**Humanoid Robot Firm Boston Dynamics Faces Delayed Public Listing**
Boston Dynamics, the humanoid robot division of Hyundai Motor Group, is reportedly not planning to pursue an initial public offering (IPO) in the near future, according to a senior executive from the parent company. This decision comes as the company has yet to achieve large-scale deployment of its flagship Atlas robots and continues to operate at a loss.
The executive, who requested anonymity due to the confidential nature of the matter, indicated that the company’s public listing may be several years away, despite growing investor interest in Hyundai's robotics initiatives. "It won’t be easy," the executive remarked when asked about the possibility of an IPO next year, emphasizing the need to assess market conditions before making any decisions.
Hyundai Motor Group has not provided a specific timeline or valuation target for a potential listing of Boston Dynamics. The company did not respond to inquiries for further comments, and Boston Dynamics was unavailable for comment outside of business hours.
Since the updated Atlas robot was showcased at the Consumer Electronics Show in Las Vegas in January, there has been heightened attention from investors and analysts regarding Boston Dynamics' potential IPO. Analysts have speculated on the company’s sales growth and possible valuations, driven by increasing enthusiasm for robotics.
Hyundai acquired a controlling interest in Boston Dynamics in 2021 and announced plans in July to make it a wholly owned subsidiary by purchasing SoftBank’s approximate 10% stake for an undisclosed amount, which media reports suggested could be valued at around 500 billion won (approximately $371.51 million).
The South Korean automaker's foray into robotics has garnered significant investor interest, with Hyundai Motor's shares more than doubling earlier this year following the unveiling of the production version of the Atlas robot. However, the stock has since lost some of those gains due to a lack of updates regarding the company’s robotics strategy. As of now, Hyundai Motor shares have risen 25% this year, underperforming compared to a broader market surge of 60%.
Analysts believe that Boston Dynamics is unlikely to go public within the next few years, primarily because humanoid robots have not yet been widely deployed in manufacturing environments. Hyundai has set ambitious goals, aiming to establish a factory capable of producing 30,000 robots annually by 2028, with plans to begin deploying humanoid robots at its manufacturing facility in Georgia that same year.
Despite these plans, some analysts express skepticism about the feasibility of these targets. Kim Hyun-su, a senior fund manager at IBK Asset Management, noted the challenges of integrating humanoid robots into assembly lines, stating, "It’s not difficult to make robots dancing, but it’s challenging to make them carry heavy loads and get involved in manufacturing at plants."
The complexities of scaling humanoid robots for practical applications have also been acknowledged by industry leaders. Tesla CEO Elon Musk has described humanoid robots as "the hardest product to scale manufacturing" that his company has developed.
Valuations for Boston Dynamics vary significantly among analysts. Samsung Securities estimates the company's value to be between 50 trillion won and 100 trillion won. Kim Joon-sung, an analyst at Meritz Securities, suggested that an IPO might not occur until 2029 or 2030, as Hyundai needs to gather substantial operational data and enhance the robots' capabilities before they can be marketed to external customers.
In August, IBK Securities projected that Boston Dynamics could achieve a valuation of 141 trillion won by 2030, anticipating that the company would generate revenue of approximately 11 trillion won by that time. However, financial filings indicate that Boston Dynamics recorded a loss of 528.4 billion won in 2025, with total losses from 2021 to 2025 nearing 1.7 trillion won.
Boston Dynamics is not only backed by Hyundai Motor Group but also by other stakeholders, including Kia, auto parts manufacturer Hyundai Mobis, and Hyundai Motor Group Executive Chair Euisun Chung. As the company navigates its growth and operational challenges, the prospect of a public listing remains uncertain for the foreseeable future.