Agility Robotics Goes Public on Nasdaq With $465 Million, Below the $620 Million First Projected

Agility Robotics’ blank-check merger lost about $261.8 million to shareholder redemptions, so a Foxconn-led placement and $100 million in equity raised before closing now supply most of the raise, a filing shows.

The $465 million is gross, so transaction expenses come out of it. It sits against more than $300 million in orders for Digit 5, Agility’s next humanoid robot, and Agility says the orders stand only if it meets contract terms on that robot. Whether the money is enough to build Digit 5 to those terms is the open question for a buyer or a rival.

Where did the money come from?

Agility’s closing filing splits it three ways. Holders of 25.5 million Churchill shares redeemed about $261.8 million, which left $164.1 million in the trust. A placement sold 20.1 million shares at $10 each for $201 million; Agility says Foxconn led it. The remaining $100 million of equity, raised in July, converted into stock at the close. Together they come to about $465 million.

Redemptions are why the total fell short of what Agility had told investors to expect. In October it projected more than $620 million, built from about $424 million in the trust, on the assumption that no shareholder redeemed, plus about $200 million from the placement. By The Denominator’s arithmetic, the trust ended about $260 million below that assumption. The $465 million also counts the $100 million, which the projection did not list, so the two totals are not built the same way.

What do the orders cover?

Agility says it holds more than $300 million in committed multi-year orders for Digit 5. They stand only if Agility meets the milestones, features and specifications the contracts name. The robot was unveiled in September; Agility expects early customers to get it in the first half of 2027 and targets general availability for the end of that year.

Agility did not say how many robots the orders cover or what each one costs. Without those numbers, a reader cannot tell how much of the Salem, Oregon, plant’s design capacity of up to 10,000 robots a year the orders would use.

Who is buying Digit?

GXO, Schaeffler and Toyota Motor Manufacturing Canada run Agility’s Digit robot now. GXO will add two U.S. logistics sites in early 2027, and Digit has moved more than 100,000 totes at its Georgia site. AGCO has signed for a pilot that starts in 2027.

More than 30 prospective customers are in the pipeline. The company’s goal is about 100 by the end of 2027, along with up to 25 customer facilities holding committed deployments, up from nine in October.

The test for a buyer or a rival: how many of the $300 million in orders hold up in the first half of 2027, when early customers first get Digit 5?