Agility Robotics Listed With $465 Million, Not the $620 Million Projected in June, After 61.5% Redeemed

Agility Robotics began trading on Nasdaq as AGLT on November 5, the first U.S.-listed company built entirely around humanoid robots, after closing its merger with the blank-check company Churchill Capital Corp XI. The deal that was announced in June promised more than $620 million of gross proceeds; Dealroom's account of the shareholder vote puts the delivered figure at about $465 million.

Where the $155 million went

The June announcement assumed no redemptions: $420 million in Churchill XI's trust account plus about $200 million of PIPE money committed at $10 per share and led by Foxconn. Holders of roughly 61.5% of Class A shares then redeemed, and per Dealroom trust cash fell from about $424 million to $164 million.

Component	June plan	Delivered
SPAC trust cash	$420 million	About $164 million
PIPE led by Foxconn	About $200 million	$201 million
Equity already received	Not itemised	$100 million
Gross proceeds	More than $620 million	About $465 million

Shareholders approved the merger on November 2 with more than 84% of votes cast in favour. The 61.5% who took their cash back is the number a reader should hold against the $2.5 billion pre-money valuation: it is the market's first price on the claim.

What the revenue line says

The reported financials depend on the period and the outlet. TechCrunch gives $174,000 of revenue and a $362 million net loss for the first six months of 2026, mostly from related parties. Humanoid Guide gives 2025 revenue of $1.8 million, operating cash used of $99.8 million, and a 2025 net loss of $138.1 million per Business Insider's reading of merger filings, against $168 million per OregonLive. More than half of that 2025 revenue came from five robots bought by an investor.

I could not reconcile the two periods, and the filings behind them were not fetched here. The pattern is plain enough: very little revenue against a large burn.

The $300 million of orders

Agility says it holds more than $300 million of multi-year orders for Digit 5, subject to contractual milestones, from a pipeline of more than 30 customers. Humanoid Guide reports that one customer reportedly ordered 1,000 robots over three years, with terms tied to delivery deadlines and promised features, and quotes a caution that "those commitments should not be treated as booked revenue."

Deployment is smaller. Digit has logged more than 65,000 hours across nine customer facilities, per the June announcement, and moved more than 100,000 totes at a GXO site. GXO plans two more U.S. facilities in 2027, according to Dealroom. Customers named include Schaeffler, GXO, Toyota Motor Manufacturing Canada and Mercado Libre.

1. June projection (minimum)620 $ million
2. Delivered at close465 $ million

Source: Robotics247 (June 2026 announcement) and Dealroom, accessed 2026-11-10

What a Digit is, and what it costs

Humanoid Guide lists Digit at 300 lb with a 50 lb payload, and carries a company claim of 20 hours of work a day. The company's own estimate is about $400,000 to buy and run one Digit for five years. TechCrunch reports that a prospective customer pays $500,000 for an on-site proof of concept, and that the factory could build 10,000 robots a year. That capacity is a ceiling, not an output; no source gives units shipped.

Digit 5, built to work near people, targets first deliveries in the first half of 2027 and general availability by the end of that year. For how the same cost-and-deployment test applies elsewhere, compare Renault's one-tonne ground robot and Tesla's robotaxi map.

What would change the read

The first quarterly report as a public company should disclose cash burn, unit economics and contract terms, which Dealroom notes were not public before. If delivered Digit 5 units in 2027 run well below the $300 million order book, the redemptions will have been the better signal.