What is Agility Robotics? Digit 5, the $2.5bn SPAC listing, funding and customers explained
Agility Robotics is the Oregon maker of Digit, a bipedal humanoid already working paid shifts for GXO, Schaeffler, Amazon and Toyota's Canadian plants, and it is going public on Nasdaq as AGLT through a merger with Churchill Capital Corp XI at a $2.5bn pre-money value, with a shareholder vote on Nov 2.
The listing prices a company with $1.78m of 2025 sales and a $138.1m loss on more than $300m of milestone-based orders for Digit 5, which ships to early customers in the first half of 2027.
Agility Robotics, founded in 2015 and based in Salem, Oregon, builds Digit, a 1.81 m bipedal humanoid designed to move totes and parts in warehouses and factories. It is also about to become one of the first humanoid makers listed in the US: Churchill Capital Corp XI shareholders vote on Nov 2 on a merger that values Agility at $2.5bn before new money and is expected to raise more than $620m in gross proceeds, with the combined company trading on Nasdaq as AGLT, according to the companies' Oct 13 release.
The short answer to what investors are buying is a factory, a customer list and an order book, not a revenue stream. Agility's 2025 net sales were $1.782m and its net loss was $138.1m, according to the Form S-4. Everything else in the valuation rests on what Digit 5 does from 2027.
The robot: Digit 5 is built around uptime, not dexterity
Agility unveiled Digit 5 on Sept 15. The company says it can work beside people without safety fences, carries up to 22.7 kg (50 lb) repeatedly, 40% more than the previous model, and stands 1.81 m tall at 129 kg. On Oct 15 Agility named UK battery maker Nyobolt as supplier of its fast-recharge pack: 90 minutes of work on a 9-minute charge, a 10:1 run-to-charge ratio against 2:1 for Digit 4, which the company says allows more than 20 working hours a day. Early access is planned for the first half of 2027, with general availability by the end of 2027.
Digit's hands are swappable grippers on ISO flanges rather than five-fingered hands. That is a deliberate bet: Agility sells a tote mover with legs, while Figure and Tesla pitch general-purpose dexterity.
The customers and the order book
Agility says Digit has logged more than 65,000 operating hours across nine customer facilities, including moving 100,000 totes at GXO's Flowery Branch site at about 98% accuracy. Named customers are GXO, Schaeffler, Amazon, Mercado Libre and Toyota Motor Manufacturing Canada, which signed a robots-as-a-service contract in February for its Cambridge and Woodstock plants after a pilot. The S-4 discloses more than $300m of multi-year Digit 5 orders, of which $300m comes from a single unnamed customer and is tied to contractual milestones. Its RoboFab plant in Salem is designed for up to 10,000 robots a year.
The money: how a $2bn private value became $2.5bn
- Apr 22, 2022
- Series B, led by DCVC and Playground Global
- $150.0m
- Not disclosed
- Nov 14, 2024
- Series C initial closing (C-1, C-2, incl. note conversion)
- $54.5m
- Not disclosed
- Jun 25, 2025
- Series C 2025 closings (C-1, C-3)
- $162.4m
- $2.0bn post-money
- Jul 2026
- SAFE (per Form S-4)
- $100.0m
- n/a
- Jun 24, 2026
- Churchill Capital Corp XI merger agreement
- More than $620m gross expected
- $2.5bn pre-money
Source: company releases and SEC filings in MEKAWIRE's database. Priced rounds since 2022 total about $367m; with the SAFE about $467m.
As of Oct 16, 2026
Agility's verified priced rounds since its 2022 Series B add up to about $367m; with the $100m SAFE raised in July 2026, disclosed capital is about $467m. The SPAC would add more than $620m if no Churchill XI holders redeem, about $424m from the trust and about $200m from a PIPE led by Foxconn at $10 a share.
MEKAWIRE analysis
Agility is the first humanoid maker asking public investors to price a robot by its uptime and order book rather than by demos, and the Nov 2 redemption rate will show whether that story sells.
Our numbers make the gap plain. The $2.5bn pre-money value is 1.25 times the $2.0bn post-money of the June 2025 Series C, a modest step-up for a 16-month gap in a sector where Figure's valuation rose to $39bn. It is also about 1,400 times 2025 sales. The order book is about 168 times last year's revenue, so conversion of that single $300m customer into delivered, accepted robots is the whole case. The net loss nearly doubled, from $70.6m in 2024 to $138.1m in 2025 (+95.6%).
- Agility Robotics
- US
- SPAC merger (pending vote Nov 2)
- Jun 24, 2026
- More than $620m expected
- $2.5bn pre-money
- Figure AI
- US
- Series C
- Sep 16, 2025
- $1.0bn
- $39bn post-money
- Apptronik
- US
- Series A extension
- Feb 11, 2026
- $520m
- Not disclosed
- 1X Technologies
- Norway/US
- Series B
- Jan 13, 2024
- $100m
- Not disclosed
- Unitree Robotics
- China
- STAR Market IPO
- Aug 2026
- RMB6.1bn
- Listed
Disclosed figures only, from company releases, SEC and SSE filings; not estimates. Figure/Agility = 39 / 2.5 = 15.6x.
As of Oct 16, 2026
Method: step-up = $2.5bn / $2.0bn; sales multiple = $2,500m / $1.782m; order cover = $300m / $1.782m; capital totals sum verified rows in MEKAWIRE's database as of Oct 16, 2026. Figure's $39bn is 15.6 times Agility's pre-money value.
The strongest counter-argument is that a SPAC valuation is a negotiated number and redemptions often shrink the cash raised; if most of the $424m trust walks, Agility lists with the PIPE and its SAFE, and the 2027 ramp has to be financed again. A second risk is concentration: one customer accounts for the disclosed $300m.
Bull case: Digit 5 ships on time in 2027, the 10:1 charge ratio makes a robot cover two shifts, and RoboFab's volume turns Agility into the logistics humanoid supplier of record. Bear case: high redemptions, a slipped Digit 5 schedule and a milestone dispute with the anchor customer leave the company cash-constrained just as Figure, Apptronik and Chinese makers scale.
Signals to watch: the Nov 2 Churchill XI vote and redemption figure; the first AGLT quarterly filing with order backlog; and early-access Digit 5 deliveries in the first half of 2027.
- More than $300m multi-year Digit 5 orders, $300m from one customer, milestone-based
- Agility Robotics, Salem, Oregon, founded 2015; maker of the Digit humanoid
- Pre-money 1.25x the June 2025 post-money; about 1,400x 2025 sales
- 1.81 m, 129 kg, 22.7 kg payload; 90 min work on 9 min charge (Nyobolt pack); early access H1 2027
- RoboFab, Salem, designed for up to 10,000 units a year
- Merger with Churchill Capital Corp XI at $2.5bn pre-money; Nasdaq ticker AGLT; vote Nov 2, 2026; close expected November
- More than $620m gross expected: about $424m trust (no redemptions) plus about $200m PIPE led by Foxconn
- GXO, Schaeffler, Amazon, Mercado Libre, Toyota Motor Manufacturing Canada
- 2025 net sales $1.782m; net loss $138.1m (2024: $70.6m)
Why it matters
Agility will be the first pure-play humanoid maker to list in the US with audited numbers. Its trading will set a public reference price for the category that Figure, Apptronik and 1X investors will use, and its disclosures will be the first regular reporting of humanoid order backlogs and deployment hours.
For buyers in logistics and automotive, the listing also changes counterparty risk: a public Agility with more than $600m in fresh cash is a more bankable supplier for multi-year robots-as-a-service contracts than a private start-up.
Rival analysis
Figure AI raised $1bn at a $39bn post-money value in September 2025 and targets general-purpose dexterity with its Helix model; Apptronik raised a $520m Series A extension in February 2026; 1X sells NEO to homes; Unitree listed on Shanghai's STAR Market in August after raising RMB6.1bn. Agility is the only one of these whose public pitch rests on a narrow tote-handling job, a multi-site paid deployment record and a dedicated factory.
The trade-off is upside: a tote mover has a smaller addressable market than a general humanoid, which helps explain why its valuation is a fraction of Figure's.
Valuation context
At $2.5bn pre-money Agility is valued at 1.25 times its June 2025 Series C post-money and 15.6 times less than Figure's last disclosed valuation. Against 2025 sales the multiple is about 1,400 times, so the price is a bet on 2027-2028 deliveries rather than on current revenue.
SPAC terms set a $10 reference price per share; the market price after redemptions will be the first independent valuation signal.
Supply-chain implications
Battery packs come from Nyobolt (UK). Legs use Agility's proprietary cycloidal actuators. Foxconn leads the PIPE, which gives Agility a link to a contract manufacturer with global capacity if RoboFab's 10,000-unit design capacity proves insufficient or too costly. Component origin matters for US policy: a US-built humanoid is positioned to benefit if foreign-produced robots face Covered List restrictions.
Signals to watch
Nov 2, 2026: Churchill XI extraordinary general meeting and redemption rate. First quarterly report as AGLT (likely early 2027): backlog and deployed fleet. H1 2027: Digit 5 early-access deliveries with the Nyobolt pack.
Analyst view
Thesis: Agility is pricing uptime, not intelligence. Confidence medium. The deployment record and factory are real and disclosed; the risk is concentrated in one $300m customer and in redemption levels that are unknown until Nov 2.
Questions you should be asking
Who is the $300m anchor customer and what milestones trigger payment? What redemption level would force a new raise before Digit 5 general availability? What is the per-robot monthly service price under robots-as-a-service? How many Digit units are deployed today?