Agility Robotics, maker of the Digit warehouse humanoid, is merging with Michael Klein’s Churchill Capital Corp XI in a deal that values the combined company at $2.5 billion pre-money and delivers more than $620 million in gross proceeds.
Churchill shares have surged about 87% over the past month to nearly $19, and the combined company will list as ‘Agility’ under ticker AGLT once the deal closes.
The deal puts a real market price on one of the few humanoid vendors with named, paying warehouse customers. Most competitors are still raising capital before proving commercial deployments.
The round: Here’s what the $620 million in proceeds includes.
$420 million held in Churchill's trust account
Roughly $200 million from a PIPE priced at $10 a share and led by Foxconn
All existing Agility shareholders rolling their equity into the new company with a 180-day lockup
That rollover and lockup structure is meant to signal insiders aren’t cashing out early. The deal still requires approval from Churchill shareholders and an effective SEC registration statement before it closes.
The customers: Agility says Digit is commercially deployed at four named enterprises: Schaeffler, GXO, Toyota Motor Manufacturing Canada and Mercado Libre. The robots operate across nine facilities and have logged more than 65,000 hours.
Amazon is not on that list. Agility’s SEC filing names Amazon only as a strategic investor, alongside Nvidia, SoftBank Vision Fund 2 and Foxconn. That is separate from the four enterprises actually running the robot.
Agility also disclosed $300 million in contracted orders for Digit v5 and a pipeline of more than 30 customers, plus a manufacturing plant it says can build 10,000 units a year with 75% of parts sourced domestically.
The context: The listing arrives as humanoid makers have raised roughly $18 billion against an estimated $340 million in sector-wide revenue, by HumanoidIntel’s count.
Agility’s four named customers and contracted backlog put it ahead of many pre-commercial rivals. But it still trails the scale of fixed-automation systems, automated storage and robotic forklifts already running in large retail warehouses today.
What's next: CEO Peggy Johnson has told reporters she isn’t promising near-term breakthroughs beyond warehouses, calling the SPAC “an acceleration story and a timing story”. She also said consumer home robots are still more than a decade away. The deal is expected to close later this year.
