Seoul – Hyundai Motor Group’s robotics arm, Boston Dynamics, is not expected to go public in the near term, according to a senior executive with direct knowledge of the matter. The executive, who asked to remain unnamed, said an initial public offering next year would be “hard” and that the company must first meet certain operational conditions.
Deployment and profitability remain hurdles
Boston Dynamics, best known for its Atlas humanoid robot, has yet to achieve large‑scale commercial deployment and continues to post losses. A filing from Hyundai Glovis shows the unit recorded a 2025 loss of 528.4 billion won, with cumulative losses of nearly 1.7 trillion won since 2021.
Hyundai plans to build a factory capable of producing 30,000 robots annually by 2028 and to begin deploying humanoid robots at its Georgia plant that year. Analysts, however, caution that the timeline is ambitious. “It might take far more time for humanoid robots to replace human workers on the assembly line,” said Kim Hyun‑su, senior fund manager at IBK Asset Management.
Market expectations and valuation estimates
Despite the operational challenges, investor interest remains high. Samsung Securities estimates Boston Dynamics could be valued between 50 trillion and 100 trillion won, while Meritz Securities projects an IPO could be more realistic in 2029 or 2030 after Hyundai gathers extensive operational data.
IBK Securities forecasts a 2030 valuation of 141 trillion won, assuming the company generates roughly 11 trillion won in revenue. These figures reflect a broad range of market sentiment, but all analysts agree that a near‑term public listing is unlikely.
Hyundai’s broader robotics push
Hyundai acquired a controlling stake in Boston Dynamics in 2021 and announced in July that it would acquire SoftBank’s roughly 10 percent stake, making the robot maker a wholly‑owned subsidiary. Media reports suggested the transaction was worth about 500 billion won (approximately $371 million).
The automaker’s shares surged earlier this year after unveiling the production version of Atlas at the Consumer Electronics Show, but have since retreated as investors await concrete updates on the robotics strategy.
Analyst perspectives on the path forward
Industry observers note that while Boston Dynamics excels at creating impressive demonstration robots, scaling production for industrial use presents significant engineering and cost challenges. Elon Musk, CEO of Tesla, has described humanoid robots as “the hardest product to scale manufacturing,” underscoring the broader industry difficulty.
For now, Hyundai appears focused on internal development rather than seeking public market financing for Boston Dynamics. The company’s shares have risen 25 percent so far this year, trailing the broader market’s 60 percent gain.
What this means for the robotics sector
The delayed IPO timeline signals that the robotics sector may need more time before achieving the scale required for public market entry. Investors should watch Hyundai’s factory build‑out and the performance of Atlas in real‑world manufacturing settings before expecting a stock market debut.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
