Robotic firms find non-traditional paths to public markets

While traditional IPOs remain challenging, de-SPAC transactions and reverse mergers may become the optimal route for robotics companies seeking capital and public market access.

Agility Robotics has agreed to merge with Churchill Capital Corp XI, a SPAC, valuing the humanoid robot maker at $2.5 billion pre-money. The deal is expected to generate about $620 million in gross proceeds, including a $200 million PIPE led by Foxconn, with participation from investors such as NVIDIA, Amazon, and SoftBank Vision Fund 2.

The SPAC raised approximately $420 million when it went public in December 2025, and the transaction is expected to close in 2026.

Serve Robotics, which develops autonomous sidewalk delivery robots, went public through a reverse merger with a shell company in July 2023, raising about $30 million from existing investors like Uber and NVIDIA.

This week, Uber sold its stake in Serve, citing different directions in robotic deliveries.

Both transactions share a fundamental trait: the private companies bypassed the traditional IPO route. Both involved merging with a public shell, and both were pre-profit or even pre-revenue. However, structural differences are significant. Churchill XI is a purpose-built SPAC with committed capital in a trust account, while Patricia Acquisition was a dormant shell with no cash.

Regulatory burdens also diverge. Agility's de-SPAC requires SEC review of a Form S-4 and shareholder approval, whereas Serve's reverse merger involved less extensive pre-closing review.

During the 2021 SPAC boom, robotics and automation companies like Berkshire Grey and Symbotic went public via de-SPACs. Several structural factors make this route attractive: many robotics firms are capital-intensive but early-stage, the IPO market is crowded with mega-offerings from AI giants, and PIPE financing allows private valuation negotiation.

Yet obstacles remain. Securing PIPE financing is often challenging, and SPAC shareholders may redeem shares, reducing available capital. Many de-SPAC companies have performed poorly, and the SEC has tightened disclosure rules. Reverse-merger companies may also face listing requirements, such as Nasdaq's seasoning rules, which delayed Serve's listing for nearly a year.

For robotics companies, the choice between IPO, de-SPAC, reverse merger, or staying private depends on their stage, capital needs, and market conditions. Companies with strong revenue may have multiple options, while pre-revenue firms may find de-SPAC or reverse mergers more accessible.

The traditional IPO is no longer the only credible path. Whether Agility's deal validates this approach depends on its successful closing and commercial execution in the years ahead.

About the authors

Marc D. Mantell is a Boston-based partner and co-chair of the M&A practice at Mintz.

He advises tech companies on corporate and securities matters.

Alok Choksi is a New York-based partner at Mintz.

He has a broad corporate and securities practice, representing investment banks and issuers in capital markets transactions.