Boston Dynamics is unlikely to pursue an initial public offering in 2027, a senior Hyundai Motor Group executive told Reuters, tempering investor expectations that the high-profile humanoid robot developer could soon reach the public markets.
Asked whether an IPO could happen next year, the executive said it “won’t be easy,” adding that Hyundai needs to evaluate market conditions and other factors. The executive spoke anonymously because the matter is confidential.
Hyundai has not publicly announced either a timetable or a target valuation for a Boston Dynamics IPO. The comments suggest a listing may remain several years away as the company works to commercialize its Atlas humanoid robot and move toward large-scale production.
Atlas Has Yet to Reach Large-Scale Deployment
The central challenge is commercialization.
Boston Dynamics unveiled an updated production version of Atlas at CES in January, generating significant investor attention around Hyundai’s broader robotics ambitions. But the humanoid platform has yet to be deployed at scale in industrial environments.
Hyundai plans to begin deploying Atlas robots at its manufacturing facility in Georgia in 2028, before expanding their use across its broader production network. The group is also seeking to establish manufacturing capacity for as many as 30,000 robots annually by 2028.
Analysts caution that humanoid robots still face major technical hurdles before they can reliably replace or supplement workers on complex assembly lines.
Unlike controlled demonstrations — where robots can walk, dance or perform predetermined tasks — industrial deployment requires machines to operate safely and consistently for long periods while handling changing environments and physically demanding work.
Boston Dynamics Remains Unprofitable
Financial performance is another obstacle to a near-term IPO.
Boston Dynamics recorded a 528.4 billion won loss in 2025, according to a Hyundai Glovis filing cited by Reuters. Its cumulative losses between 2021 and 2025 reached nearly 1.7 trillion won.
That means investors considering a future listing would be valuing Boston Dynamics largely on expectations for future commercialization rather than current profitability.
Valuation estimates already vary dramatically. Samsung Securities said market estimates for Boston Dynamics range between 50 trillion won and 100 trillion won, demonstrating the uncertainty surrounding the potential economics of humanoid robotics.
IBK Securities has projected that Boston Dynamics could eventually reach a valuation of 141 trillion won by 2030 if revenue rises to roughly 11 trillion won.
Those are analyst estimates rather than valuations announced by Hyundai or Boston Dynamics.
Analysts See 2029 or 2030 as More Plausible
Some analysts believe Boston Dynamics may need several additional years before it is ready for public markets.
Meritz Securities analyst Kim Joon-sung told Reuters that an IPO could be more realistic around 2029 or 2030, after Hyundai collects substantially more operating data, improves the capabilities of its robots and begins selling them more broadly to external customers.
Hyundai’s commitment to the company is nevertheless deepening.
The automaker acquired a controlling interest in Boston Dynamics in 2021. In July, Hyundai Motor Group shareholders moved to acquire SoftBank’s remaining roughly 10% interest as part of a strategy to strengthen the group’s robotics operations.
Robotics has become increasingly important to Hyundai’s long-term technology strategy, alongside artificial intelligence and autonomous driving. The group is also expanding its relationship with Nvidia across AI data centers, driver-assistance technology and robotics.
For investors, however, Boston Dynamics’ potential IPO now appears to depend on something more fundamental than enthusiasm for humanoid robots: proving that Atlas can move from impressive demonstrations to commercially viable deployment at scale.
