Agility Robotics: The First Listed U.S. Pure-Play Humanoid Company (NASDAQ:CCXI)

Agility Robotics, the Oregon-based maker of the bipedal warehouse robot Digit, is going public through a merger with CCXI, a special purpose acquisition company. The combined entity will trade under the ticker AGLT and carries a post-deal valuation of roughly $2 billion, the companies said in a joint statement. The deal is expected to close in the second quarter of 2025.

Agility spun out of Oregon State University's Dynamic Robotics Laboratory in 2015. Its core product, Digit, is a humanoid robot designed for box-moving and order-fulfillment tasks in logistics centers. The company has already placed Digit units at GXO Logistics and Amazon, according to the merger filing. Those deployments give it a commercial track record that most humanoid robotics startups still lack.

The listing creates the first publicly traded U.S. company focused exclusively on humanoid robots. Other humanoid efforts sit inside larger conglomerates – Tesla's Optimus, for example – or remain private, like Figure, which raised $675 million earlier this year from investors including Jeff Bezos and NVIDIA. Agility's direct access to public equity markets gives it a different capital path and a standalone valuation that investors can price against milestones rather than alongside an EV or a chip business.

The SPAC structure introduces execution risk. CCXI shareholders can redeem their shares before the merger closes, and the deal requires regulatory approval from the SEC and the Nasdaq exchange. Agility also faces a capital-intensive path. Humanoid robots remain a low-volume business; Digit has been deployed in limited pilot settings, not scaled production. The company said it plans to use proceeds from the merger to expand manufacturing capacity and hire engineering talent. It did not disclose a timeline for profitability or unit volume targets.

For investors tracking the broader market analysis for robotics, Agility represents a high-conviction bet on the thesis that humanoid robots will replace conveyor belts and forklifts in warehouse operations. That thesis depends on cost: Digit needs to price below a human worker's fully loaded wage for logistics operators to adopt it at scale. Agility has not published a per-unit price or a total cost of ownership comparison. The company said its lease model starts at roughly $30,000 per year per robot.

The next concrete marker is the SEC's review of the merger proxy statement. If the regulator clears the filing without major revisions, the deal stays on track for a mid-2025 close. Any delay would push the listing into the second half of the year and put pressure on the SPAC's trust deadline.