CCXI merger with Agility Robotics, Inc.
Agility Robotics, Inc. (US) — Humanoid robotics and 'physical AI' company whose flagship bipedal robot Digit performs repetitive material-handling work in manufacturing, distribution and logistics facilities, sold either as Robots-as-a-Service …Pre-revenue: the filings show no meaningful actual revenue for the most recent reported period.
Expected close, as filed: 2026.
Announced 24 June 2026.
The symbol the combined company is expected to trade under.
Agility Robotics, Inc., which rebranded simply as "Agility" in March 2026, is a Salem, Oregon-based humanoid robotics and physical AI company founded in 2015 as a spin-off from Oregon State University's Dynamic Robotics Laboratory by Dr. Jonathan Hurst, Dr. Damion Shelton, and Mikhail Jones. The company develops bipedal humanoid robots designed to work alongside humans in manufacturing, distribution, and logistics environments, addressing chronic physical labor shortages by automating repetitive and physically demanding tasks. Its flagship product is Digit, a general-purpose humanoid robot standing roughly five-foot-nine and weighing 160 pounds, featuring reverse-bend knees for human-like mobility. The current generation, Digit v4, can carry 35 pounds and operate for 16 hours on a charge, while the forthcoming Digit v5—designed to be the world's first cooperatively safe humanoid—will lift up to 50 pounds, run for approximately 22 hours, and reach up to 7.2 feet. Agility also offers Agility Arc, a cloud-based automation platform for fleet orchestration and integration with warehouse management systems. The company employs approximately 452 people and operates additional facilities in Pittsburgh and Fremont, California.
CEO Peggy Johnson, who previously led Magic Leap and spent six years as Executive Vice President of Business Development at Microsoft following a 24-year career at Qualcomm, guides the company's commercial growth alongside a leadership team that includes co-founder and Chief Robot Officer Jonathan Hurst, Chief Business Officer Daniel Diez, CTO Pras Velagapudi, and COO/CFO Jennifer Hunter. Agility has raised approximately $683 million in total funding from a roster of strategic investors spanning the AI, technology, venture capital, and industrial ecosystems, including DCVC, NVIDIA, Amazon, SoftBank Vision Fund 2, Foxconn, Schaeffler, Abico, and Playground Global. The company has built out its manufacturing infrastructure at RoboFab, a 70,000-square-foot modular facility in Salem designed to support production of up to 10,000 units annually, with roughly 75% of Digit's components sourced within the United States. Agility holds 74 patents and has accumulated over 65,000 hours of real-world robot operation across nine customer facilities, generating a proprietary data flywheel that continuously improves its embodied AI systems.
Agility's commercial traction is anchored by active deployments with major enterprises including Schaeffler, GXO Logistics, Toyota Motor Manufacturing Canada, Amazon, and Mercado Libre, where Digit automates tasks such as machine tending, tote handling, and sortation. The company secured the industry's first humanoid Robot-as-a-Service contract with GXO and has booked more than $300 million in multi-year contracted orders for Digit v5, representing roughly 1,000 robots, with a growing pipeline of over 30 customers. Management estimates the addressable U.S. market opportunity across manufacturing, distribution, and logistics at approximately $1 trillion. The company also runs a Customer Acceleration Program to help enterprises evaluate and prepare for large-scale humanoid adoption, feeding a pipeline of future deployments across industries.
On June 24, 2026, Agility announced a definitive business combination agreement with Churchill Capital Corp XI (NASDAQ: CCXI), a special purpose acquisition company led by Michael Klein, in a transaction valuing Agility at approximately $2.5 billion pre-money and expected to raise over $620 million in gross proceeds, including roughly $200 million in PIPE financing committed at $10 per share by leading institutional investors. The merger is intended to create the first U.S.-listed pure-play humanoid robotics equity, with the combined company expected to trade under the ticker symbol "AGLT" on a major North American exchange. Agility chose the SPAC route to efficiently access public capital for fulfilling existing customer orders, expanding commercial dep
Structure & dilution
SEC-primary termsThe headline number ignores the shares that did not pay $10 — the founder promote, PIPE stock and warrants. This is the same deal with all equity claims counted.
Effective equity counts every claim on the post-close company at $10.00 — rollover, public shares, the founder promote and the PIPE. The headline counts only the target.
- PIPE
- $200M
- Min-cash condition
- $200M
- Sponsor promote
- 25%
- Exchange ratio
Consideration based on a pre-money Equity Value of $2,500,000,000, used to calculate the Exchange Ratiomore ▾less ▴
PIPE terms — instrument, coupon, conversion price and any reset floor — are not sourced for this deal. The size above is filed; the terms are in a document we have not read, and an unread term is left blank rather than assumed to be plain common stock at $10.00.
Subject to Section 7.13(b), the holders (the “ Lock-Up Holders ”) of shares of Common Stock (i) issued or issuable as consideration pursuant to that certain Agreement and Plan of Merger and Reorganization, dated on or about June 24, 2026, by and among the Corporation, BLB Merger Sub, Inc. and Churchill Capital Corp XI (the “ Merger Agreement ”), (ii) issued upon the settlement or exercise of stock options, restricted stock awards or other equity awards assumed by the Corporation pursuant to the Merger Agreement, or (iii) otherwise held by Churchill Sponsor XI LLC (“ Sponsor ”), the officers or directors of Sponsor or the Corporation, or its and their respective affiliates as of the date hereof (such shares referred to in this Section 7.13(a)(i)-(iv), the “ Lock-Up Shares ”) may not Transfer any Lock-Up Shares during the Lock-Up Period (the “ Lock-Upmore ▾less ▴
What the filings actually value
What Agility Robotics, Inc. on its own is valued at, before a dollar of the SPAC's trust or the PIPE reaches it. This is the price agreed for the business itself.
All figures above are stated in EX-99 press release0001213900-26-071287
EX-99 press release, 0001213900-26-071287: preMoneyEquityM "$2.5 billion". A press release is a party's own claim, not a filed table: any stated capitalisation table supersedes it.
Why headline and effective values differ is covered in headline vs effective deal value, in plain English.
If holders redeem
a model, from filed inputsEvery public share can be cashed out for its slice of the trust instead of rolling into the new company. Drag the slider to see what that does to the cash the business receives, to who owns it, and — the one that decides whether the deal happens at all — to the minimum-cash condition the buyer can walk on.
52.5% of the public shares may redeem before the condition stops being met.
A condition can be waived, amended or satisfied by financing raised after the filing this reads. This is what the clause and the last filed balances say today, not a prediction about the vote.
No filing we hold prints a pro-forma ownership table for this deal, so there is no ownership split here. It is never derived from a headline, a promote percentage and a PIPE size — that construction is exactly what put a wrong dilution figure on this page once already.
What this model is made of — 3 filed inputs
- Redeemable public shares
- 41.4M at $10.17/share0001213900-26-089245
- Trust
- $420.9M0001213900-26-089245
- Minimum-cash condition
- $200M — trust after redemptions0001213900-26-071287
The Available Closing SPAC Cash shall not be less than $200,000,000
The target: Agility Robotics, Inc.
from 425The business actually being bought — described from SEC primary filings, with projections labelled as projections.
Humanoid robotics and 'physical AI' company whose flagship bipedal robot Digit performs repetitive material-handling work in manufacturing, distribution and logistics facilities, sold either as Robots-as-a-Service (annual subscription plus one-time deployment fee) or as an outright unit purchase with software subscription and maintenance. EFFECTIVELY PRE-REVENUE AT SCALE: the SEC-filed investor deck discloses actual 2024A and 2025A operating expenses but presents NO revenue line whatsoever, and the deck expressly states the $300M+ Digit v5 order book represents 'potential multi-year value expected to be realized over time, subject to the realization of certain contractual milestones' and that those 'figures are not a measure of current period revenue.' The company's own risk factors say it 'has very limited experience commercializing its humanoid robot, Digit, at scale' and that its 'limited operating history makes it difficult to evaluate our future prospects.' No historical revenue figure exists in any SEC filing to date; no S-4 has been filed.
Founded 2015.
The filings show no meaningful actual revenue for the most recent reported period.
Agility Robotics, Inc. — every SPAC that has bid for it, and its listed peers
Expensive or cheap?
vs 3 listed peersA price only means something next to what the same kind of business costs on the stock market. This divides what the buyers are paying by what Agility Robotics, Inc. actually sells, and sets the answer against its closest listed comparables — or says plainly when that cannot be done.
SpacBrain’s read on the price
No multiple can be computed
Agility Robotics, Inc. has no meaningful revenue yet, so no multiple is computable — this is priced on a story, not on financials. The deal still values it at $3.25bn.
The company reports no meaningful sales yet, so there is nothing to divide the price by.
Post-dilution equity (net debt unknown).
No meaningful revenue in the most recent reported period.
Not computable — the filings show no meaningful revenue for the most recent reported period.
$1 of their sales costs $6.95 on the open market. Median of 3 listed companies we judged a true comparable, which individually run from 4.89× to 25.98×. Their share prices are from 14 August 2026, not today.
What qualifies the figures above
- Struck on the post-dilution value of $3.25bn, not the announced $2.5bn — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- The target's cash and debt are not in the filings we have, so this is an equity value used as a stand-in for enterprise value.
- ACRV, APO, FRVO have no revenue to divide by, so they are shown but left out of the peer median.
- SYM, IRBT, TER, ROK, OSS shown for context only — not close enough to move the median.
The 11 listed companies it is measured against, and why
- SYM1.56× revenuecontext only — left out of the median
Symbotic is the closest listed comparable for AI-driven warehouse automation sold to the same distribution and logistics buyers Agility targets, and is the benchmark for what a commercially scaled version of Agility's thesis looks like — demoted to context-only: it is a profitable, billion-dollar-revenue automation business, several scale buckets above a company with no revenue line at all.
- ACRVno revenue multiple
Operational comp: Biotechnology & Medical Research (NEC); micro-cap ($76m); shares digit, potential, has, that, its, company with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
- SERV25.98× revenue
Serve Robotics is a same-stage, same-story listed robotics company - autonomous fleet deployed with named enterprise partners, negligible revenue, valued on deployment count rather than earnings.
- APOno revenue multiple
Operational comp: Pension Funds; mega-cap ($84.0bn); shares realized, expenses, fee, certain, risk, that with the target's own description; forward EV/Sales 3.9x.
- RR4.89× revenue
Richtech Robotics is a small-cap commercial service-robot deployer using a RaaS subscription model closely analogous to Agility's RaaS option, at pre-scale revenue.
- FRVOno revenue multiple
Operational comp: Geothermal Electric Utilities; shares milestones, represents, prospects, scale, potential, operating with the target's own description; forward EV/Sales 510.0x.
- KITT6.95× revenue
Nauticus Robotics is a de-SPAC'd pre-scale robotics company selling autonomous robots plus a software/autonomy stack under service contracts - the same capital-hungry, order-book-led profile.
- IRBTno revenue multiplecontext only — left out of the median
iRobot is a pure-play robot manufacturer whose hardware BOM, unit economics and manufacturing scale-up challenges read across to Agility's RoboFab plan, though its market is consumer rather than industrial — demoted to context-only: it is a profitable, billion-dollar-revenue automation business, several scale buckets above a company with no revenue line at all.
- TER14.33× revenuecontext only — left out of the median
Teradyne owns Universal Robots and MiR, the incumbent collaborative-robot and autonomous-mobile-robot lines that Digit competes against for the same factory and warehouse automation budget — demoted to context-only: it is a profitable, billion-dollar-revenue automation business, several scale buckets above a company with no revenue line at all.
- ROK5.86× revenuecontext only — left out of the median
Rockwell Automation defines the industrial-automation budget and safety-standards environment Agility must sell into, but is a diversified profitable incumbent rather than a scale comparable.
- OSS7.68× revenuecontext only — left out of the median
One Stop Systems supplies rugged edge-AI compute for autonomous machines, offering a partial read on physical-AI demand but not on humanoid robot business models.
Which companies count as comparable is our judgement, written out above so you can disagree with it. The median is what these shares happened to trade at on the date given — not a price anyone is offering for this deal.
In plain English
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.