Agility Robotics to go public in $2.5B SPAC deal backed by Foxconn and Michael Klein

Agility Robotics, the Oregon-based company building humanoid robots for warehouse and logistics work, is merging with Churchill Capital Corp XI to become a publicly traded company. The deal values Agility at $2.5 billion pre-money, making it one of the largest robotics SPACs to date.

The merger, announced on June 24, is expected to generate over $600 million in gross proceeds. That breaks down to $420 million from the SPAC’s trust account plus more than $200 million from a private investment in public equity financing led by Foxconn, which was already an existing investor in Agility.

The deal structure and what Agility is building

Churchill Capital Corp XI trades on NASDAQ under the ticker CCXI and is backed by Michael Klein. After the merger closes, Agility will trade under the ticker AGLT on a major North American exchange.

The $2.5 billion valuation represents roughly a 19% increase from Agility’s last private funding round.