Agility Robotics Lists on Nasdaq With $465 Million, $155 Million Short of Its Own Forecast

Agility Robotics will go public with about $465 million of gross proceeds, against the more than $620 million its own October 13 announcement projected. The gap is almost entirely trust cash: the SPAC's holders redeemed roughly $260 million of the $424 million the October release assumed would stay, while the Foxconn-led private placement came in at about $201 million against about $200 million expected.

The figures come from the November 2 results release filed with the SEC by Churchill Capital Corp XI (Nasdaq: CCXI), which said more than 84% of votes cast approved the business combination at a special meeting that day. The merged company will be Agility Robotics, Inc., with common stock and warrants expected to trade as AGLT and AGLTW from November 5. Closing was expected on November 4, subject to conditions the release does not itemise.

What the redemptions did to the money

The October 13 release, issued when the SEC declared the S-4 effective, framed the $620 million figure as the case in which nobody redeems. That assumption did not survive the vote. By the arithmetic on the two filings, about 61% of the trust left: $164 million remains of $424 million.

1. Assumed in October (no redemptions)424 $ million
2. Remaining after redemptions164 $ million

Source: Agility Robotics and Churchill XI releases filed with the SEC, October 13 and November 2, 2026

The number that matters here is not the headline $465 million but what it is made of. Only $164 million is cash that public investors chose to leave in. The $201 million PIPE, committed at $10 a share and led by Foxconn, is the largest single piece, and the release says it includes leading existing Agility stockholders alongside new institutions. A further $100 million of equity funding, which the release says was received after the deal was announced, sits inside the same $465 million total.

Component	October 13 plan	November 2 result
Trust cash	about $424 million	about $164 million
Foxconn-led PIPE	about $200 million	about $201 million
Gross proceeds	more than $620 million	about $465 million

The November release does not restate a valuation. The $2.5 billion pre-money equity value comes from the June 29 report by Robotics 24/7 on the original announcement, and that report puts the PIPE at $10 a share as well. Whether $2.5 billion still describes the company is a question the new share price will answer, not the filings.

What the cash has to pay for

The October release lists the operating claims the money is meant to scale. Digit has more than 65,000 hours of real-world operation, which is about 7.4 years of a single robot running around the clock; the release gives no unit count, so the fleet size cannot be derived. Agility reports commitments from nine customer facilities, named as Schaeffler, GXO and Toyota Motor Manufacturing Canada, with a target of up to 25 by the end of 2027. Robotics 24/7 adds Mercado Libre to the named list.

The order book is the vendor's own number. Agility says it holds more than $300 million of committed orders for Digit 5, subject to contractual milestones, product features or specifications, and that early access is targeted for early 2027. That is a backlog with conditions attached, not booked revenue; neither release reports revenue or losses.

Capacity is far ahead of demand on paper. RoboFab in Salem, Oregon, is designed to build up to 10,000 robots a year. Nine facilities and 25 by 2027 imply that most of that capacity is a design figure, not an expected output, and the release does not say how many robots each facility runs.

Peggy Johnson, Agility's CEO, said in the June announcement: "Humanoid robots are a critical driver of American technology leadership and the future of global industry." The sentence contains no unit, price or delivery date, which is the gap the filings leave open.

The October release names DCVC, Nvidia, SoftBank Vision Fund 2, Schaeffler, Foxconn and Playground Global among Agility's notable partners and investors. It also lists planned public-company board appointees Merline Saintil, Derek Aberle and Pierre Gentin, without titles. Churchill XI, meanwhile, is domesticating from the Cayman Islands to Delaware as part of the merger.

What would change this read

Two variables decide whether $465 million is enough. One is cash burn, which neither release discloses. The other is how many of the 25 facilities convert from commitment to paid, recurring deployment; another SEC-filing-based tally of what investors really committed shows how far announced and filed figures can drift. For a humanoid, the unit economics are payload, uptime and robots per site, and all three are absent.

The immediate test is the first trading week. A stock that opens near $10 would suggest redeeming holders were an exception; one that falls below the $10 PIPE price would put the redemption rate in context. Digit 5 early access in early 2027 is the first date by which a customer, not the company, can report what it does. For the open-hardware end of the same field, a $795 cable robot that lifts 1.9 kg shows how little the price of a useful machine has to be.