Before investors start thinking about humanoid robots taking over the workplace, there is another development worth watching—one of the companies building them is about to join Wall Street. Agility Robotics, a U.S.-based developer of industrial humanoid robots, is positioning itself as a pure-play bet on the emerging robotics industry, with its Digit robots already working across manufacturing and warehouse facilities.
To take its business public, Agility struck a $2.5 billion business combination with Churchill Capital Corp XI (CCXI), a special purpose acquisition company (SPAC) that provides private companies with an alternative route to the stock market through a merger. Churchill shareholders approved the deal on Nov. 2, with more than 84% of votes cast in favor. The transaction is expected to close on Nov. 4, paving the way for Agility Robotics to begin trading on the Nasdaq under ticker symbol “AGLT” on Thursday, Nov. 5, while its warrants will trade under “AGLTW.” The company also expects to secure approximately $465 million in gross capital from the transaction and related financing.
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So, if humanoid robotics has been sitting on your investment watchlist, Nov. 5 is a date worth circling. Wall Street is about to get its first pure-play humanoid robotics stock, and investors will finally have a chance to see how the market prices this emerging industry.
About Agility Robotics
Founded in 2015, Agility Robotics traces its roots to Oregon State University’s Dynamic Robotics Laboratory, where founders Jonathan Hurst, Damion Shelton, and Mikhail Jones began working on legged robotics. What started as academic research gradually evolved into a commercial robotics business with an idea to build humanoid robots that can handle the repetitive, physically demanding jobs people don't necessarily want to do.
Its early two-legged robot, Cassie, arrived in 2017, followed by Digit in 2019, which added a torso, arms, sensors, and greater computing capabilities. Over time, the company shifted its focus from simply demonstrating how robots could walk to figuring out how they could actually work alongside people.
Today, led by former Microsoft (MSFT) executive and Magic Leap CEO Peggy Johnson, Agility is focused on bringing industrial humanoid robots into warehouses, factories, and other commercial environments. Its flagship Digit platform is at the center of that ambition.
From University Research to Real-World Robot Deployments
Agility’s journey has been less about building robots that look impressive in a demonstration and more about getting them to perform useful work. That distinction matters in an industry where plenty of companies can show off a robot walking, dancing, or picking up objects, but turning those demonstrations into reliable commercial operations is an entirely different ballgame.
Digit is designed primarily for material-handling tasks, including moving totes, transporting goods, and handling repetitive workflows across warehouses and manufacturing facilities. According to the company, its robots have already moved more than 100,000 totes at a single facility in Georgia. That’s a meaningful milestone because industrial customers are not particularly interested in how futuristic a robot looks. They want to know whether it can work safely, consistently, and without disrupting existing operations.
Agility has also moved beyond isolated trials. Its commercial deployments include partnerships with GXO Logistics (GXO), Toyota (TM), Schaeffler (SFFLY), and MercadoLibre (MELI). In 2024, the company signed a robots-as-a-service agreement with GXO Logistics, allowing customers to access robotic capabilities through a service arrangement rather than purchasing the machines outright. This model could make adoption easier for businesses that want automation without taking on the upfront cost of buying an entire fleet.
The company also introduced Digit 5 in September, describing it as the first cooperatively safe humanoid designed to work alongside people without requiring traditional safety cages or enclosed work cells. Built on more than 65,000 hours of real-world operating experience, the new model incorporates customer feedback and hardware improvements. Commercial availability is expected next year.
The Humanoid Robotics Race Is Heating Up
Agility is not operating in an empty warehouse, so to speak. Humanoid robotics is attracting serious attention as manufacturers and logistics companies investigate how to automate repetitive tasks, address labor shortages, and improve operating efficiency.
The competitive field includes Figure AI, Tesla’s (TSLA) Optimus program, Apptronik, Boston Dynamics, UBTECH Robotics, and 1X Technologies. Each is pursuing different approaches to developing commercially viable humanoids, but the broader opportunity is to build machines capable of performing tasks in environments originally designed for humans.
Of course, the commercial opportunity still comes with plenty of question marks. Reliability, operating expenses, safety, maintenance, and the ability to perform tasks consistently at scale will determine whether humanoid robots become a meaningful part of industrial operations or remain an expensive experiment. Agility’s existing deployments give it some real-world operating experience, but competition is only getting tougher.
Washington Is Taking an Interest, Too
The humanoid robotics story also has a broader policy angle. The U.S. government increasingly views domestic robotics capabilities as important to manufacturing competitiveness, supply-chain resilience, and national security. Washington has been looking at ways to support domestic robotics suppliers, including restrictions on certain imports and potential Section 232 tariffs covering robotics and industrial machinery.
The Trump administration has also been weighing its approach to imports following an investigation into the effects of foreign robotics and industrial machinery on domestic industries. Meanwhile, legislation is moving through Congress that seeks to establish a national robotics strategy, partly reflecting concerns about the U.S. falling behind China in robotics development and manufacturing.
Agility is also exploring opportunities beyond warehouses and factories. CEO Peggy Johnson has disclosed early discussions around two potential defense-sector deals. She is also involved with Project Meridian, a defense-related initiative, serving as a consultant to MITRE, a research and engineering nonprofit.
For Agility, government interest could create additional opportunities over time, particularly as domestic manufacturing and defense applications become bigger priorities. However, policy support alone won’t guarantee commercial success. The company will still need to demonstrate that its robots can deliver measurable returns for customers.
Agility’s Financials and Outlook
Agility’s commercial ambitions are certainly interesting, but its financials remind us that humanoid robotics is still an expensive business to build. According to its S-4 filing, the company generated just $1.8 million in net sales in 2025, while reporting an operating loss of -$140.2 million. Net cash used in operating activities reached approximately -$100 million, compared with -$70.7 million in 2024.
Agility spent $91.6 million on R&D in 2025, up from $53.3 million the previous year, as it continued developing new robot hardware and software. Advertising expenses also increased to $334,051 from $52,894, although they remain relatively small compared with its technology development costs. Selling, general and administrative expenses increased by 183% year-over-year (YoY) to $45.8 million.
On the liquidity front, the company reported approximately $105.1 million in cash, cash equivalents, and restricted cash at the end of 2025, compared with $37 million a year earlier.
Agility expects its operating expenses to remain elevated as it scales commercialization. SG&A expenses are projected at approximately $60 million in 2026, with a 20% CAGR through 2028, before settling at around 10% of revenue over the long term.
R&D spending is expected to reach approximately $115 million in 2026, expanding at a 15% CAGR through 2028, before normalizing at roughly 15% of revenue. Meanwhile, capital expenditures are estimated at just $8 million in total through 2028, with long-term CapEx expected to represent approximately 0.5% of revenue.
What’s Next for Agility Robotics?
For now, Agility’s greatest challenge is turning early commercial traction into a much larger deployment business. The company currently has Digit robots operating across nine facilities and wants to expand that footprint to 25 facilities by the end of 2027. It also has a commercial pipeline of more than 30 prospective customers spanning manufacturing, automotive, aerospace, defense, logistics, and consumer products.
Its longer-term ambition is even greater—CEO Johnson has said the company wants to reach 100 customers by the end of 2027. Recent developments offer some clues about how it plans to get there. Agility has expanded its GXO partnership to two additional facilities in North Carolina and Tennessee, while agricultural machinery manufacturer AGCO (AGCO) is expected to begin a Digit pilot at its Hesston, Kansas, facility next year. Toyota and Schaeffler are also deploying Digit across their global operations.
The company also has strong financial backing. Its notable investors include Amazon (AMZN), Nvidia (NVDA), SoftBank Vision Fund 2 (SFTBY), DCVC, Playground Global, and Schaeffler.
Now, with its planned public-market debut tomorrow, Agility hopes to gain access to additional capital and accelerate commercialization. As CEO Johnson has pointed out, going public will give a broader group of investors an opportunity to participate in the company’s mission.
The ambition is certainly there. But for public-market investors, the question won’t be how many robots Agility can build, but how many it can successfully deploy, how quickly customers adopt them, and whether those deployments eventually translate into sustainable revenue and attractive economics. After all, getting a robot to walk is one thing, but getting businesses to pay for it at scale is where the real money is.
On the date of publication, Sristi Suman Jayaswal did not directly have a position in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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