Agility pitched $620M+. SPAC holders pulled ~61% of the trust before the first trade
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.
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.
- 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.
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
Trust + PIPE: ~$624M pitched, ~$365M now
What Agility is selling to the market
The operating story has not changed since our Oct 20 look at the deal. 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
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.
- 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.
Claims labelled as Company / SEC, Company claim or Derived (our math). behindrobotics received no payment from any company named here.
Sources
- Agility Robotics + Churchill Capital Corp XI, S-4 declared effective, Oct 13 2026: agilityrobotics.com · SEC Ex. 99.1
- Agility Robotics + Churchill Capital Corp XI, expected gross capital raise of ~$465M and anticipated closing, Oct 30 2026: GlobeNewswire · SEC 8-K
- MEKAWIRE, trust $164M after redemptions (Oct 30 2026): mekawire.com
- behindrobotics, "Agility's $2.5B IPO vs China's robot listings" (Oct 20 2026): hive.behindrobotics.com
