Agility Robotics, the Oregon company behind the Digit humanoid robot, began trading on Nasdaq under the ticker AGLT on November 5, a day after closing its merger with the blank-check company Churchill Capital Corp XI, according to its SEC filing. The company bills itself as the first U.S.-listed pure-play humanoid robotics company, and it arrives with two numbers that are hard to put side by side.
The first is revenue. Agility brought in $1.78 million in 2025, up from $310,000 a year earlier, while posting a net loss of $138.1 million, The Robot Report reported from the company’s disclosures. About 64 percent of that revenue came from related parties. The second is orders: the company says it holds more than $300 million in committed multi-year orders for its next robot, Digit 5, subject to contractual milestones and product specifications.
I think the $465 million Agility raised is the less important part of this listing. The more important part is that the humanoid robot industry, which has run for years on demo videos and private valuations, now has one company that must report, every quarter, how much of that order book actually turns into revenue.
What the money buys
The deal produced about $465 million in gross proceeds, The Robot Report said: roughly $164 million left in Churchill XI’s trust after shareholder redemptions, $201 million from a private placement led by Foxconn and a $100 million round closed after the merger was announced. Agility had projected more than $620 million if no shareholders redeemed, so redemptions left it about $155 million short of that best case. The company ended 2025 with $103 million in cash.
Trading opened at $11.26 a share, above the $10 price used in the deal, and had slipped to $10.30 by the time The Robot Report published. That is a calm debut by SPAC standards, but it says little yet about how investors will value a company at this stage.
Where Digit actually works
Agility’s strongest argument is that its robot is already on the job. The company says Digit has moved more than 100,000 totes at a GXO logistics site in Georgia, that GXO has expanded to two more U.S. facilities with deployments expected to begin in early 2027, and that Schaeffler and Toyota Motor Manufacturing Canada are also operating Digit, according to its announcement. Farm equipment maker AGCO plans a Digit pilot at its Hesston, Kansas, plant beginning in 2027, the filing says.
CEO Peggy Johnson put it plainly: “Digit is doing real work in customer operations today.” The company also says Digit has logged more than 65,000 hours across nine customer facilities, per The Robot Report, though that figure comes from Agility rather than from customers.
Agility marked the listing on X:
Today, Agility begins trading on the Nasdaq Stock Market under the ticker symbol AGLT.
Read the announcement: https://t.co/PLXMtCrbgG pic.twitter.com/gcRzzW1JWi
— Agility (@agilityrobotics) November 5, 2026
The gap in the middle
The problem is timing. The $300 million in orders is for Digit 5, which Agility unveiled in September. Early customer access is expected in the first half of 2027, with general availability targeted for the end of 2027, the company says. So the robot behind nearly all of the order book is not yet shipping at scale, and the orders depend on milestones it has not yet hit.
Agility’s own risk factors say as much. The filing lists possible delays in developing or delivering Digit 5, failure to meet contractual milestones, pilots that may not convert into larger orders, and the chance that its capital “may be insufficient.” With a $138 million annual loss, $465 million is real money but not an endless runway, especially for a company that also has to build manufacturing and field service from a small base.
Lock-ups add another date to watch. Existing shareholders and the SPAC sponsor are restricted from selling for 180 days after closing, with early release tied to stock performance, The Robot Report noted. That puts the first big test of insider supply in the spring, around the same time Digit 5 is supposed to reach early customers.
The case for Agility
The strongest argument on the other side is that this is what early industrial technology looks like. Revenue rose almost sixfold in a year. A named logistics company kept expanding after its first site rather than walking away. Foxconn, which knows something about manufacturing at scale, led the private placement. And Agility says three more enterprise manufacturers, including a major global automaker, are in paid programs, with more than 30 prospective customers in its pipeline, per its announcement.
Being first to the public market has its own value. Rivals still raising private money can describe their progress however they like. Agility will have audited numbers, and if those numbers show orders converting on schedule, it gets a credibility edge that no demo video can buy. On that view, the small revenue figure is simply the starting line.
What I’ll be watching
My take is that the most useful thing Agility can publish over the next year is not a bigger order total but a conversion rate: how much of the $300 million becomes recognized revenue, how fast, and how much of it still comes from related parties. If Digit 5 reaches early customers in the first half of 2027 and GXO’s new sites go live on time, the listing will look like a smart early move. If the dates slide, the quarterly reports will show it before any press release does.
Either way, I’d argue the whole humanoid sector benefits from having one company’s books open to the public. For years the industry’s progress has been judged by videos. Now it will be judged, at least in part, by a 10-Q.
Related reading: Meta Has $82 Billion in Cash. It Plans to Sell Up to $95 Billion in Stock Anyway. · Chip Stocks Slid for Six Straight Days. TSMC’s CEO Says AI Demand Still Exceeds Supply.
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