Churchill Capital Corp XI filed the Form S-4 for its merger with Agility Robotics at 21:18:35 UTC on 4 September. It is the first document to put the humanoid maker's audited financials on the public record, and the numbers sit oddly against the figure in every headline.
The revenue line
Note 3 of the filing gives total net sales for the year ended 31 December 2025 as $1,781,967. Of that, robot sales are $1,550,360, deployment and professional services $213,349, repair and maintenance $13,754 and other income $4,504. The prior year is the more striking column: total 2024 sales of $310,301, of which robot sales were $0. 2025 was the first year Agility booked any revenue at all from selling robots.
What $2.5bn actually refers to
The merger agreement defines it precisely: "the value of the aggregate consideration to be paid to Agility stockholders, holders of Agility options and Agility convertible securities will be $2,500,000,000 (the 'Equity Value'), which consideration will be paid entirely in shares of common stock." It is the stock issued to people who already own the company, struck at the SPAC's redemption price. New cash is a separate and much smaller line — a $201,025,000 PIPE at $10.00 a share, plus whatever survives redemptions.
The paragraph the coverage skipped
Agility's 2025 net loss was $138.1m against an accumulated deficit of $313.1m, with $103.0m of cash at year end. Grant Thornton's reports on both FY2025 and FY2024 carry an explanatory paragraph stating that substantial doubt exists about the company's ability to continue as a going concern, and the filing adds that "management has concluded that these plans do not alleviate the substantial doubt." Pro forma FY2025 net loss is $168.3m on the same $1.78m of sales.
What the received framing gets wrong
"Agility Robotics valued at $2.5bn" reads as a market price for a company at scale. It is a stock-consideration figure in a merger agreement, set against audited trailing revenue of $1.78m — roughly 1,400 times trailing sales — for a business whose auditors say it cannot fund itself without this transaction. Agility is the company most often cited as proof that humanoids have moved from demonstration to deployment. Its own accounts put the whole of that deployment story at $1.55m of robot revenue in 2025.