SALEM, OREGON — Agility Robotics announced plans to go public through a merger with Churchill Capital Corp XI, a special purpose acquisition company. The deal values Agility Robotics at approximately $2.5 billion and is expected to raise more than $620 million in gross proceeds.

The merger requires shareholder approval and a review by the Securities and Exchange Commission (SEC). The companies anticipate completing the merger later this year. Agility Robotics, founded in 2015 as a spinoff from Oregon State University, is based in Salem, Oregon.

The company develops bipedal humanoid robots designed for work in warehouses and factories. Agility Robotics CEO Peggy Johnson stated that the SPAC structure provides a first-mover advantage for the company. She also declined to offer forward-looking financial guidance or disclose the bill of materials for Agility Robotics' flagship robot, Digit. The proceeds from the deal will be used to increase production at its 70,000-square-foot manufacturing facility in Salem, Oregon, and fulfill an existing pipeline of customer orders.

Agility Robotics has over $300 million in booked, multi-year revenue. This booked revenue represents approximately 1,000 robots that are part of a robots-as-a-service model. Customers include GXO Logistics, Amazon, Toyota Motor Manufacturing Canada, Schaeffler, and Mercado Libre.

The Digit robot stands around 5'9" and weighs about 160 pounds. It is designed to move heavy objects within human-built spaces, featuring reverse-bend knees that allow it to reach from floor level to overhead shelving without warehouse racking interference. Its hands are equipped with two thumbs and two fingers, optimized for gripping heavy plastic totes for tasks such as unloading trailers and moving product between stations.

Johnson emphasized the company's focus on the warehouse market. She stated that humanoids would not be delivering breakfast in bed for at least 10-plus years. Johnson also said that Agility Robotics would enter the home market when it makes sense and noted that warehouses and factories have fixed aisles and predictable equipment, unlike homes.