Agility Robotics discloses $1.8M in 2025 sales in its SPAC filing

Churchill Capital Corp XI filed a Form S-4 registration statement with the SEC on 4 September 2026, file number 333-298781, covering its announced merger with Agility Robotics. The merger values the company at $2.5 billion. The filing is the first time a pure-play humanoid robot maker with fielded units has had to publish its numbers.

Reading the filing, The Robot Report puts Agility’s 2025 net sales at $1.8 million, against a $140 million operating loss and $111 million in operating expenses, up from $71 million in 2024, with roughly $100 million of cash burned. On the operational side it reports Digit humanoids at nine customer sites, more than 65,000 cumulative operating hours, and over $300 million in multi-year orders for Digit v5 from a single unnamed customer. The transaction is expected to bring in more than $620 million gross — $420 million from the Churchill trust and a $200 million PIPE led by Foxconn.

The $2.5 billion valuation is roughly 1,400 times last year’s revenue. That is the argument in one number: the market is pricing the order book and the operating hours, not the sales. An S-4 does not settle whether it is right. It just makes the bet checkable.