The humanoid robotics market is awash in money right now. Last week, AI2 Robotics, a Shenzhen-based startup that makes wheeled humanoid robots, raised nearly $735 million at a nearly $3 billion valuation. Earlier this year, Apptronik, an Austin-based maker of humanoid robots for manufacturing and logistics, closed a $935 million funding round valuing the company at more than $5.5 billion, backed by Google, Mercedes-Benz, and John Deere, among others. Last fall, Figure AI, a San Jose-based startup developing general-purpose humanoid robots, self-reported that it closed on $1 billion in Series C funding at an eye-popping $39 billion valuation.

By comparison, Peggy Johnson, CEO of Agility Robotics, is surprisingly measured. We spoke by phone last week, just after the company announced plans to go public through a merger with Michael Klein’s Churchill Capital Corp XI, a special purpose acquisition company, or SPAC. The deal values Agility at around $2.5 billion and is expected to raise more than $620 million in gross proceeds, the largest capital raise in humanoid robotics history. It hasn’t closed yet; the merger still needs shareholder approval and SEC review, and is expected to be completed later this year.

Agility was founded in 2015 as a spinoff from Oregon State University. Based in Salem, Oregon, the company makes bipedal humanoid robots designed to work in warehouses and factories. Its move is notable for a few reasons. It would make Agility the first pure-play humanoid robotics company to trade on public markets, giving retail investors direct exposure to a sector that has so far been available primarily to deep-pocketed VC funds. It also offers a rare window into the finances of a business in a space where most competitors closely guard their numbers and even the state of the tech they are building.

Johnson — formerly executive vice president of business development at Microsoft, where she helped engineer the $26 billion acquisition of LinkedIn, and later CEO of Magic Leap, the once-hyped augmented reality headset maker — was careful throughout our conversation. She declined to offer forward-looking financial guidance, declined to disclose the bill of materials for Agility’s flagship robot Digit, and pushed back politely whenever questions veered toward speculation.

Asked why Agility is going public via a SPAC rather than raising another private round — a structure that skips the roadshow and pricing scrutiny of a traditional IPO — Johnson said much of it boils down to the first-mover advantage the company enjoys when it’s the first of its ilk to go public. For investors clamoring for shares in a buzzy robotics company, Agility is “an acceleration story and a timing story,” she said. The proceeds will also help Agility ramp up production at its 70,000-square-foot manufacturing facility in Salem, Oregon, and fulfill an existing pipeline of customer orders.

As for the troubled reputation of SPACs — many companies that went public that way in 2021 famously fizzled out entirely or trade well below their offering price — Johnson was unfazed. “If we just keep our head down, keep delivering customer by customer, robot by robot, we hopefully won’t experience the same volatility,” she said. “Our biggest competitor right now is just us. How quickly we can execute, how quickly we can continue to add new skills.”

The pipeline goes well beyond pilots, Johnson told TechCrunch, pointing to more than $300 million in booked, multi-year revenue that represents roughly 1,000 robots that are part of a robots-as-a-service model in which customers pay a monthly fee rather than purchasing the machines outright. “Everybody on our list right now is already vetted, and they have deployment plans behind their proof of concepts,” Johnson said. Customers include GXO Logistics, Amazon, Toyota Motor Manufacturing Canada, Schaeffler, and Mercado Libre.

Digit itself is a deliberately unfussy piece of hardware. It stands about 5’9″, weighs around 160 pounds, and is designed to do one thing exceptionally well, which is move heavy objects in human-built spaces. Its most distinctive feature is a set of reverse-bend knees — they’ve been called “bird legs” — that allow it to reach from floor level to overhead shelving without the knees colliding with warehouse racking. (Agility’s founders, Johnson explained, weren’t interested in biomimicry for its own sake.) The robot’s hands — two thumbs and two fingers — are similarly task-specific; they’re optimized for gripping heavy plastic totes, even as their contents shift in transit.

Johnson said Agility is “LLM-agnostic,” drawing on models including Claude and Gemini to handle what she calls the semantic layer — translating high-level instructions into robot behavior. She described a recent test in which engineers scattered different types of trash on the floor and told Digit simply to “clean up this mess.” The robot assessed, sorted, and binned everything correctly, including correctly identifying bubble wrap as non-recyclable.

Of course, it’s the physical layer — the mechanics of balance, locomotion, and manipulation — that Agility considers its core proprietary advantage, one built up over more than a decade of real-world deployment. “The LLMs had the entire internet to train on,” she said. “When you think about the physical AI of humanoids — that doesn’t quite exist yet.” At most companies, anyway. Johnson believes Agility is the exception: “We may have the largest data lake of actual operating robotics data in real-world environments.”

Beyond raw data, Johnson said, safety is where the gulf between Agility and its competitors is biggest and most consequential. While rival companies showcase their robots in lab demos and choreographed videos, Agility has had to meet actual industrial safety certification requirements to operate inside customer facilities. “You can’t build your robot and then make it safe,” she said. “That’s a redesign. You have to have all of the safety certified — the electrical system, all of the parts, and the software to support all of that.” (It’s not a trivial concern given that humans are often somewhere in the room. Back in November, Figure AI’s former head of product safety sued the company, alleging he was fired after raising concerns that its robots were powerful enough to fracture a human skull. Figure has disputed the claims.)

As for the home, Johnson thinks humanoids will get there eventually, but she said not to expect them to deliver breakfast in bed anytime soon. It’ll be “10-plus years,” she said of the timeline, observing that warehouses and factories, for all their complexity, have fixed aisles and predictable equipment and workflows unlike homes that are chaotic, with dogs, babies, visitors, and objects left in unexpected places.

“At least roads have some discipline to them,” Johnson added, comparing the challenge to that of autonomous vehicles. “Most of the areas that humanoids will be operating in don’t.”

Agility isn’t ruling out the home market. Johnson said the company will enter it when it makes sense. For now, though, it’s laser focused on the warehouse market, given the growing numbers of retiring workers and younger workers who aren’t willing to take physically demanding roles. “There’s something like over a million jobs in the US today in these areas that are unfilled,” she said. “They’re just very, very hard to hire for.”