Agility Robotics
Definitive (DA signed)Pre-revenueIndustrials · humanoid robot manufacturing · Salem, OR, US · founded 2015
- What it is
- Two adoption models for Digit v5: (1) RaaS - one-time ~$25k deployment fee plus annual subscription including Agility Arc software and maintenance, ~$500k illustrative cumulative revenue per robot over an assumed 5-year useful life; (2) Ownership - upfront purchase of Digit plus a one-time ~$20k deployment fee plus annual software subscription and maintenance. Secondary vectors: Arc/software licensing, actuator and hardware licensing, spare parts and deployment services.
- What it’s doing now
- Merging with Churchill Capital XI (CCXI) — definitive (da signed), announced Jun 24, 2026; expected close 2026.
- What you should know
- It reports no meaningful revenue yet — this deal is priced on a story, not on financials. The real share count puts the effective valuation 30% above the announced $2.5B. The deal carries a $200M minimum-cash condition — heavy redemptions can break it.
The business, per its filings
SEC primaryHumanoid 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.
Source: 425, accession 0001213900-26-091850 · as of Dec 31, 2025 · extraction confidence: medium
What the company says about itself
Web research — not auditedAgility Robotics builds Digit, a commercially deployed humanoid robot, and Arc, the cloud platform that runs it, bringing advanced automation to warehouse and factory floors with stated ROI.
- Markets:
- Warehouses | Factories | Manufacturing | Distribution | Logistics
- Products:
- Digit (humanoid robot) | Arc (cloud automation platform)
- Customers:
- Schaeffler | GXO | Toyota Motor Manufacturing Canada | Mercado Libre | Amazon
No material conflict. The website's customer list (Schaeffler, GXO, Toyota Motor Manufacturing Canada, Mercado Libre, Amazon) matches the SEC press release, which names Schaeffler, GXO, Toyota Motor Manufacturing Canada and Mercado Libre as deployment customers and lists Amazon as a strategic investor/partner rather than a named commercial deployment. The site markets Digit as 'a commercially deployed humanoid robot' without any revenue figure, which is consistent with (but softer than) the filings' disclosure that the order book is not current-period revenue. The site presents Fremont most prominently while the SEC press release datelines Salem, Oregon; the deck lists all three sites (Salem OR, Pittsburgh PA, Fremont CA).
Source: https://www.agilityrobotics.com · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
Agility Robotics is merging with Churchill Capital XI (CCXI), a $414M SPAC currently marked Deal announced and trading at $12.81 against $10.17 in trust per share.
| Headline equity value | $2.5B |
| Effective valuation (all shares) | $3.3B+30% vs headline |
| Sponsor promote | 24.8% |
| PIPE | $200Mcommon@10.00 |
| Minimum cash to close | $200M |
| Post-close ticker | AGLT |
Structure per SEC accession(s) 0001213900-26-071290, 0001213900-26-055787, 0001213900-26-071287. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
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.
Was this deal done at an expensive or a cheap valuation?
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 listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| ACRV | Acrivon Therapeutics, Inc. | $76M | — | — | 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.more ▾less ▴ |
| SERV | Serve Robotics Inc. | $428M | 26.0x | — | 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.more ▾less ▴ |
| APO | Apollo Global Management, Inc. | $84.0B | — | — | 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.more ▾less ▴ |
| RR | Richtech Robotics Inc. | $385M | 4.9x | — | 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.more ▾less ▴ |
| FRVO | Fervo Energy Co | — | — | — | Operational comp: Geothermal Electric Utilities; shares milestones, represents, prospects, scale, potential, operating with the target's own description; forward EV/Sales 510.0x.more ▾less ▴ |
| KITT | Nauticus Robotics, Inc. | $7M | 7.0x | — | 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.more ▾less ▴ |
| SYMcontext only | Symbotic Inc. | $25.3B | 1.6x | 73.1x | 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.more ▾less ▴ |
| IRBTcontext only | — | — | — | — | 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.more ▾less ▴ |
| TERcontext only | Teradyne, Inc. | $64.2B | 14.3x | 42.5x | 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.more ▾less ▴ |
| ROKcontext only | Rockwell Automation, Inc. | $49.5B | 5.9x | 25.1x | 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.more ▾less ▴ |
| OSScontext only | One Stop Systems, Inc. | $327M | 7.7x | 1715.1x | 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.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 14, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is Agility Robotics going public?
Agility Robotics has a signed merger with the SPAC Churchill Capital XI (CCXI), announced Jun 24, 2026. The combined company expects to trade as AGLT. Deal status: Definitive (DA signed).
What is Agility Robotics's SPAC deal valuation?
The announced headline equity value is $2.5B, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $3.3B, 30% above the headline.
Was Agility Robotics bought at an expensive or a cheap valuation?
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.
Does Agility Robotics have revenue?
No meaningful reported revenue in its most recent filed period — the deal is priced on a story and projections, not on financial results. Treat every valuation multiple accordingly.
Educational content, not investment advice.
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