This humanoid robotics company is going public, but its CEO isn’t promising a robot in your home anytime soon

The humanoid robotics sector is currently experiencing a significant influx of capital. Just last week, AI2 Robotics, a startup from Shenzhen, successfully raised close to $735 million, achieving a valuation of nearly $3 billion. Earlier this year, Austin-based Apptronik, which specializes in humanoid robots for manufacturing and logistics, concluded a remarkable funding round of $935 million, bringing its valuation to over $5.5 billion with support from major players like Google and Mercedes-Benz. Additionally, Figure AI, based in San Jose, recently announced it secured $1 billion in Series C funding at a staggering $39 billion valuation. In contrast, Agility Robotics, led by CEO Peggy Johnson, is taking a more cautious approach. Recently, the company revealed plans to go public through a merger with Churchill Capital Corp XI, a special purpose acquisition company (SPAC). This deal, valued at approximately $2.5 billion, is anticipated to generate over $620 million in gross proceeds, marking it as the largest capital raise in the history of humanoid robotics. However, the merger is still pending shareholder approval and SEC review, with completion expected later this year. Founded in 2015 as a spinoff from Oregon State University, Agility Robotics operates out of Salem, Oregon, where it designs bipedal humanoid robots intended for warehouse and factory operations. This move is significant as it positions Agility as the first dedicated humanoid robotics company to be publicly traded, enabling retail investors to engage with a market previously dominated by venture capital. During our conversation, Johnson, who previously held executive positions at Microsoft and Magic Leap, was careful in her responses. She refrained from providing specific financial forecasts or disclosing details about the production costs of Agility’s flagship robot, Digit. When asked about the decision to pursue a SPAC merger instead of another private funding round, she emphasized the advantage of being a pioneer in the public market for humanoid robotics. The funding will assist Agility in scaling up production at its large manufacturing facility in Salem and meet the existing demand for its robots. Johnson expressed confidence despite the mixed reputation of SPACs, asserting that consistent performance and customer satisfaction are their priorities. Agility has secured a significant pipeline, with over $300 million in booked multi-year revenue, equating to around 1,000 robots under a robots-as-a-service model. Notable clients include GXO Logistics, Amazon, and Toyota Motor Manufacturing Canada. The robot Digit, standing at 5’9” and weighing about 160 pounds, is designed to excel at moving heavy objects within human-made environments. Its unique reverse-bend knees are designed to facilitate movement in tight spaces, while its hands are optimized for handling specific tasks. Johnson highlighted Agility's use of various large language models (LLMs) like Claude and Gemini to enhance the robot's operational capabilities. In a recent demonstration, Digit successfully sorted and collected different types of trash upon receiving a simple command. Agility Robotics prides itself on its extensive real-world operating data, which Johnson claims may be unmatched in the industry. She noted that safety is a vital area where Agility differentiates itself from competitors, as the company has rigorously met industrial safety certification standards. While Johnson acknowledged that humanoid robots may eventually find their way into homes, she cautioned that this is likely over a decade away due to the complex and unpredictable nature of domestic environments. For now, Agility’s focus remains firmly on the warehouse sector, addressing the growing labor shortages as many roles in these areas go unfilled. "There are over a million unfilled jobs in the U.S. today in these sectors," she remarked, underlining the urgency of finding solutions in the face of an evolving workforce.