Agility Robotics Clears Its Final SPAC Hurdle: $465 Million Raise, Foxconn-Led PIPE and a November 5 Nasdaq Debut as AGLT

Agility Robotics is set to become the first pure-play humanoid robot company on the US public markets. The Salem, Oregon maker of the Digit biped and its SPAC partner Churchill Capital Corp XI announced Friday that the redemption deadline has expired with the trust largely intact, putting expected gross proceeds from the business combination at approximately $465 million.

The money splits three ways: about $164 million remaining in the Churchill XI trust, roughly $201 million from a common-stock PIPE committed at $10 per share and led by Foxconn, and $100 million of equity already received since the deal was announced in June. Churchill shareholders vote November 2, closing is expected November 4, and the combined company begins trading on Nasdaq under the ticker AGLT on November 5.

The investor list reads like a cross-section of the physical AI supply chain. Alongside Foxconn — the iPhone assembler that wants a seat inside one of the two US humanoid makers it could someday build for — the release names NVIDIA, Amazon, SoftBank Vision Fund 2, Schaeffler, DCVC and Playground Global. All existing shareholders are rolling 100 percent of their equity under a 180-day lock-up.

Friday's release leaned on momentum markers: an expansion with logistics operator GXO to two more facilities, an AGCO manufacturing pilot slated for 2027, three additional paid manufacturing programs, a pipeline of more than 30 prospective customers, and more than $300 million in committed multi-year orders for the upcoming Digit 5 — a figure the company itself cautions does not represent current-period revenue. All commercial metrics are company-stated and have not been independently verified.

The harder arithmetic sits underneath. Agility's own filings show $1.8 million of 2025 revenue against roughly $140 million in operating losses, with Digit renting for about $8,500 a month — a growth curve that implies an enormous scaling challenge. An investor presentation circulating with the deal paperwork puts post-close enterprise value near $2.5 billion, and the expected raise has already been trimmed from the roughly $620 million projected when the merger was announced in March.

Still, the listing matters beyond one company's economics. Public-market exposure to humanoids has until now been an index of compromises: Tesla's Optimus sits inside a carmaker, Unitree trades in Shanghai, and private leaders like Figure and Physical Intelligence remain closed to ordinary investors. AGLT arrives five days after a White House proclamation declared robotics a national-security priority, positioning the company as the cleanest domestic alternative as tariffs squeeze Chinese hardware.

From November 5, every quarterly report becomes a referendum on whether bipedal labor actually gets bought at scale — stripped of EV-sales noise and private-markets markup. Watch the cash burn against that $300 million order book, and whether Digit 5 deployments convert from pilots into the recurring rental revenue the valuation assumes.