The humanoid robotics sector continues to attract substantial investment. Recently, AI2 Robotics, a Shenzhen startup focused on wheeled humanoid machines, secured roughly $735 million at a valuation near $3 billion. Earlier this year, Apptronik, based in Austin and specializing in manufacturing and logistics robots, completed a $935 million round that valued it above $5.5 billion. Last fall, Figure AI in San Jose announced $1 billion in Series C funding at a reported $39 billion valuation.

In contrast, Peggy Johnson, CEO of Agility Robotics, adopts a notably cautious stance. Speaking by phone shortly after the firm revealed plans to list via merger with Michael Klein's Churchill Capital Corp XI SPAC, she outlined a deal that values Agility near $2.5 billion and aims to raise over $620 million in gross proceeds, marking the largest such raise in the humanoid space. The transaction remains pending shareholder approval and SEC clearance, with completion slated for later this year.

Founded in 2015 as an Oregon State University spinoff and headquartered in Salem, Oregon, Agility produces bipedal humanoids for warehouse and factory tasks. The SPAC route stands out because it would position Agility as the first pure-play humanoid robotics company on public exchanges, offering everyday investors access previously limited to venture funds. It also provides unusual transparency into operations in an industry where peers often withhold financial and technical details.

Johnson, previously executive vice president of business development at Microsoft where she contributed to the $26 billion LinkedIn acquisition and later CEO of Magic Leap, remained measured during the discussion. She avoided providing forward financial projections, declined to share the bill of materials for the Digit robot, and steered clear of speculative topics.

When asked about choosing a SPAC over another private round, Johnson pointed to first-mover benefits in reaching public markets. For investors seeking exposure to a high-interest robotics name, Agility represents both an acceleration and timing opportunity, she noted. Funds will support scaling at the company's 70,000-square-foot Salem facility and meeting existing customer commitments.

Addressing past SPAC performance issues, Johnson expressed confidence that consistent delivery would limit volatility. The primary challenge, she said, lies internally in execution speed and adding capabilities robot by robot.

The order book extends past initial trials, with more than $300 million in committed multi-year revenue tied to roughly 1,000 robots under a robots-as-a-service arrangement. All listed customers have passed vetting and hold deployment plans beyond proofs of concept, including GXO Logistics, Amazon, Toyota Motor Manufacturing Canada, Schaeffler, and Mercado Libre.

Digit stands about 5 feet 9 inches tall, weighs approximately 160 pounds, and excels at moving heavy items through human-designed environments. Its signature reverse-bend knees enable reaching from floor to high shelves without interference from storage racks. The two-thumb, two-finger hands are tuned specifically for secure tote handling despite shifting loads inside.

Agility remains model-agnostic, employing systems such as Claude and Gemini for the semantic layer that converts broad commands into actions. In one trial, engineers scattered varied trash and instructed Digit to clean the area; the robot correctly sorted and disposed of items, even recognizing bubble wrap as non-recyclable.

Johnson views the physical layer of balance, movement, and handling as the company's key proprietary strength, honed through years of field use. While large language models trained on vast internet data, physical AI data remains scarce, and she believes Agility holds the largest real-world operating dataset.

Safety represents another major differentiator. Unlike competitors relying on lab demonstrations, Agility has secured industrial certifications required for actual customer sites. Safety elements must be integrated from the start rather than added later, covering electrical systems, components, and supporting software.

Johnson anticipates humanoids will eventually reach homes but projects a timeline of more than 10 years. Warehouses offer structured aisles and predictable flows, whereas homes present variables like pets, children, guests, and misplaced items. She compared the challenge to autonomous driving, noting that most humanoid workspaces lack similar order.

The company does not exclude residential markets but will pursue them only when conditions align. Current priority remains warehouses amid labor shortages exceeding one million unfilled U.S. positions in physically demanding roles.