Agility Robotics Lists on Nov. 5 With $465 Million, $155 Million Under Plan, After Trust Holders Took Back About 61%

Agility Robotics now expects to raise about $465 million from its merger with Churchill Capital Corp XI, down from the more than $620 million announced in June, because most of the SPAC's trust cash went back to its holders before the vote. The company said in an October 30 press release that shareholders meet on November 2, closing is expected November 4, and trading under the ticker AGLT is expected to start on Nasdaq on November 5.

The number that matters here is not the $465 million but the $164 million inside it. That is what is left of the trust, and it is the only part of the raise that depended on public shareholders choosing to stay.

Where the $465 million comes from

Agility's release splits the raise into three parts. Churchill XI's trust supplies about $164 million, a common-stock PIPE led by Foxconn supplies about $201 million at $10 a share, and $100 million of equity had already arrived after the deal was announced. The release gives no redemption figure and no valuation.

Component	Amount	Note
Churchill XI trust	about $164 million	June plan assumed $420 million
Foxconn-led PIPE	about $201 million	$10 a share
Equity already received	$100 million	after the deal was announced
Total gross raise	about $465 million	before transaction expenses

1. June plan (more than)620 $ million
2. October expectation465 $ million

Source: Robot Report, Sept. 7, 2026 (June plan); Agility press release, Oct. 30, 2026 (current)

The June figure came from Robotics 24/7's report of the original terms: $420 million in the trust assuming no redemptions, about $200 million in the PIPE, and a $2.5 billion pre-money equity value. Subtracting $164 million from $420 million leaves about $256 million, or roughly 61%, that did not stay. That is our arithmetic, not a figure Agility or Churchill published, and it ignores any trust cash that moved for other reasons.

A valuation the October release does not repeat

The $2.5 billion pre-money value belongs to the June terms. The October release is silent on it, so whether the price was reworked is not something the documents we read settle. Existing Agility holders roll their equity into the combined company under a 180-day lock-up, which means the stock that trades from November 5 is a thin float.

The operating record is the harder constraint. The Robot Report, reading the September S-4, put 2025 net sales at $1.8 million against a $140 million operating loss, with operating spending of $111 million, up from $71 million in 2024, and cash burn near $100 million. Those are the Robot Report's figures from the filing, and we did not open the S-4 itself.

Divide the loss by the sales and the ratio is about 78 to 1. Divide the $2.5 billion valuation by those sales and it is about 1,400 times revenue.

What 800 robots would have to earn

The S-4 pricing, as the Robot Report reports it, has two routes. Robots-as-a-service runs about $8,500 a month, roughly $102,000 a year, plus a $25,000 deployment fee, or about $535,000 per robot over five years. A direct sale is about $200,000 upfront plus a $20,000 deployment fee and about $36,000 a year for software and maintenance, roughly $400,000 over five years. The filing itself cautions that these unit economics rest on many assumptions.

The same report cites projected Digit v5 deployments of about 800 units in 2027, 7,000 by 2030 and up to 25,000 by 2035. Take 800 units at the $102,000 service rate and the arithmetic gives about $82 million a year, but only if every unit were in service for twelve months. Agility's release says early-access deliveries begin in the first half of 2027, with general availability by the end of 2027, so a full year of 800 robots in 2027 is not on the schedule.

The company also cites more than $300 million in committed multi-year Digit 5 orders. Its release says plainly that this is not current-period revenue; Robotics 24/7 adds that the orders are subject to contractual milestones, and the Robot Report attributes them to one customer.

The comparison Agility is choosing

The release calls Agility "the only U.S. publicly listed pure-play humanoid robotics company with proven, active commercial deployments." The phrase is built to exclude Tesla, whose Optimus line in Fremont we covered on October 30 and which has given no output number. Agility's deployment evidence is nine customer sites and more than 65,000 operating hours, per Robotics 24/7. The hours cannot be turned into a per-robot figure because no source gives the number of robots on those floors.

Deployment also runs into trade policy. The tariff question for imported robots, covered in our piece on the Section 232 proclamation, starts a 180-day clock rather than a duty, which matters to a supplier whose investors include Foxconn and Schaeffler.

What would change this read

The $465 million buys roughly three and a half years at the 2025 operating loss, or four and a half at the cash burn. Two things would shorten or lengthen that. A restated valuation in the closing documents would show whether the PIPE investors repriced. And a first customer invoice for Digit 5 in the first half of 2027 would show whether the $300 million in orders turns into revenue on the dates Agility gave.

The next fixed date is November 2, when Churchill XI shareholders vote; holders may still withdraw redemption requests before then, per the release.