Agility Robotics made $1.8 million last year. It wants to go public at $2.5 billion.

Key points

• Agility Robotics generated $1.8 million in net sales in 2025, against a $140 million operating loss.
• The company is going public through a SPAC merger, a method that lets private companies list on the stock market based on future projections rather than current earnings, valued at $2.5 billion.
• The deal is expected to raise more than $620 million, including $200 million from electronics manufacturer Foxconn.
• Agility's Digit humanoid robots have logged more than 65,000 operating hours across 9 customer sites.
• The company projects 25,000 robots deployed by 2035, which it estimates would produce around $2.55 billion in annual subscription revenue.

Agility Robotics builds Digit, a two-legged humanoid robot designed to work in warehouses and factories alongside humans. Last year, the company brought in $1.8 million. Its planned stock-market valuation is $2.5 billion. That gap, roughly 1,400 times annual revenue, tells you almost everything about where humanoid robotics sits right now: heavy on promise, light on receipts.

The figures come from an S-4 filing, a disclosure document that companies must submit to the U.S. Securities and Exchange Commission before going public. Agility filed it as part of a planned SPAC merger with Churchill Capital Corp. XI. A SPAC, or Special Purpose Acquisition Company, is a shell company that already trades on the stock exchange; when it merges with a private firm like Agility, that firm effectively goes public without a traditional IPO, and investors bet on future growth rather than a proven track record.

So what do the finances actually look like?

Not pretty, at least not yet. Agility spent $111 million running the business in 2025, up from $71 million the year before, and burned through roughly $100 million in cash. The deal structure aims to bring in more than $620 million: about $420 million sitting in Churchill's trust fund and $200 million from a PIPE, a private investment arrangement where outside backers put money in directly. Foxconn, the Taiwanese manufacturer best known for making iPhones, is leading that private investment.

Metric	Figure
2025 net sales	$1.8 million
2025 operating loss	$140 million
2025 cash burned	~$100 million
SPAC deal valuation	$2.5 billion
Expected gross proceeds	$620+ million
Foxconn PIPE investment	$200 million

How does Agility plan to actually make money?

Two ways. Customers can rent Digit under a subscription model called Robots-as-a-Service, paying around $8,500 per month plus a $25,000 setup fee. Agility keeps ownership of the robot and handles maintenance. Over five years, the company estimates that earns around $535,000 per robot. Alternatively, customers can buy a Digit outright for about $200,000, plus roughly $36,000 a year in software and upkeep, totalling around $400,000 over five years.

Agility, as reported by The Robot Report, says one unnamed customer has already committed to more than $300 million in multi-year orders for the latest Digit v5 model. That is a real signal of demand. But those orders have not yet converted into meaningful revenue.

What happens next?

The company projects deploying around 800 Digit units in 2027, climbing to 7,000 by 2030 and 25,000 by 2035. At the monthly subscription rate, 25,000 robots would generate roughly $2.55 billion a year. Getting there means scaling manufacturing, cutting costs per unit, and convincing customers to trust humanoid robots with real warehouse workloads.

Agility is not alone in facing this challenge. Rivals including Figure, Apptronik and 1X have raised large sums at high valuations but have not opened their books. Chinese robotics firm Unitree did go public in mid-August on Shanghai's STAR Market and closed its first trading day up 460%, raising around $905 million. The appetite is there. Proving the robots can do the work at scale is the part that takes time.

Common questions

Does any of this affect me as an ordinary person?

Not directly, not yet. Digit robots work in warehouses, not homes. If you buy goods from companies using them, you may eventually see faster fulfilment.

Is a $2.5 billion valuation on $1.8 million of revenue normal?

For early-stage robotics and tech companies going public via SPAC, very high valuations relative to current revenue are common. Investors are betting on where the company will be in ten years, not where it is today. That is a high-risk wager.

What is a SPAC and should I be cautious?

A SPAC bypasses some of the scrutiny that a traditional stock-market listing involves. That makes it faster, but it also means investors rely more heavily on the company's own projections. Treat those projections as best-case scenarios, not guarantees.