Agility’s SPAC raise fell $155 million before Nasdaq debut
Churchill Capital's shareholders used their redemption window before the Agility Robotics merger vote, and the deal's expected cash haul dropped by more than a fifth.
Agility Robotics and the blank-check company taking it public, Churchill Capital Corp XI, expect their merger to bring in about $465 million in cash. The companies said so in a joint announcement on October 30, 2026.
When the deal was announced in June, the same transaction was expected to raise more than $620 million, at a valuation of about $2.5 billion before the new money came in. The gap between June’s number and October’s is $155 million, about a quarter less than planned. The new announcement did not repeat a valuation figure.
The shortfall traces to one mechanism: redemptions. Churchill XI’s shareholders had a window to trade their trust-account shares for cash instead of holding stock in the merged company, and that window closed on October 30. The trust fell from an expected $420 million to $164 million.
A $201 million stock sale led by Foxconn, plus $100 million in equity Agility raised separately after the June announcement, covered most of the difference. Even with both added in, the raise came up short of the original plan.
Even so, the timetable has not moved. Churchill XI shareholders are scheduled to vote on November 2, and the merger is expected to close two days later, with the combined company trading on Nasdaq under the ticker AGLT starting November 5.
What Digit is already doing
The shortfall does not touch the robot already on the floor. Agility says its Digit humanoid has logged more than 65,000 hours of real-world operation at logistics customers including Toyota, GXO Logistics and Schaeffler.
GXO said on October 26 it would add Digit to two more facilities. A manufacturing pilot at AGCO’s plant in Hesston, Kansas, is due to start in 2027.
A version built for a house has not shipped. Early deliveries of the newest model, Digit 5, are aimed at those same industrial customers in the first half of 2027, with wider availability targeted for the end of that year. Agility has said it already holds more than $300 million in committed multi-year Digit 5 orders.
The smaller trust reflects a choice Churchill’s own shareholders made, the kind of redemption that is routine before a SPAC vote. The order backlog, the AGCO pilot and the hours Digit has already logged do not move because of it.
