Humanoid Robotics Firm Preparing for IPO, CEO Urges Patience on Home Robots Availability

The humanoid robotics industry is experiencing significant financial expansion. Recently, AI2 Robotics, a startup in Shenzhen dedicated to wheeled humanoid robots, raised nearly $735 million, resulting in a valuation of around $3 billion. Earlier this year, Apptronik, an Austin-based firm that builds humanoid robots for manufacturing and logistics, completed a funding round of $935 million, pushing its valuation to over $5.5 billion, with support from major players such as Google, Mercedes-Benz, and John Deere. Additionally, last fall, Figure AI, a startup from San Jose specializing in multifunctional humanoid robots, announced it had secured $1 billion in Series C funding, boasting a remarkable valuation of $39 billion.

On the other hand, Peggy Johnson, CEO of Agility Robotics, takes a more cautious stance. We spoke on the phone last week shortly 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 arrangement places Agility’s valuation at around $2.5 billion and is anticipated to yield over $620 million in gross proceeds—the largest fundraising in humanoid robotics history. The merger awaits shareholder approval and SEC review, expected to wrap up later this year.

Founded in 2015 as a spinoff from Oregon State University and based in Salem, Oregon, Agility develops bipedal humanoid robots designed for warehouse and factory applications. This move carries significant implications. It marks Agility as the first dedicated humanoid robotics firm to go public, thus providing retail investors access to a sector that has been largely governed by affluent venture capitalists. Furthermore, it offers a rare insight into an industry where competitors typically keep their financial data and technological advancements hidden.

Johnson, who previously served as executive vice president of business development at Microsoft—where she contributed to the $26 billion LinkedIn acquisition—and later as CEO of Magic Leap, led our conversation with thoughtfulness. She refrained from making future financial forecasts, did not provide specifics about Agility’s flagship robot, Digit, and skillfully evaded speculative questions.

When asked why Agility opted for the SPAC route instead of pursuing another round of private funding—thus avoiding the traditional IPO roadshow and its pricing difficulties—Johnson explained that Agility’s innovative position in this public arena granted them a first-mover advantage. For investors keen on buying shares in a groundbreaking robotics company, Agility presents “an acceleration story and a timing story,” as she put it. The funds raised will primarily enhance production capabilities at the 70,000-square-foot manufacturing facility in Salem and fulfill current customer orders.

Addressing negative perceptions surrounding SPACs—many companies following this route in 2021 faced significant declines or failures—Johnson remained optimistic. “By focusing on delivering customer by customer, robot by robot, we aim to maintain stability,” she pointed out. “Our biggest competitor right now is ourselves—how quickly we can operate and expand our capacities.”

The pipeline extends well beyond initial projects, Johnson shared with TechCrunch, revealing over $300 million in secured, multi-year revenue consisting of approximately 1,000 robots operating on a robots-as-a-service model, where customers pay a monthly fee instead of buying the machines outright. “Every client on our list has been thoroughly vetted and has deployment plans that validate their proof of concepts,” Johnson highlighted, mentioning clients like GXO Logistics, Amazon, Toyota Motor Manufacturing Canada, Schaeffler, and Mercado Libre.

Digit, Agility’s flagship robot, is designed for simplicity. Standing around 5’9″ and weighing approximately 160 pounds, it excels at moving heavy items within human-controlled environments. Its distinguishing characteristic is its reverse-bend knees, likened to “bird legs,” which enables it to reach from floor level to overhead shelves without collisions with storage units. Johnson explained that Agility’s founders were not merely pursuing biomimicry; the robot’s hands, fitted with two thumbs and two fingers, are specifically designed to grip heavy plastic totes, even as their contents shift during transport.

Johnson noted that Agility is “LLM-agnostic,” utilizing models like Claude and Gemini to manage what she refers to as the semantic layer—converting high-level instructions 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 skillfully assessed, sorted, and collected all items accurately, even distinguishing bubble wrap as non-recyclable.

However, Agility’s true strength lies in the physical layer—balance, locomotion, and manipulation mechanics—an edge derived from over a decade of real-world deployment. “While LLMs were trained on the full expanse of the internet,” she pointed out, “the physical AI for humanoids is still evolving.” Johnson contends that Agility stands out: “We might have the largest collection of operational robotics data from genuine real-world situations.”

Beyond raw data, Johnson emphasized safety as a critical differentiator against competitors. While rival companies often display their robots in controlled demonstrations and polished videos, Agility must adhere to actual industrial safety certification standards to function within customer facilities. “You can’t simply create a robot and then ensure its safety,” she remarked. “That would require redesigns. Every safety component—the electrical system, all elements, and the related software—must be certified from the outset.” (This concern is particularly significant given the potential involvement of humans in the workplace. In November, Figure AI’s former head of product safety filed a lawsuit against the company, alleging dismissal after raising safety concerns regarding its robots. Figure disputes these assertions.)

When it comes to home integration, Johnson believes humanoid robots will eventually find their place in homes but cautions against anticipating features like breakfast delivery anytime soon. She estimates it will take “10-plus years” for this to come to fruition, noting that while warehouses and factories, despite their intricacies, have predictable layouts, homes are often chaotic, filled with pets, children, visitors, and scattered objects.

“At least roads have some structure,” Johnson stated, comparing the challenge to that of autonomous vehicles. “Regrettably, many environments where humanoids will operate lack that same organization.”

Agility is not overlooking the home market. Johnson indicated that the company will explore this avenue when the time is appropriate. For now, their focus remains heavily on the warehouse sector, particularly due to the rising number of retiring workers and younger generations’ reluctance to take on physically demanding jobs. “Over a million positions in the U.S. are currently unfilled in these sectors,” she emphasized. “These roles are incredibly challenging to fill.”