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# Agility pitched $620M+. SPAC holders pulled ~61% of the trust before the first trade
- URL: https://hive.behindrobotics.com/agility-spac-trust-walked-foxconn-stayed/
- Published: 2026-10-31T23:13:49.000Z
- Updated: 2026-10-31T23:13:49.000Z
- Description: The first U.S. humanoid listing shrank before it trades: ~$465M expected, not $620M+. The Churchill XI trust fell from ~$424M to ~$164M. Foxconn's PIPE held, and Agility is selling $300M+ in Digit 5 orders. Vote Nov 2, AGLT on Nov 5.
- Author: Christian Connolly
- Tags: Civil, Humanoids, Funding, Companies, editorial

CivilHumanoidsAgility Robotics · Churchill Capital XI · SPAC · Nov 2026

On Oct 13, **Agility Robotics** told investors its merger with Churchill Capital Corp XI would bring in **more than $620M**. On Oct 30 the number was **\~$465M**. The gap is the SPAC trust: it was pitched at **\~$424M** and **\~$164M** is left. By our math, holders took back **\~$260M, about 61%**. Foxconn's PIPE held. Vote Nov 2, ticker AGLT expected Nov 5.

Key takeaways

- **The shrink:** $620M+ gross pitched on Oct 13 (company, SEC Ex. 99.1), \~$465M expected on Oct 30 (company, 8-K).
- **The walkout:** trust \~$424M → \~$164M. ≈61% / \~$260M redeemed is *derived* by us: (424 − 164) / 424.
- **The money that stayed:** a \~$201M Foxconn-led PIPE at $10 a share, plus $100M of equity Agility says it already received after the deal was announced.
- **The pitch:** $300M+ in committed Digit 5 orders (company claim, subject to milestones, not revenue), with early deliveries in H1 2027.
- **Still moving:** holders can reverse redemptions until the Nov 2 vote, so $164M is not final.

$620M+

pitched gross, Oct 13

Company · SEC

\~$465M

expected gross, Oct 30

Company · 8-K

≈61%

of trust redeemed

Derived

$300M+

Digit 5 committed orders

Company claim

![behindrobotics chart: Agility Robotics SPAC by the money, Oct 13 vs Oct 30 2026](https://storage.ghost.io/c/09/37/09375154-b967-4c17-b211-df30f986b2a4/content/images/2026/10/behindrobotics-agility-spac-by-the-money-2026-11-01-2160x2700.png)

Agility × Churchill Capital XI, by the money ($M). Company figures from the Oct 13 SEC exhibit and the Oct 30 release; ≈61% / \~$260M redeemed is behindrobotics math. Images: Agility Robotics.

01 · The money

## Where $155M went

The Oct 13 number was built from two parts: about **$424M** sitting in Churchill XI's trust, assuming no shareholder asked for their money back, and about **$200M** from a PIPE led by Foxconn.1 SPAC shareholders can redeem their shares for roughly $10 each before a merger closes. Many did. On Oct 30 the companies said about **$164M** is left in trust.2

The new total is **\~$465M** before expenses: $164M of trust, **$201M** of PIPE at $10 a share, and **$100M** of equity Agility says it already received after the deal was announced. That adds up: 164 + 201 + 100 = 465.2

Like for like

#### Trust + PIPE: \~$624M pitched, \~$365M now

The $100M already received is new money that was not in the Oct 13 figure, so the headline gap ($155M) understates the walkout.

Trust, pitched\~$424M

Trust, left\~$164M

PIPE, Oct 13\~$200M

PIPE, Oct 30\~$201M

Bars scaled to $620M. Company figures; redeemed share is our math.

**Read this right**A redemption is not a short and not a vote against the robot. SPAC holders often take their $10 back and keep their warrants. It does mean public SPAC cash covered far less of this raise than pitched, and the strategic money (Foxconn's PIPE) did the heavy lifting.

02 · The pitch

## What Agility is selling to the market

The operating story has not changed since our [Oct 20 look at the deal](https://hive.behindrobotics.com/agility-digit-ipo-nov-2/). All of these are company claims:

- **$300M+** in multi-year committed Digit 5 orders, subject to milestones. That is a backlog claim, not revenue.1,2
- Digit 5 early-access deliveries in **H1 2027**, general availability targeted for **end-2027**.2
- **65,000+** hours in customer operations, **9** committed facilities, targeting up to **25** by the end of 2027, and **30+** pipeline customers.1
- GXO adding **2** more facilities from early 2027; an AGCO manufacturing pilot in 2027; 3 more manufacturing customers in paid programs.2
- RoboFab in Salem, Oregon, with capacity for up to **10,000** robots a year. Capacity, not output.1

03 · For buyers

## Why a warehouse buyer should care

A public Agility has to report. Once it lists, buyers and competitors get audited quarterly numbers on deliveries, uptime and revenue instead of press-release hours. The flip side: the company lists with less SPAC cash than it pitched, while it is still a year away from Digit 5 general availability. If you are signing a robots-as-a-service deal, ask how the contract survives a capital raise or a slipped delivery window.

04 · What to watch

- The Nov 2 vote, and whether reversals push the trust above \~$164M.
- The closing proceeds in the Nov 4–5 filings: the number that actually lands.
- AGLT's first days of trading against Agility's \~$2.5B pre-deal equity value.
- First public quarter: how much of the $300M+ order book turns into revenue, and when.

**Bottom line**The first U.S. humanoid listing arrives smaller than promised: \~$465M, not $620M+, because most of the SPAC trust walked. The robot pitch is unchanged; the cash cushion is thinner. From Nov 5 the market prices Digit on delivered work, not on hours and order claims.

Claims labelled as Company / SEC, Company claim or Derived (our math). behindrobotics received no payment from any company named here.

### Sources

1. Agility Robotics + Churchill Capital Corp XI, S-4 declared effective, Oct 13 2026: [agilityrobotics.com](https://www.agilityrobotics.com/content/agility-robotics-and-churchill-capital-corp-xi-s-4-registration-statement-declared-effective-by-sec-in-connection-with-proposed-business-combination?ref=hive.behindrobotics.com) · [SEC Ex. 99.1](https://www.sec.gov/Archives/edgar/data/2074973/000121390026109077/ea030849601ex99-1.htm?ref=hive.behindrobotics.com)
2. Agility Robotics + Churchill Capital Corp XI, expected gross capital raise of \~$465M and anticipated closing, Oct 30 2026: [GlobeNewswire](https://www.globenewswire.com/news-release/2026/10/30/3392148/0/en/agility-robotics-and-churchill-capital-corp-xi-announce-expected-gross-capital-raise-of-approximately-465-million-and-anticipated-closing-of-business-combination.html?ref=hive.behindrobotics.com) · [SEC 8-K](https://www.sec.gov/Archives/edgar/data/2074973/000121390026114065/ea0310303-8k425%5Fchurch11.htm?ref=hive.behindrobotics.com)
3. MEKAWIRE, trust $164M after redemptions (Oct 30 2026): [mekawire.com](https://mekawire.com/news/agility-robotics-churchill-xi-465m-gross-raise-trust-164m-redemptions-aglt-nasdaq-nov-5-20261030?ref=hive.behindrobotics.com)
4. behindrobotics, "Agility's $2.5B IPO vs China's robot listings" (Oct 20 2026): [hive.behindrobotics.com](https://hive.behindrobotics.com/agility-digit-ipo-nov-2/)

Mentioned · open the profile in the Behind Robotics database

[CompanyAgility Robotics](https://www.behindrobotics.com/companies.html?id=agility&ref=hive.behindrobotics.com)[CompanyAGCO](https://www.behindrobotics.com/companies.html?id=agco&ref=hive.behindrobotics.com)[RobotDigit 5](https://www.behindrobotics.com/robots.html?id=agility-digit-5&ref=hive.behindrobotics.com)