Agility Robotics S-4 reveals $1.8M revenue vs $2.5B valuation ahead of humanoid SPAC
kscottz · x · 2026-10-09
Agility Robotics' S-4 filing offers a first look at humanoid robotics economics ahead of its SPAC merger with Churchill Capital Corp. XI: $1.8M in 2025 net sales against a $140M operating loss and $100M cash burn, with a $2.5B valuation — roughly 1,400x revenue.
- Deal brings over $620M gross proceeds: $420M from Churchill's trust plus a $200M Foxconn-led PIPE
- Digit humanoids have logged 65,000+ operating hours across 9 customer sites, with $300M+ in multi-year Digit v5 orders from one customer
- US peers Figure, Apptronik and 1X raised big rounds without opening their books; China's Unitree went public in August, up 460% on day one, raising $905M
- The author cites this as evidence that high humanoid valuations lack fundamental support
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