America's First Humanoid Robot Company to Go Public Made $1.8 Million Last Year, Wants $2.5 Billion, and Its Own Filing Doubts It Survives Without the Deal
About This Episode
Agility Robotics' S-4 for its SPAC merger with Churchill Capital Corp XI, filed September 4 and reported by The Robot Report on September 7, is the first open set of books from a US humanoid maker. Digit earned $1.78 million in 2025 against a $138.1 million net loss, the company says there is substantial doubt it can continue as a going concern without the deal, and it is asking public investors for a $2.5 billion valuation on the strength of $8,500-a-month robot subscriptions and $300 million of milestone-gated orders from one customer.
Our Take
The first audited humanoid company shows what a robot-hour actually costs and how far Wall Street is willing to run ahead of it: $8,500 a month per robot, $1.8 million in sales, a $2.5 billion ask, and a filing that admits the company might not survive without the deal.
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Humanoid Robots 2026: 50,000 Units and a US Import Ban
Direct match: the book's running account of the humanoid buildout, including Unitree's public debut and China's shipment share, is the frame the Agility filing lands in.
The Substitution Threshold: When You Stop Being the Cheapest Option
The S-4 prices a robot-month at a discount to a worker's fully burdened labor cost, which is the threshold the article says is crossed by a spreadsheet, one warehouse at a time.