Agility’s expected cash is $465 million. The trust is what shrank

Agility Robotics and Churchill Capital Corp XI put the new figure in an exhibit filed on 30 October, after Churchill’s redemption deadline had passed. The gross capital raise is expected to be approximately $465 million, before transaction expenses. It has three parts: approximately $164 million still in Churchill’s trust, approximately $201 million from a stock sale committed at $10 a share and led by Foxconn, and $100 million of equity the company says it has already received since the combination was announced. A deadline that has passed is a count of who stayed in. It is not yet cash in Agility’s account. The trust piece and the stock sale still depend on the close.

The earlier figure, in the release of 13 October, was more than $620 million, and about $424 million of that was trust cash on the assumption that public shareholders did not take their money out. The trust line is now about $164 million. The new exhibit does not say how many shares were redeemed, or what the expenses will take off the $465 million. The $100 million already received is inside the new total. The release does not say whether that $100 million also sat inside the old one. A reader who subtracts $465 million from $620 million and calls the difference a pure redemption is doing arithmetic the exhibit does not do. What the exhibit does make plain is the trust.

The vote is still ahead. Churchill’s shareholders meet on 2 November. If they approve, and the other closing conditions are met, the combination and the stock sale are expected to close on 4 November. The combined company would be called Agility Robotics, and the shares are expected to trade on Nasdaq as AGLT on 5 November. Expected is the word in the exhibit. The same exhibit repeats that Agility is expected to be the only US-listed pure-play humanoid company with commercial deployments already running. That sentence was in the October papers too. It describes a listing that has not started. All existing Agility shareholders are to roll their equity into the combined company, with a 180-day lock-up at closing. A lock-up is a promise not to sell. It is not a price.

The commercial lines in the same release are mostly pointers back to announcements already made. It cites the 26 October expansion with GXO, a paid manufacturing pilot with AGCO expected to begin in 2027, and three further manufacturing customers in paid programmes. It says the active pipeline is more than 30 prospective customers. Digit 5, it says, is on track for early-access deliveries in the first half of 2027 and general availability at the end of 2027. The more than $300 million of multi-year orders for Digit 5 is restated, with the same warning: milestones, features and specifications still apply, and the figure is not revenue for the current period. A smaller trust does not cancel those orders. It also does not turn them into robots that have been delivered.