Agility, Maker of Humanlike Robots, to Go Public in $2.5 Billion SPAC Deal
Agility’s humanoid robot, Digit, is used by companies including Amazon
- Agility Robotics will go public via a merger with Churchill Capital Corp XI, valuing the startup at about $2.5 billion.
- Agility Robotics’ Digit humanoid robots automate tasks for customers like Amazon.com.
- Agility CEO Peggy Johnson expects an advantage by going public early, citing investor demand and companies seeking to fill labor gaps.
Agility Robotics, a startup that makes humanlike robots used in manufacturing facilities and warehouses, is set to go public in a deal valuing it at about $2.5 billion, its executives told The Wall Street Journal.
The details
Agility is set to merge with dealmaker Michael Klein’s special-purpose acquisition company, Churchill Capital Corp. XI CCXI 0.48%increase; up pointing triangle, and list under the ticker symbol AGLT.
The companies expect gross proceeds of over $600 million from the deal, including $420 million cash from Churchill XI and over $200 million via a common-stock private investment in public equity, or PIPE investment, led by Foxconn, the Taiwan based electronics-contract manufacturer that is an existing Agility backer, the executives said.
Agility’s flagship humanoid robot is known as Digit. Digit robots help automate tasks such as moving and stacking heavy containers.
Agility’s customers include Amazon.com, which uses the company’s products in warehouses, logistics company QXO, car parts manufacturer Schaeffler and Toyota Motor Manufacturing Canada, according to the company.
The context
Agility’s competitors in humanoid robotics include established companies such as Tesla and Boston Dynamics, as well as startups including Figure AI and Apptronik.
Agility is led by Peggy Johnson, a former Microsoft executive who was previously CEO of augmented reality-tech company MagicLeap.
Johnson said she believes Agility will have an advantage by going public before other stand-alone humanoid robotics businesses, because of pent-up demand from individual investors looking to put dollars into the industry.
“Plus, we see so much interest from companies seeking to fill the labor gap,” Johnson said.
Johnson said the combination of older workers retiring and the Trump administration’s focus on reshoring manufacturing jobs will continue demand for its robots.
Johnson said Agility’s factory in Salem, Ore., should be able to make 10,000 units annually once fully up and running.
The company has already secured orders for a new version of Digit that it is developing, which should have finer dexterity to move smaller objects and incorporate higher safety standards, according to Johnson.
Agility’s other backers include Amazon, Nvidia and SoftBank. On Monday, Nvidia announced a new safety protocol for robotics that it said Agility would be the first company to implement.
SPAC mergers can be popular for those looking to skip the rigors of the conventional process for an initial public offering. They exploded in popularity in 2021, when interest rates were historically low during the Covid-19 pandemic.
Klein, a former Citigroup banker, has been one of the most prolific SPAC sponsors, having used the vehicles to take public such companies as Oklo, the nuclear power company, and Lucid, the EV maker. SPAC deals are becoming more popular again as the IPO market stages its own revival.