Agility Robotics begins trading on Nasdaq after SPAC merger, with filings disclosing humanoid robot unit economics

Agility Robotics, maker of the Digit humanoid robot, began trading on Nasdaq on 5 November 2026 through a merger with a special purpose acquisition company (SPAC). Its S-4 filing from 4 September, not the listing, is where the numbers come from. It puts the bill of materials at $150,000 per Digit 5, falling to $75,000 at 1,000 units a year and $30,000 at 10,000 a year. Customers pay either about $25,000 upfront plus $8,500 a month, or $200,000 to buy plus $20,000 deployment and about $36,000 a year for software and maintenance. 2025 revenue was $1.8M against a $140M operating loss. The filing also cites a $300M order for 1,000 Digit 5 robots over three years from an unnamed customer, contingent on milestones.

Most humanoid robot makers are private, so this is a rare audited look at what the robots cost to build and what customers pay. On those numbers, a $200,000 sale on a $150,000 build cost leaves a thin margin before deployment and support. Profitability depends on volume reducing costs several-fold. Investors get a public benchmark for rivals such as Figure AI, Tesla and Boston Dynamics. Enterprise buyers get a price reference for negotiating. The labour impact is still unproven: revenue of $1.8M implies only a handful of robots deployed so far.

"First publicly traded humanoid developer" is a narrow, US-only framing, and a SPAC listing says little about the quality of the business. The $300M order is the headline-friendly figure but is unnamed, spread over three years and conditional, so it should not be treated as backlog. The unit economics are described as illustrative in the filing, and the S-4 is two months old, so only the listing itself is new.

1. 01Share price and SPAC redemption levels after listing: how much cash actually reached the company, and whether the stock holds or drops as the lock-up and redemption effects play out
2. 02First quarterly results as a public company: revenue against the $1.8M 2025 base, number of robots in deployment, and operating loss against $140M
3. 03Whether the unnamed $300M customer is identified and which milestones are met, plus any evidence that the bill of materials is falling toward $75,000 at 1,000 units a year