The market for humanoid robotics is currently flooded with investments. Just last week, AI2 Robotics, a startup from Shenzhen specializing in wheeled humanoid robots, secured nearly $735 million at a valuation close to $3 billion. Earlier this year, Apptronik, an Austin-based manufacturer of humanoid robots for logistics and manufacturing, wrapped up a $935 million funding round, which positioned the company at over $5.5 billion. Last autumn, Figure AI, a startup based in San Jose working on general-purpose humanoid robots, reported securing $1 billion in Series C funding at an astonishing valuation of $39 billion.
In contrast, Peggy Johnson, CEO of Agility Robotics, maintains a surprisingly calm demeanor. We had a phone conversation last week, shortly after the firm revealed its intention to go public through a merger with Michael Klein’s Churchill Capital Corp XI, a SPAC. The deal puts Agility’s value at approximately $2.5 billion and is projected to generate over $620 million in gross proceeds, marking the largest capital raise in the history of humanoid robotics. The merger is pending; shareholder approval and SEC review are still required, with completion anticipated later this year.
Founded in 2015 as a spin-off from Oregon State University, Agility is located in Salem, Oregon, and produces bipedal humanoid robots for operations in factories and warehouses. The SPAC strategy is noteworthy for several reasons. It will position Agility as the first dedicated humanoid robotics firm to be publicly traded, offering retail investors direct access to a field that has primarily been open to wealthy venture capital funds. Furthermore, it provides a rare glimpse into the financials of a company operating in a sector where most competitors are secretive about their figures and the technology they are developing.
Johnson, who previously served as executive VP of business development at Microsoft—where she played a significant role in the $26 billion acquisition of LinkedIn—and later as CEO of Magic Leap, the once-prominent augmented reality headset manufacturer, was cautious throughout our discussion. She refrained from providing forward-looking financial estimates, did not disclose the bill of materials for Agility’s flagship robot, Digit, and politely redirected any inquiries that drifted into speculation.
When asked why Agility is opting for a public listing via a SPAC instead of pursuing another private funding round—a structure that avoids the roadshow and pricing examination associated with a conventional IPO—Johnson explained that much of the decision rests on the first-mover advantage the company possesses as the inaugural entity of its type to go public. For investors eager to acquire shares in a prominent robotics firm, Agility represents “an acceleration story and a timing story,” she noted. The funds raised will facilitate an increase in production at their 70,000-square-foot manufacturing site in Salem, Oregon, and address an existing backlog of customer orders.
Regarding the negative perception surrounding SPACs—many companies that took this route to the public market in 2021 faced significant decline or are trading far below their initial price—Johnson remained unfazed. “If we stay focused, continuing to deliver customer by customer, robot by robot, we hope to avoid the same level of volatility,” she stated. “Our biggest competitor right now is simply ourselves. It’s about how rapidly we can execute and how quickly we can introduce new capabilities.”
The projects on the horizon extend well beyond trials, Johnson informed TechCrunch, highlighting over $300 million in confirmed multi-year revenue associated with approximately 1,000 robots participating in a robots-as-a-service model, where clients remit monthly fees instead of outright purchases. “Every entity on our list is already pre-qualified and has deployment strategies in place for their proof of concepts,” Johnson mentioned. Their clients include GXO Logistics, Amazon, Toyota Motor Manufacturing Canada, Schaeffler, and Mercado Libre.
Digit itself is a straightforward piece of machinery. Standing at about 5’9″, weighing around 160 pounds, it is engineered for one primary task: lifting heavy items within human-designed environments. Its standout feature is a set of reverse-bend knees—often described as “bird legs”—that enable it to reach from ground level to high shelving without its knees getting stuck in warehouse racks. (According to Johnson, Agility’s founders were not drawn to biomimetic designs for their own sake.) The robot’s hands comprise two thumbs and two fingers, meticulously designed for grasping heavy plastic containers, even as their contents shift during transport.
Johnson mentioned that Agility is “LLM-agnostic,” utilizing models like Claude and Gemini for what she refers to as the semantic layer—transforming high-level directives into robotic actions. She described a recent experiment in which engineers scattered a variety of waste on the floor and instructed Digit simply to “clean up this mess.” The robot successfully assessed, sorted, and disposed of everything accurately, even correctly classifying bubble wrap as non-recyclable.
Evidently, the physical layer—which encompasses balance, locomotion, and manipulation mechanics—is viewed as Agility’s core proprietary strength, developed over more than a decade of real-world deployment. “The LLMs had the entire internet to train on,” she remarked. “However, when considering the physical AI of humanoids—that technology is still not fully realized.” At least not in most companies. Johnson is convinced Agility stands apart: “We may have the most extensive data repository of actual operational robotics data in real-world contexts.”
Beyond mere data, Johnson argued that safety is where the divide between Agility and its rivals is the most significant and impactful. While competing companies often showcase their robots through lab demonstrations and scripted videos, Agility has had to meet stringent industrial safety certification standards to operate within customer settings. “You can’t design your robot and then ensure its safety,” she stated. “That requires redesigning. You must have all safety aspects certified—the electrical systems, all components, and the software backing all that.” (This concern is particularly crucial since humans are commonly present in the vicinity. Last November, Figure AI’s former head of product safety filed a lawsuit against the company, claiming he was terminated for voicing concerns that its robots had enough strength to potentially harm humans. Figure has contested these allegations.)
Concerning the home environment, Johnson believes humanoid robots will eventually reach that sector, but advised against expecting them to serve breakfast in bed anytime soon. She estimated it would take “10-plus years” for that to happen, noting that while warehouses and factories present their own complexities, they have organized aisles and predictable equipment and workflows, unlike homes, which are often chaotic, inhabited by pets, babies, guests, and scattered items.
“At least roads have some order to them,” Johnson remarked, likening the challenge to autonomous vehicles. “Most locations where humanoids will operate don’t share that quality.”
Agility is not dismissing the home market. Johnson indicated that the company plans to enter that sector when the timing is advantageous. However, for the time being, it is intensely focused on the warehouse segment, especially given the increasing number of retiring workers and younger individuals reluctant to accept physically demanding positions. “Currently, there are over a million vacancies in the US in these areas,” she noted. “They are incredibly challenging to fill.”
