Agility Robotics' SPAC Values Digit at 1,400 Times Revenue

Agility Robotics said on June 24, 2026 that it would go public through a merger with Churchill Capital Corp. XI at a $2.5 billion valuation. The filing Agility and Churchill submitted to the SEC on Sept. 4, 2026 put a number on the business behind that valuation for the first time: $1.8 million in 2025 net sales, against a $140 million operating loss, according to The Robot Report's review of the S-4. Divide one into the other and the deal values Agility at roughly 1,400 times 2025's revenue. The number that matters is not the multiple; it is which side of the ledger investors are being asked to believe grows faster.

Foxconn is putting $200 million into a company that burned $100 million in 2025

The transaction is structured to bring Agility more than $620 million in gross proceeds: about $420 million from Churchill's trust account, assuming no shareholder redemptions, plus roughly $200 million from a private placement led by Foxconn, the Taiwan-based electronics manufacturer that is also an existing Agility investor, at $10 a share. Agility spent $111 million on operations in 2025, up from $71 million in 2024, and used about $100 million in cash over the year, according to The Robot Report's figures from the filing. Chief Executive Peggy Johnson, who joined Agility in 2024 after leading Magic Leap, said in the June announcement that "humanoid robots are a critical driver of American technology leadership and the future of global industry." Michael Klein, chairman and chief executive of Churchill Capital Corp. XI, called Agility "a humanoid first mover with proven technology, real-world deployments, and the trust of some of the world's most demanding enterprises." Neither statement addresses the gap between $1.8 million in sales and $140 million in losses.

65,000 operating hours across nine sites is the evidence behind $300 million in orders

Agility says its Digit humanoid has logged more than 65,000 hours of real operation across nine customer sites, running for companies it names as Schaeffler, GXO, Toyota Motor Manufacturing Canada and Mercado Libre. On top of that operating record sits more than $300 million in multi-year orders for the newer Digit v5, all from a single customer Agility has not named, with a sales pipeline the company says exceeds 30 additional customers. That combination, real deployments at a handful of named companies plus a large backlog from one unnamed buyer, is the entire case for the 1,400-times multiple: current revenue reflects pilots, and the backlog is supposed to reflect what happens once Digit ships at volume. Agility is building that volume at a factory in Salem, Oregon, it calls RoboFab, designed to produce up to 10,000 units a year, with about 75 percent of Digit's parts sourced domestically, the same domestic-sourcing question that sits behind CNH's own autonomy push, announced alongside a 290-point drop in its farm-equipment margins.

Agility has raised more than $390 million in equity since its 2015 founding, according to GeekWire's review of the filings, and expects the merger to close before the end of 2026, at which point the combined company plans to trade on Nasdaq under the ticker AGLT. That is a company that has spent eleven years and nine figures reaching $1.8 million in sales, a timeline the SPAC structure is designed to compress by giving Agility public-market cash before its revenue catches up to its losses rather than after.

Hurst says a wheeled Digit is possible. He won't say when.

Jonathan Hurst, Agility's co-founder and chief robot officer, said in the June announcement that "cooperative safety is the critical unlock for scaled humanoid adoption, and our next generation Digit represents an important milestone." Three months later, after Agility's Digit 5 launch video ended on a rendering of a wheeled version of the robot, Hurst told The Robot Report the company is "exploring a range of robot designs and form factors, including wheels, to address different operating environments and customer needs." Asked when a wheeled Digit might ship, he said: "Too early to say. I have guesses and inclinations, but really we're just starting." That is a company willing to name customers, a factory and a unit target, but not a form factor or a date for the product its next generation of orders depends on, a hedge not unlike JUNA's admission that its electric trucks still cost twice as much as diesel even after crossing 100 vehicles.

The variable that would change this read is the $300 million backlog converting into shipped, revenue-recognized units at anything like RoboFab's 10,000-unit run rate. If it does, the 1,400-times multiple was a bet on a ramp that had not yet started. If Digit v5 slips the way early robotics programs usually do, the multiple was a bet on a name, and the 30-customer pipeline Agility has described will matter more than the single order it has already disclosed, because a pipeline that size only proves something once a second and third customer convert to contracts of their own.

1. 202471 $ millions
2. 2025111 $ millions

Source: The Robot Report, citing Agility Robotics' Form S-4 filed Sept. 4, 2026, accessed 2026-09-27

Metric	2025
Net sales	$1.8 million
Operating loss	$140 million
Cash used in operations	~$100 million
SPAC valuation	$2.5 billion