Key facts
- Boston Dynamics' IPO is unlikely before 2029, according to a senior executive.
- The company remains unprofitable and has not deployed its Atlas robots at scale.
- Hyundai Motor Group aims to produce 30,000 robots annually by 2028.
- Market estimates place Boston Dynamics' value between 50 trillion and 100 trillion won.
- Total losses for Boston Dynamics from 2021 through 2025 are expected to total nearly 1.7 trillion won.
Boston Dynamics, the humanoid robot maker owned by Hyundai Motor Group, is unlikely to pursue an initial public offering before 2029, according to a senior executive at the parent company. The executive, who spoke on condition of anonymity, cited the company's unprofitability and the need to scale deployment of its flagship Atlas robots as reasons for the delay.
Analysts suggest that widespread deployment of humanoid robots in factories is still years away, making an IPO challenging in the near future. Hyundai Motor Group has stated its ambition to build a factory capable of producing 30,000 robots annually by 2028 and plans to begin deploying humanoid robots at its U.S. plant in Georgia that year. However, some analysts consider these targets ambitious.
Estimates for Boston Dynamics' valuation vary widely, with market assessments ranging from 50 trillion to 100 trillion won. IBK Securities projected a valuation of 141 trillion won by 2030, with expected revenue of 11 trillion won. The company has recorded significant losses, with total losses from 2021 through 2025 projected to be nearly 1.7 trillion won. Hyundai Motor shares, which had surged earlier this year on robotics ambitions, are up 25% year-to-date, lagging the broader market.