Agility Robotics Reports $1.8M Revenue Ahead of Humanoid SPAC
Agility Robotics has deployed its Digit humanoid at nine customer sites as it prepares to go public via a proposed SPAC merger with Churchill Capital Corp. XI.
A new S-4 filing with the SEC reveals the company's financials: Agility generated $1.8 million in net sales in 2025, against a $140 million operating loss. Operational spending reached $111 million, up from $71 million in 2024, and cash burn was approximately $100 million.
The SPAC deal values Agility at $2.5 billion and is expected to raise over $620 million in gross proceeds, including about $420 million from Churchill's trust and $200 million from a PIPE led by Foxconn. This valuation corresponds to roughly 1,400 times its 2025 annual revenue, a multiple typical of SPACs that rely on future expectations rather than historical financial performance.
Such revenue-to-valuation gaps are not unique to Agility. Other U.S.-based humanoid makers, including Figure, Apptronik, and 1X, have raised large funding rounds at high valuations but remain private. In contrast, China's Unitree went public on Shanghai's STAR Market in mid-August, with shares closing 460% higher on the first trading day. The IPO raised 6.1 billion yuan (about $905 million), and Unitree claims to be the first major legged robotics company to go public.
Agility said its Digit humanoids have logged more than 65,000 operating hours across nine customer sites and hold multi-year orders for Digit v5 exceeding $300 million from a single customer. These deployments and orders have yet to generate revenue that would support today's valuation. The Robot Report named Digit its inaugural Robot of the Year in 2024.
Agility's S-4 filing details two monetization models for its Digit v5 robot: Robots-as-a-Service (RaaS) and direct sales.
Under RaaS, Agility retains ownership and charges customers about $8,500 per month (approximately $102,000 annually) for access, software, and maintenance, plus a $25,000 deployment fee. This is projected to yield $535,000 in revenue per robot over a five-year lifespan.
In the direct ownership model, customers pay approximately $200,000 upfront, a $20,000 deployment fee, and about $36,000 annually for software and maintenance. Over five years, Agility estimates this generates roughly $400,000 per robot.
Agility's S-4 filing outlines an ambitious deployment trajectory: roughly 800 Digit v5 units in 2027, 7,000 by 2030, and up to 25,000 by 2035. At the $8,500 monthly RaaS rate, 25,000 robots would produce around $2.55 billion in annual subscription revenue.
Agility considers RaaS a central pillar of its growth. At the same illustrative rate, 1,000 deployed robots would generate about $102 million annually, 5,000 robots about $510 million, and 10,000 robots about $1 billion.
The company cautions that these unit economics depend on many assumptions. Actual contracts, deployment timing, pricing, and utilization could vary. To match the revenue from 1,000 RaaS robots, Agility would need to grow annual revenue roughly 57-fold; the 25,000-robot scenario would be more than 1,400 times its 2025 revenue.
Reaching such scale requires transitioning from a small commercial footprint to thousands of revenue-generating robots while cutting Digit's manufacturing costs and proving customer adoption of humanoids at scale.
An editor's note adds that Agility's Jonathan Hurst and Pras Velagapudi will speak at RoboBusiness, an event produced by The Robot Report, on Oct. 20-21 in Santa Clara.