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FollowingCore Points
- Initial public offering postponed until the end of the decade
- Commercial humanoid robot production faces major obstacles
Hyundai Motor executives say Boston Dynamics 'initial public offering will not take place in 2027.
The deployment of the Atlas humanoid robot is still limited and has not yet achieved large-scale commercial launch.
The company's cumulative losses for the whole year of 2025 will reach 528.4 billion won.
Market experts predict that the launch time will not be earlier than 2029 or 2030.
Industry observers are skeptical of achieving the annual goal of 30,000 units by 2028.
Initial public offering postponed until the end of the decade
At Boston Dynamics, an advanced robotics company owned by Hyundai Motor Group, a person familiar with the matter confirmed that the company will not seek a stock market IPO in 2027. Officials pointed out that the market environment is unfavorable. Specifically, the Atlas humanoid platform has not yet achieved extensive commercial deployment, and the business continues to be at a loss.
Industry observers believe that stock listings may not be realized until 2029 or even 2030. Kim Joon-sung, an analyst at Meritz Securities, explained that Hyundai must accumulate a large number of performance indicators and improve the functional capabilities of its robots before it can pursue external sales on a meaningful scale.
Hyundai Motor remains silent on the specific timing of any future IPO or expected market valuation. The company declined to comment when contacted.
Financial records show that Boston Dynamics has accumulated losses of 528.4 billion won in 2025. According to disclosures from Hyundai Glovis, which holds 11% of the shares, the cumulative deficit from 2021 to 2025 is approximately 1.7 trillion won.
Boston Dynamics 'market valuations vary widely. Analysts at Samsung Securities estimate that the current market value is between 50 trillion and 100 trillion won. IBK Securities expects its potential value to reach 141 trillion won by the end of the decade, and its revenue is expected to be close to 11 trillion won by then.
Commercial humanoid robot production faces major obstacles
Hyundai Motor's goals include establishing a manufacturing facility with an annual production capacity of 30,000 robots by 2028. The automaker plans to introduce humanoid machines at its Georgia manufacturing base that same year, and subsequently implement them more widely in production facilities around the world. Market analysts expressed doubts about the achievement of these milestones.
Kim Hyun-su, principal investment manager at IBK Asset Management in Seoul, said it will take much longer to replace human assembly line workers with robots than currently forecast. He emphasized that choreographed demonstrations are completely different from the strict requirements of factory floor operations involving heavy materials.
Tesla CEO Elon Musk, who is currently developing the rival Optimus humanoid platform, has described humanoid robots as one of the most challenging mass production tasks his organization ever attempted.
Hyundai Motor acquired a majority stake in Boston Dynamics in 2021. In July this year, the auto giant revealed its intention to gain full control by purchasing the remaining 10% stake in SoftBank. According to reports, the value of the deal is approximately 500 billion won, or approximately 371 million U.S. dollars.
Although Hyundai Motor's share price has risen 25% year-to-date, the stock has fallen back after peaking in early 2026 after the launch of the commercial Atlas robot at the CES Technology Conference in Las Vegas.
Current shareholders of Boston Dynamics include Hyundai Motor, Kia, Hyundai Mobis, Hyundai Glovis and Euisun Chung, executive chairman of Hyundai Motor Group.
