Churchill Capital XI shareholders approve $2.5B Agility Robotics humanoid SPAC

Agility Robotics has cleared a major hurdle in its planned initial public offering (IPO). Shareholders of Churchill Capital Corp XI approved the special purpose acquisition company’s (SPAC) proposed business combination with the humanoid developer, moving Agility closer to becoming a publicly-traded company.

More than 84% of votes cast at a special shareholder meeting on Nov. 2 supported the deal. The SPAC is expected to close on Nov. 4. The combined company is expected to begin trading on the Nasdaq on Nov. 5 under the ticker symbol AGLT. Churchill Capital stock finished up nearly 14% on Nov. 2. 

The transaction is expected to provide Agility with approximately $465 million in gross capital before expenses. That funding will support commercial expansion, customer deployments and manufacturing capacity as the company looks to scale its Digit humanoid robot business.

The revised capital figure reflects a reduction from the more than $620 million in gross proceeds anticipated when the merger was announced in June. Following the expiration of Churchill XI’s shareholder redemption deadline, the companies now expect approximately $164 million from Churchill’s trust account, approximately $201 million from a private investment in public equity (PIPE) financing led by Foxconn, and $100 million in equity funding Agility received following the initial SPAC announcement.

The original transaction valued Agility at a $2.5 billion pre-money equity value. Existing Agility shareholders will roll their equity into the combined company rather than receive cash in the transaction.

Agility is entering the public markets with more than a proposed product roadmap. Its Digit robots are already operating in 9 customer environments, with logistics and manufacturing emerging as the company’s primary commercial markets.

One of its most established relationships is with GXO Logistics. The companies began working together in 2023 and signed a multi-year Robots-as-a-Service agreement in 2024 to deploy Digit at GXO’s facility in Flowery Branch, Ga. There, Digit has worked alongside existing automation to move totes and place them onto conveyors.

In October, the companies announced an expansion to two additional GXO facilities: Statesville, N.C., and Lebanon, Tenn. Digit will initially support repetitive material-handling tasks in e-commerce fulfillment operations. Deployments are expected to begin in early 2027 using Digit 4, with plans to transition to the newer Digit 5 as it becomes commercially available.

Agility is also moving into manufacturing. In October, agricultural equipment maker AGCO signed a commercial agreement to pilot Digit at its Hesston, Kan., production facility beginning in 2027. Initial tasks will include sorting and stacking parts and placing totes for storage.

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Agility has previously claimed it has more than $300 million in committed multi-year orders for Digit 5, its next-generation humanoid unveiled in September. The company says early access for customers is expected to begin in the first half of 2027, with general availability targeted for the end of that year.

That order figure is an important indicator of customer interest, but it should not be confused with current revenue. The multi-year value is expected to be realized over time and remains subject to contractual milestones, product features and specifications.

Agility’s RoboFab manufacturing facility in Salem, Ore., is designed for annual production capacity of up to 10,000 robots. The company is also expanding its software, deployment and service capabilities, including through its Agility Arc fleet-management platform.