Agility Robotics: Inside the First US Humanoid Company to Go Public

Agility Robotics is heading to public markets through a merger with Michael Klein’s Churchill Capital XI, valuing the company at $2.5 billion before money comes in. The filing matters because it’s the first audited financial look at a U.S. humanoid robot maker, and the numbers are as stark as you’d expect from something this early.

The headline is tiny revenue and very large losses. Agility brought in $310,000 in 2024 and $1.8 million in 2025, with most of last year’s sales coming from humanoid robot sales. About 7 to 8 robots were sold in 2025, including 5 to Amazon, which is also a shareholder. Cost of goods sold hit $4.5 million against that $1.8 million of revenue, so gross margins are negative and the factory is clearly still far from scale.

That factory is part of the story. Agility builds Digit, a bipedal humanoid robot that is now on its fourth version, with a fifth version announced and due later this year. Digit v5 is supposed to move alongside humans instead of inside a cage, and it adds fast charging, higher payload, and swappable end effectors. The company says v5 will be its main product going forward, which is a pretty direct admission that the current business is more of a bridge than a destination.

The business model is also shifting. Today, Agility is still selling a handful of robots, but the plan is to rent them out as labor through a robotics-as-a-service setup. The illustrative price is $8,500 a month plus a $25,000 deployment fee, or $200,000 upfront plus $36,000 a year for software and maintenance if a customer buys outright. The company has 4 customers in a Customer Acceleration Program for 2026, and one unnamed customer has committed to 1,000 Digit v5 robots on a three-year RaaS contract tied to milestones.

Behind all that is a company trying to own as much of the stack as it can without doing everything itself. It designs its cycloidal actuators, battery, sensor architecture, whole-body control platform, and end effectors in-house, while buying compute, sensors, alloys, and other components. Agility says it has about 65,000 hours of deployment data, $103 million in cash at the end of 2025, and annual burn of roughly $100 million. The filing makes one thing obvious: this is a real robotics company, but it is still very much in the expensive, fragile part of becoming one.