America's first humanoid IPO arrives — China's already turned a profit
Agility Robotics will become the first company on a US exchange built entirely to make and sell humanoid robots. On June 24, 2026 the Oregon-based maker of Digit announced a merger with Churchill Capital Corp XI, a special-purpose acquisition company, at a $2.5 billion valuation, with shares set to trade under the ticker AGLT. It is not the only humanoid company reaching public markets this year — and it is not the most profitable.
What Agility is selling, and where it runs
Agility is going public on contracted demand, not a pitch deck. The company reports more than $300 million in multi-year orders for its next-generation Digit v5 and a pipeline of over 30 customers. The deal brings roughly $620 million in gross proceeds — $420 million in cash from Churchill XI plus more than $200 million in a placement led by Foxconn — earmarked for fulfilling orders and scaling Digit v5 production.
Those orders are grounded in real US deployments. Digit runs eight-hour daily shifts at Schaeffler's plant in Cheraw, South Carolina, and has moved more than 100,000 totes at GXO's warehouse in Flowery Branch, Georgia, since June 2024. Across nine customer facilities, Digit has logged more than 65,000 operating hours in live production environments — the number that distinguishes Agility from most of the field.
The American humanoid that isn't listing
Figure AI is the comparison that explains the bet. The California company raised more than $1 billion last September at a $39 billion post-money valuation — more than fifteen times Agility's — backed by Intel Capital, Salesforce, Qualcomm Ventures, and Bezos Expeditions. It has filed no S-1; market consensus puts any listing in 2027 or 2028.
Figure has its own US deployment to point to. At BMW's plant in Spartanburg, South Carolina, its Figure 02 robot worked ten-hour shifts for ten months, loading more than 90,000 sheet-metal parts across roughly 1,250 operating hours and contributing to over 30,000 X3 vehicles at better than 99% placement accuracy. A $39 billion private valuation rests on that single line of factory evidence; Agility is going public on far more deployment hours at a sixteenth of the price.
China already did it — profitably
Unitree beat both to a public market. On June 1, 2026 Shanghai's STAR Market cleared the Chinese company's listing — the first "embodied AI" IPO on China's A-share market — targeting a valuation near 42 billion yuan, about $6.2 billion, and raising roughly $608 million. The difference that matters: Unitree makes money.
Unitree posted 2025 revenue of about 1.7 billion yuan ($236 million) and adjusted net profit near 591 million yuan ($82 million), at a gross margin around 60%. It shipped more than 5,500 humanoids in 2025 — first in the world by unit volume, roughly a third of the market — and is scaling toward 20,000 in 2026. Its products sell on price: the G1 starts near $13,500, the H2 lists at $29,900, the flagship H1 runs about $90,000.
The numbers don't line up
Three companies are building the same machine and the market prices them from $2.5 billion to $39 billion. Agility sells a small number of expensive enterprise robots on multi-year contracts, measured in operating hours. Unitree sells thousands of cheaper units to labs, developers, and factories, measured in shipments and profit. Figure sells a valuation and a BMW pilot. Humanoid revenue went from under 2% of Unitree's sales in 2023 to more than half by late 2025 — a commercial curve neither US company can yet show.
A rounding error in the year of the mega-IPO
Set against 2026's headline listings, both humanoid IPOs vanish. SpaceX has already gone public, raising $85.7 billion near a $1.8 trillion valuation. OpenAI is moving toward a September listing targeting $852 billion to $1 trillion. Anthropic, which raised $65 billion at a $965 billion valuation, crossed a $44 billion revenue run-rate in May. Together the three target roughly $3.6 trillion — the GDP of France. Goldman Sachs projects $160 billion in total 2026 IPO proceeds; Agility and Unitree combined are a footnote to it.
The two humanoid companies ringing bells in 2026 are doing it on opposite logic — one on contracted hours, the other on shipped units and a profit it can already book. Whether public markets reward either of them over the trillion-dollar AI narratives is the test embodied robotics just walked into.