Agility Robotics agrees to go public through Churchill Capital XI at a $2.5 billion pre-money value, with Foxconn leading a $200 million PIPE
Agility Robotics, maker of the Digit humanoid, signed a definitive agreement on June 24, 2026 to merge with the blank-check company Churchill Capital Corp XI in a deal that values Agility at $2.5 billion before the money comes in.
The transaction is expected to bring in more than $620 million of gross proceeds, including about $200 million from a PIPE led by Foxconn, and the combined company plans to trade on Nasdaq as AGLT.
Agility Robotics, the Oregon company behind the Digit humanoid, said on June 24, 2026 that it will become a listed company by merging with Churchill Capital Corp XI, a special purpose acquisition company traded on Nasdaq under CCXI. The two companies said in a joint release that the agreement values Agility at a pre-money equity value of $2.5 billion and is expected to deliver more than $620 million of gross proceeds.
The proceeds come from two pools, according to the release. Churchill XI holds $420 million in its trust account, an amount that assumes no shareholder redemptions, and about $200 million comes from a private investment in public equity priced at $10 per share. Foxconn leads the PIPE, with existing and new institutional investors participating. The combined company expects to list under the ticker AGLT.
Agility used the announcement to put commercial numbers on the record. It said it holds more than $300 million of multi-year contracted orders for Digit v5, the next version of its robot, and that its pipeline has grown to more than 30 customers. Digit is working in nine customer facilities and has logged more than 65,000 hours of operation, the company said, naming Schaeffler, GXO, Toyota Motor Manufacturing Canada and Mercado Libre as customers with active deployments.
The company describes Digit v5 as designed to be the first humanoid that is cooperatively safe, meaning it is built to work next to people in changing environments rather than inside fenced cells. Agility said its RoboFab factory is designed to produce up to 10,000 units a year and that about 75% of Digit's parts are sourced in the United States. The money will go toward filling existing orders, widening deployments, scaling Digit v5 production and continued work on the company's software and hardware platform, the release said.
Agility was founded in 2015. Its last priced private round on record was a $150 million Series B in April 2022 led by DCVC and Playground Global. Chief executive Peggy Johnson, co-founder and Chief Robot Officer Jonathan Hurst and Churchill chairman and chief executive Michael Klein were quoted in the announcement. Existing Agility shareholders agreed to a 180-day lock-up from closing.
The deal makes Agility the first of the well-funded US humanoid start-ups to seek a public listing. Figure AI raised $1 billion in September 2025 at a $39 billion post-money valuation, and Apptronik closed a $520 million extension of its Series A in February 2026, taking that round past $935 million. Those companies remain private, which means Agility will be the only one of the group whose orders, cash burn and unit economics are disclosed on a regular schedule.
The structure matters for how the market reads the price. A SPAC merger fixes a negotiated value up front and depends on how many trust holders redeem their shares before the vote. If redemptions are heavy, cash from the $420 million trust shrinks and the PIPE becomes the main source of funding. Foxconn's role as lead investor also gives Agility a contract manufacturer with global scale on its shareholder list at the moment it is trying to move from hundreds of robots toward thousands.
The transaction is expected to close in 2026. It still needs approval from Churchill XI shareholders, SEC review of a registration statement on Form S-4, regulatory approvals and stock exchange approval. BTIG is Agility's financial adviser and Latham & Watkins its legal counsel, while Citigroup and Willkie Farr & Gallagher advise Churchill.
MEKAWIRE analysis
Agility is trading private-market optionality for public-market disclosure, and its $300 million order book will be judged against a valuation set before investors have seen audited revenue.
The evidence for that view sits in the release itself. Agility leads with contracted orders, facility count and operating hours rather than recognised revenue, which is the metric public investors will eventually anchor on. A $2.5 billion pre-money value is roughly one-sixteenth of Figure's last post-money mark, yet Agility has more named, paying industrial customers than any US rival and a stated factory capacity.
The strongest counter-argument is that the listing gives Agility a permanent cost-of-capital advantage. A public company can raise follow-on equity and debt against a contracted backlog, and a Foxconn-led PIPE signals that a large manufacturer has done diligence on the bill of materials.
Bull case. Redemptions stay modest, most of the $620 million arrives, and Digit v5 deliveries convert the $300 million backlog into revenue through 2027. Agility becomes the reference public stock for Western humanoids and its multiple re-rates as private peers raise at higher marks.
Bear case. Heavy redemptions leave the PIPE as the main cash source, and the S-4 shows a revenue base far smaller than the order book implies. The stock then trades on cash burn, and private rivals with larger balance sheets outspend it on Digit's core logistics market.
Signals to watch.
- The filing of the Form S-4 and its audited 2025 financial statements, expected in the second half of 2026.
- The redemption rate announced ahead of the Churchill XI shareholder vote before the targeted 2026 close.
- First Digit v5 delivery dates disclosed to any of the four named customers, especially GXO and Schaeffler, by the end of 2026.
- Agility Robotics
- SPAC merger plus PIPE
- 620,000,000
- 2,500,000,000
- pre-money
- 2026-06-24
- Figure AI
- Series C
- 1,000,000,000
- 39,000,000,000
- post-money
- 2025-09-16
- Apptronik
- Series A extension
- 520,000,000
- No data
- not disclosed
- 2026-02-11
- Skild AI
- Series C
- 1,400,000,000
- 14,000,000,000
- post-money
- 2026-01-14
- 1X Technologies
- Series B
- 100,000,000
- No data
- not disclosed
- 2024-01-13
- Persona AI
- Pre-seed
- 27,000,000
- No data
- not disclosed
- 2025-05-14
Figures as disclosed by each company; Agility amount is expected gross proceeds (trust of $420 million assuming no redemptions plus about $200 million PIPE). Valuations are not estimated; pre-money and post-money marks are not directly comparable.
As of Oct 1, 2026
- About $200 million at $10 per share, led by Foxconn
- June 24, 2026
- Nine customer facilities, more than 65,000 operating hours
- $420 million, assuming no redemptions
- Churchill Capital Corp XI (Nasdaq: CCXI)
- AGLT
- Up to 10,000 units a year
- $2.5 billion
- More than $620 million
- More than $300 million, multi-year
Why it matters
The Churchill XI agreement is the first attempt by a US humanoid developer to put its business in front of public-market investors. Until now, valuations in the sector have been set in closed private rounds, often by strategic investors whose motives include supply relationships and access to data. A listed Agility will publish quarterly results, and those numbers will become the benchmark against which every private round in the category is read.
The announcement also shifts the conversation from demonstrations to contracts. Agility chose to disclose a contracted order book, a facility count and cumulative operating hours. Those are imperfect proxies for revenue, but they are measurable, and rivals that lack comparable disclosures will face harder questions from their own investors.
Rival analysis
Figure AI is the closest US rival in industrial deployments and is far better capitalised, having raised $1 billion at a $39 billion post-money valuation in September 2025. Apptronik has raised more than $935 million in its Series A and works with automotive and logistics partners. Tesla is building Optimus inside a company with $44.7 billion of cash and short-term investments at the end of March 2026. Against those balance sheets, Agility's $620 million is a modest war chest.
Agility's edge is focus. Digit was built for tote handling and logistics flows, and its named customers (GXO, Schaeffler, Toyota Motor Manufacturing Canada, Mercado Libre) are operators rather than investors. The risk is that better-funded generalists win the same logistics accounts by bundling robots with larger fleets or more capable manipulation.
Valuation context
The $2.5 billion pre-money value equals about 8.3 times the $300 million contracted order book (formula $2.5 billion divided by $300 million). That ratio uses multi-year orders rather than annual revenue, so it flatters the comparison; recognised revenue will be lower in any single year. Figure's $39 billion post-money mark is about 15.6 times Agility's pre-money value, a gap that reflects Figure's capital base and ambitions in the home rather than any disclosed revenue difference.
SPAC pricing also differs from a traditional IPO. The $10 per share PIPE price fixes the reference point, and post-closing trading will reflect redemptions, lock-up expiry after 180 days and the dilution from sponsor shares and warrants that will be detailed in the S-4.
Supply-chain implications
Agility said about 75% of Digit's parts come from US suppliers, a figure that positions the company for buyers sensitive to tariffs and origin rules. Foxconn's lead role in the PIPE is the more consequential supply-chain signal. Foxconn has the electronics assembly scale and actuator sourcing relationships that a 10,000-unit factory will need, and its participation hints at a manufacturing partnership even though none was announced.
The tension is between domestic sourcing and cost. Chinese humanoid makers draw on a dense local base for motors, reducers and batteries. If Agility keeps its US content high while scaling, its unit cost curve may bend more slowly than those of rivals building in Shenzhen or Shanghai.
Signals to watch
The first hard signal is the Form S-4, which must include audited financial statements and a pro forma capital table. It will show recognised revenue, operating loss and cash burn, numbers the June release did not contain.
The second is the redemption rate before the Churchill XI vote. A low rate would mean most of the $420 million trust flows to Agility. The third is any announcement on Digit v5 delivery timing and on whether Foxconn takes a manufacturing role at or alongside RoboFab.
Analyst view
Thesis. Agility is choosing transparency and a lower valuation in exchange for durable access to capital, and the trade makes sense if its backlog converts to revenue on time.
Confidence is medium. The order book, customer names and factory capacity are disclosed by the company, which supports the thesis, but revenue and cash burn are not yet public, and SPAC redemption rates in robotics and other deep-tech listings have often been high. Our view will move once the S-4 is on file.
Questions you should be asking
How much of the $300 million in contracted orders is cancellable, and over how many years does it run?
What share of the $420 million trust will survive redemptions, and what minimum cash condition, if any, applies to closing?
Will Foxconn manufacture Digit v5 or supply subassemblies, and how would that change the 75% US-sourcing figure?