Agility is about to open its books: what the AGLT listing will and won’t tell us about Digit

For years, the only people who knew how Agility Robotics was really doing were its investors, its customers and its staff. That is about to change. On November 2, shareholders of Churchill Capital Corp XI, the blank-check company Agility agreed to merge with in June, voted to approve the deal. If closing goes as planned on November 4, the maker of the Digit humanoid will start trading on Nasdaq on November 5 under the ticker AGLT, with warrants listed as AGLTW.

That would make Agility one of the first companies built purely around humanoid robots to trade on a U.S. exchange. For a field that has mostly been judged on videos and funding rounds, that is a bigger deal than one more vote.

The vote was easy. The money was not

The approval itself was never in much doubt. More than 84 percent of votes cast supported the merger, according to the companies, and a regulatory filing shows about 21.1 million shares voting in favor against roughly 1.3 million opposed. Churchill’s stock closed up nearly 14 percent on the day of the vote, The Robot Report noted.

The more revealing number is how much cash is actually coming along. When the merger was announced in June, the companies talked about more than $620 million in gross proceeds. The expected total is now about $465 million before expenses. The gap comes from redemptions: shareholders in a blank-check company can take their money back instead of staying in, and the filing shows holders of about 25.5 million Class A shares, around 61.5 percent of that class, chose to redeem.

What is left breaks into three pieces. About $164 million comes from Churchill’s trust account. About $201 million comes from a private share sale at $10 per share led by Foxconn, with existing Agility backers and new institutional investors joining. The last $100 million is equity funding Agility already received after the deal was announced. The original terms valued Agility at $2.5 billion before the new money, and existing Agility shareholders are rolling their stakes into the public company rather than cashing out.

High redemptions are common in deals like this, so they are not a verdict on Digit. But they are a reminder that public investors were less eager to commit cash up front than the June headline suggested. The Foxconn-led piece is arguably the most important part. A contract manufacturer that builds electronics at enormous scale putting money behind a humanoid maker says something about where it thinks the hardware is headed.

What changes on day one

The biggest shift is not the ticker. It is the reporting. As a listed company, Agility will have to publish regular financial results, and the questions that are easy to dodge today will get much harder to avoid: how much revenue Digit actually brings in, how much each robot costs to build and support, and how fast the company is spending its cash.

Right now the public picture is built from milestones. Agility says Digit is working in nine customer sites, and its longest-running deployment, at a GXO warehouse in Flowery Branch, Georgia, is the one that led GXO to add two more buildings last month. AGCO has signed up to pilot Digit at its Hesston, Kansas plant starting in 2027. The company has also cited more than $300 million in committed multi-year orders for Digit 5, the redesigned robot it showed in September, with early access planned for the first half of 2027 and general availability targeted for the end of that year. Agility itself says that order figure is value expected over time, not current revenue.

Its RoboFab plant in Salem, Oregon is designed to build up to 10,000 robots a year. Quarterly reports will start to show how far actual output is from that ceiling.

Unitree went first, and showed what a report card looks like

There is already one example to learn from. Unitree Robotics listed on Shanghai’s STAR Market in August, and its first quarterly report showed revenue up about 70 percent while profit fell as research spending more than tripled. That is the kind of honest, mixed picture investors will now expect from Agility too.

The two companies are very different bets. Unitree sells a wide range of robots, from low-cost research humanoids to robot dogs, to a broad market. Agility sells a narrower, work-first robot, mostly into warehouses and factories, often as a service rather than a one-time sale. Comparing their numbers side by side over the next year will say a lot about which model holds up.

What it means for everyone else

Rivals such as Figure, Apptronik and 1X are still private and raise money the old way. A public Agility gives investors a live price for a U.S. humanoid company for the first time, and every future funding round in the field will be measured against it. A strong debut could make the next private raise easier for everyone. A weak one could do the opposite, as we have seen with the big private valuations in robot AI, such as FieldAI’s $10 billion bet.

Our take

Clearing the vote was the easy part. The real test starts with Agility’s first earnings report, when the industry finally sees what a humanoid business looks like on paper in the U.S. We will watch the debut on November 5 and track Digit next to its rivals on our humanoids page. If you would rather work on these robots than trade them, Agility and its peers are hiring on our jobs board.