A grey and black two-legged humanoid robot walks toward the camera down a wide aisle between tall steel shelves stacked with cardboard boxes and grey bins, carrying a grey plastic tote in both arms, the polished concrete floor empty in front of it.

Robots

Agility Comes to Market With Less Cash Than Expected

Agility Robotics expects about $465 million from going public, including $100 million already raised, against more than $620 million in June; its SPAC’s shares fell 18 percent Friday.

SALEM, Ore., Oct. 30 — Agility Robotics, the maker of the humanoid robot Digit, now expects about $465 million, before transaction expenses, from going public through a blank-check company, Churchill Capital Corp XI, including $100 million it has already received, down from more than $620 million expected when the deal was announced in June. The two companies gave the new figure on Friday.

On Friday, Churchill XI’s shares, which are to become Agility’s, fell 18 percent, to close at $8.15, below the $10 a share that the deal’s private investors have committed to pay. The companies’ release and Churchill XI’s filing did not mention the share price.

The shortfall is in Churchill XI’s trust. In June the companies counted on $420 million from it, “assuming no redemptions,” plus about $200 million from a stock sale to private investors at $10 a share, led by Foxconn. With the deadline for redemptions past, the trust is now expected to supply about $164 million and the private sale about $201 million. The rest is the $100 million already in hand.The $100 MillionAgility raised it in July by selling simple agreements for future equity, or SAFEs, the deal’s prospectus says. The release counts it as funding received after the merger was announced.

The companies say the deal will create “the only U.S. publicly listed pure-play humanoid robotics company with proven, active commercial deployments.” That makes Churchill XI’s shares a public price for a business built on humanoid robots alone, and on Friday that price was 18.5 percent below what Agility’s private backers agreed to pay. The shares ended October down 29.9 percent, and 57 percent below $19.10, their highest close since the deal was announced, reached on July 2.

Churchill XI’s shareholders vote at 9 a.m. Eastern on Monday, Nov. 2.A Blank CheckChurchill XI is a special purpose acquisition company, formed to merge with a business. Its public shareholders may redeem their shares for their slice of the cash in its trust, whether they vote for the merger or against it. If they approve, the deal is expected to close on Wednesday, Nov. 4, and the combined company, operating as Agility Robotics, to begin trading on Nasdaq as “AGLT” the next day.

Agility says it has “more than $300 million in committed multi-year orders” for Digit 5, the robot it unveiled on Sept. 15; it gave the same figure in June. The release says the sum is “subject to satisfaction of contractual milestones, product features, and specifications” and “does not represent current-period revenue.” Deliveries to early-access customers are to begin in the first half of 2027, with general availability “targeted for the end of 2027.”

So far its sales are small: Agility had net sales of $1.8 million in 2025 and a net loss of $138.1 million, its prospectus shows. Of those sales, $1.1 million were to related parties, mainly of Digit robots to one investor. In the first half of 2026 its net sales were $174,362, none of it from robot sales, against $624,866 a year earlier. Its net loss for the half rose to $361.9 million, from $71.8 million, mostly because of about $252 million more in stock-based compensation, by the prospectus’s account.

Grant Thornton, its auditor, wrote in its report on the 2025 accounts that Agility’s losses and expected negative cash flows, with other matters, “raise substantial doubt about the Company’s ability to continue as a going concern.” Agility’s management concluded that its plans, the merger among them, do not relieve that doubt, because they are “not fully within the Company’s control” and not “considered probable of being effectively implemented” under the accounting standard; it repeated the conclusion in its June 30 accounts, after the $100 million had come in. On June 30, before the SAFEs, it had $14.7 million in cash and cash equivalents.

“Agility is expected to enter the public markets well capitalized to execute its planned investments in commercial expansion and support growing customer demand,” the companies said. Its backers include Nvidia, Amazon, SoftBank Vision Fund 2, Schaeffler and Foxconn, and its existing shareholders will roll their stakes into the combined company, locked up for 180 days from the close. It counts more than 30 prospective customers; GXO is to deploy Digit at two more facilities, and AGCO is to begin a manufacturing pilot in 2027.

Sources

  1. Agility Robotics and Churchill Capital Corp XI (SEC Form 8-K, Exhibit 99.1), “Agility Robotics and Churchill Capital Corp XI Announce Expected Gross Capital Raise of Approximately $465 Million and Anticipated Closing of Business Combination,” Oct. 30, 2026.
  2. Churchill Capital Corp XI (SEC Form 8-K), “Current report: Regulation FD disclosure,” Oct. 30, 2026.
  3. Churchill Capital Corp XI and Agility Robotics (SEC Form 8-K, Exhibit 99.1), “Agility Robotics to Go Public Through $2.5 Billion Merger with Churchill Capital Corp XI,” June 24, 2026.
  4. Churchill Capital Corp XI and Agility Robotics (SEC Form 424B3), “Definitive proxy statement/prospectus for the business combination,” Oct. 13, 2026.
  5. Nasdaq, “Churchill Capital Corp XI (CCXI), daily historical prices,” Oct. 30, 2026.