Churchill Capital Corp XI

Churchill Capital Corp XI is a special purpose acquisition company (SPAC), a "blank check" cash shell with no operating business of its own, founded by veteran dealmaker Michael Klein in June 2025. Its only real asset is a trust account holding the cash raised in its IPO, currently around $421M, which it's obligated to either use to complete a merger or return to public shareholders.

One thing worth flagging for anyone researching this name: the ticker CCXI is recycled. It previously belonged to ChemoCentryx, a biopharmaceutical company acquired by Amgen for $3.7B back in 2022. Some data feeds and old news results still surface under that name. The current CCXI is an entirely unrelated company, this Churchill SPAC.

Agility Robotics is the private company Churchill has agreed to merge with: a humanoid robotics and "physical AI" company based in Salem, Oregon. Its flagship product, Digit, is a general-purpose humanoid robot built for manufacturing, logistics, and distribution work. Digit is already deployed with customers including Schaeffler, GXO, Toyota Motor Manufacturing Canada, and Mercado Libre, and has logged more than 65,000 hours of operational use across nine customer facilities.

Agility says it has more than $300M in booked, multi-year robots-as-a-service orders tied to roughly 1,000 units of its next-generation Digit v5 platform, subject to certain contractual milestones. The leadership team is led by CEO Peggy Johnson (a former senior Microsoft executive), alongside co-founder and Chief Robot Officer Jonathan Hurst.

100% of existing Agility shareholders rolling their equity into the combined company, with a 180-day lockup, is a genuine alignment signal. Insiders aren't cashing out at the deal. Foxconn leading the PIPE is also notable given its manufacturing scale and potential as a strategic partner for scaling robot production.

With roughly $421M in trust and 41.9M public Class A shares, CCXI's redeemable trust value works out to about $10.05 per public share, the standard SPAC baseline. Against the $15.42 reference price, the stock is trading at a premium of roughly 53-54%. That's unusual: most pre-deal SPACs trade at or close to trust value, since there's little reason to pay more for a cash shell than the cash it holds unless the market has real conviction about the deal ahead.

This premium is effectively the market's bet on Agility specifically: the humanoid robotics theme, the customer names, the booked RaaS revenue, and the Foxconn PIPE all feeding into it. It also means there's real room for the premium to compress if the deal slips, redemptions run high, or sentiment on humanoid robotics cools before closing.

• [FORM S-4]
  SEC registration & proxyChurchill and Agility confidentially submitted a draft Form S-4 on July 14, 2026. The registration statement still needs to clear SEC review before definitive proxy materials and a shareholder vote.
• [VOTE]
  Shareholder approval requiredChurchill XI shareholders must approve the combination. Any public shareholder can instead choose to redeem their shares for their pro-rata share of trust value (~$10.05) rather than roll into the deal.
• [MIN CASH]
  $200M minimum cash conditionClosing requires at least $200M of available SPAC cash. Heavy redemptions could threaten this threshold, though the PIPE provides a cushion.
• [TIMELINE]
  Expected to close in Q4 2026The investor materials point to a fourth-quarter 2026 close, subject to SEC review, shareholder approval, listing approval, regulatory approvals, and other customary closing conditions.