Boston Dynamics IPO faces delay with Atlas not yet at scale
Boston Dynamics is unlikely to pursue an initial public offering next year because its Atlas humanoid has not reached large scale deployment and the company remains unprofitable, a senior Hyundai Motor Group executive told Reuters. The executive, who requested anonymity because the matter is confidential, said an IPO “won’t be easy” and would depend on market conditions.
Reuters reported the comments in an article published by Cyprus Mail. Hyundai has not publicly set a timetable or valuation target for a Boston Dynamics IPO, so the apparent delay reflects investor and analyst expectations rather than a missed formal deadline.
Interest in a listing increased after Boston Dynamics unveiled the production version of Atlas at CES in Las Vegas in January. Hyundai Motor shares more than doubled earlier in the year following that presentation, according to the report, but later surrendered much of the gain as investors received few further details about the group’s robotics strategy.
Losses remain substantial
Boston Dynamics recorded a loss of 528.4 billion won in 2025, based on a Hyundai Glovis filing cited by Reuters. Its cumulative losses from 2021 through 2025 were nearly 1.7 trillion won. Hyundai Glovis owns about 11 per cent of the robotics company.
Hyundai acquired a controlling stake in Boston Dynamics in 2021. In July, the group announced plans to acquire SoftBank’s roughly 10 per cent holding and make Boston Dynamics a wholly owned subsidiary. Media reports valued that transaction at about 500 billion won ($371.51 million), although the valuation was not officially disclosed.
Estimates of the company’s potential public market value remain highly speculative. Samsung Securities said market estimates range from 50 trillion won to 100 trillion won. IBK Securities projected a value of 141 trillion won by 2030, based on an expectation that revenue could reach about 11 trillion won that year.
Atlas deployment is the immediate test
Hyundai has said it wants to build a factory capable of producing 30,000 robots annually by 2028. It also plans to begin deploying humanoids at its Georgia plant that year, followed by other sites across its manufacturing network. Analysts quoted by Reuters described those targets as ambitious.
The technical and operational gap is larger than a polished demonstration suggests. Kim Hyun-su, a senior fund manager at IBK Asset Management, said making robots dance is relatively straightforward compared with carrying heavy loads and participating in factory production.
Kim Joon-sung, an analyst at Meritz Securities, expects a Boston Dynamics IPO in 2029 or 2030 rather than in the next few years. His assessment is that Hyundai first needs extensive operational data, stronger robot capabilities and evidence that Atlas can be sold beyond Hyundai’s own factories. Until those deployments produce measurable results, the wide valuation estimates have little operating history behind them.
Source: cyprus-mail.com
