Humanoid Robotics Firm Prepares for IPO, CEO Encourages Patience in Home Robot Launch

The humanoid robotics sector is experiencing impressive financial growth. Recently, AI2 Robotics, a startup based in Shenzhen focused on wheeled humanoid robots, secured around $735 million, bringing its valuation close to $3 billion. Earlier this year, Apptronik, located in Austin and specializing in humanoid robots for manufacturing and logistics, raised $935 million in a funding round, boosting its valuation to over $5.5 billion with support from major players like Google, Mercedes-Benz, and John Deere. Additionally, last fall, Figure AI, a startup in San Jose designing multifunctional humanoid robots, revealed it had received $1 billion in Series C funding, achieving an astonishing valuation of $39 billion.

On the other hand, Peggy Johnson, CEO of Agility Robotics, takes a more cautious stance. I spoke with her last week just after the company announced plans to go public via a merger with Michael Klein’s Churchill Capital Corp XI, a special purpose acquisition company (SPAC). This merger values Agility at approximately $2.5 billion and is anticipated to yield over $620 million in gross proceeds—the largest fundraising effort in humanoid robotics to date. The merger awaits shareholder approval and SEC review, expected to conclude later this year.

Founded in 2015 as a spinoff from Oregon State University and situated in Salem, Oregon, Agility designs bipedal humanoid robots specifically for warehouse and factory environments. This significant advancement positions Agility as the first dedicated humanoid robotics company to go public, providing retail investors access to an industry previously dominated by affluent venture capitalists. Moreover, it offers a rare insight into a market where competitors usually obscure their financial outcomes and technological advancements.

Johnson, who previously served as the executive vice president of business development at Microsoft—where she played a significant role in the $26 billion LinkedIn acquisition—and later as CEO of Magic Leap, led our discussion thoughtfully. She avoided making any future financial predictions, refrained from disclosing details regarding Agility’s flagship robot, Digit, and skillfully deflected speculative inquiries.

When asked why Agility opted for the SPAC route instead of pursuing another round of private funding—thus sidestepping the conventional IPO journey and its pricing complexities—Johnson conveyed that Agility’s innovative stance in the public sphere grants them a first-mover advantage. For investors eager to buy shares in a pioneering robotics company, Agility presents “an acceleration story and a timing story,” as she described. The funds raised will primarily enhance production processes at their 70,000-square-foot manufacturing facility in Salem and fulfill existing customer orders.

Despite facing skepticism surrounding SPACs—many companies employing this approach in 2021 experienced significant downturns or failures—Johnson remains optimistic. “By focusing on delivering customer by customer, robot by robot, we strive for sustained stability,” she emphasized. “Our biggest competitor right now is ourselves—how quickly we can operate and expand our capabilities.”

Johnson shared with TechCrunch that the pipeline reaches well beyond initial projects, boasting over $300 million in secured, multi-year revenues from around 1,000 robots operated under a robots-as-a-service model, allowing clients to pay a monthly fee instead of outright purchasing the equipment. “Every client we partner with has been rigorously vetted, with deployment plans demonstrating their proof of concepts,” Johnson noted, mentioning clients such as GXO Logistics, Amazon, Toyota Motor Manufacturing Canada, Schaeffler, and Mercado Libre.

Digit, Agility’s flagship robot, is crafted for user-friendliness. Standing approximately 5’9″ and weighing around 160 pounds, it excels at moving heavy items within human-controlled environments. Its standout feature is its reverse-bend knees, akin to “bird legs,” enabling it to reach from floor level to high shelves without colliding with storage units. Johnson explained that Agility’s founders were not solely chasing biomimicry; the robot’s hands, designed with two thumbs and two fingers, are specifically intended for gripping heavy plastic totes, even as their contents shift during handling.

Johnson remarked that Agility is “LLM-agnostic,” utilizing models like Claude and Gemini to manage what she refers to as the semantic layer—translating high-level directives into robotic actions. She recounted a recent test where engineers scattered various types of litter on the floor, instructing Digit to “clean up this mess.” The robot effectively analyzed, sorted, and gathered all items correctly, even recognizing bubble wrap as non-recyclable.

However, Agility’s true strength lies in the physical layer—balance, locomotion, and manipulation mechanics—an advantage cultivated over more than a decade of real-world deployment. “While LLMs were trained on a broad slice of the internet,” she noted, “the physical AI for humanoids is still under development.” Johnson believes Agility stands out: “We likely possess the largest collection of operational robotics data deriving from authentic real-world experiences.”

Beyond mere data, Johnson highlighted safety as a crucial differentiator from competitors. While rival firms often demonstrate their robots in controlled settings and polished videos, Agility must adhere to real industrial safety certification standards to operate within client facilities. “You can’t just create a robot and then assure its safety,” she remarked. “That requires redesigns. Every safety component—the electrical system, all elements, and the related software—must be certified from the start.” (This issue is particularly pressing given the potential for human interaction in the workplace. In November, Figure AI’s former head of product safety filed a lawsuit against the company, claiming dismissal after raising safety concerns about its robots. Figure disputes these allegations.)

Regarding home integration, Johnson anticipates that humanoid robots will eventually find utility in domestic environments but cautions against expecting functionalities like breakfast delivery soon. She predicts it will take “10-plus years” for this to materialize, emphasizing that while warehouses and factories, despite their complexities, have predictable layouts, homes tend to be chaotic, filled with pets, children, guests, and scattered belongings.

“At least roads have some structure,” Johnson said, comparing the challenge to that faced by autonomous vehicles. “Unfortunately, many environments where humanoids will operate lack that same organization.”

Agility is not disregarding the home market. Johnson indicated that the company will explore this opportunity when the timing is right. For now, their focus remains heavily on the warehouse sector, especially as the number of retiring workers grows and younger generations show reluctance to engage in physically demanding jobs. “Over a million positions in the U.S. are currently unfilled in these areas,” she emphasized. “These roles prove exceptionally difficult to fill.”