the ticker AGLT.
Big orders, small revenue
As of May 2026, Agility had secured over $300 million in milestone-based, long-term orders for its Digit v5 robots.
Much of that comes from a single customer. A three-year Robots-as-a-Service contract covers 1,000 units, meaning the customer effectively rents the robots and their upkeep rather than buying them outright.
Agility also reports nine committed facility deployments. Its earlier Digit 4 models have logged over 65,000 operating hours with customers including GXO, Schaeffler, and Toyota.
In 2025, Agility generated $1.8 million in revenue against an operating loss of $140 million, with an estimated cash burn of $100 million.
On the private side, Agility closed a $400 million Series C in 2025, which left it with a post-money valuation of approximately $2.12 billion. The SPAC deal’s $2.5 billion pre-money figure represents a step-up from that mark.
The company had roughly 393 employees by mid-2026. It also plans a RoboFab manufacturing facility targeting 10,000 units of annual capacity.
From university lab to warehouse floor
Agility was founded in 2015 and grew out of research at Oregon State University. Its focus has shifted from academic robotics to commercial machines that handle repetitive material-movement tasks in warehouses and factories.
The company is positioning the coming period as a growth phase, with broader commercialization expected in 2027.
What this means
At $2.5 billion pre-money against $1.8 million in 2025 revenue, the market is being asked to price Agility almost entirely on future execution.
Customer concentration is another watch item. A single three-year, 1,000-unit contract drives a large share of the order book, so its milestones will likely be closely tracked once the company starts reporting quarterly.
The funding structure also carries some uncertainty. The $421 million trust figure is an expectation, and the total proceeds depend on how the deal performs through the shareholder vote and closing process.
The milestones to watch include regulatory approval and the shareholder vote, the fourth-quarter 2026 close, progress on the nine committed deployments, and whether revenue begins to catch up with the order book ahead of the expected 2027 commercialization push.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.