Boston Dynamics IPO Unlikely in 2027, Hyundai Executive Says

An initial public offering for humanoid robot maker Boston Dynamics is unlikely to occur in 2027, according to a senior executive at parent company Hyundai Motor Group. The executive, who has direct knowledge of the matter, told Reuters that the robotics unit has not yet deployed its flagship Atlas robots at scale and remains unprofitable.

IPO Timeline Pushed Back

The comments suggest a stock market debut for the U.S.-based firm may be several years away, tempering investor expectations. When asked by Reuters about the possibility of a 2027 IPO, the executive, who spoke on the condition of anonymity, said, "It won’t be easy," adding that the company needs "to see conditions and situations."

Hyundai Motor Group, which acquired a controlling stake in Boston Dynamics in 2021, has not publicly disclosed a formal timetable or valuation target for a potential listing. The automaker announced plans in July to make Boston Dynamics a wholly-owned subsidiary by acquiring SoftBank’s remaining stake.

Market Hopes and Financial Reality

Investor enthusiasm for Hyundai's robotics ambitions had previously helped send the automaker's shares to record highs earlier this year after it unveiled an updated version of the Atlas robot. However, the stock has since given up some of those gains, with shares up 25% year-to-date, lagging a 60% surge in the broader market, according to the report.

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The path to a public listing is complicated by the company's financial performance. Boston Dynamics remains unprofitable, posting significant losses since its acquisition.

• 2025 Loss: The company recorded a loss of 528.4 billion won (approx. $392 million) in 2025, according to a filing from Hyundai affiliate Hyundai Glovis.
• Total Losses (2021-2025): Accumulated losses over the five-year period totaled nearly 1.7 trillion won.

Analyst Outlook

Analysts believe a public offering is unlikely in the near term, pointing to the immense challenge of deploying humanoid robots in industrial settings. While Hyundai aims to build a factory capable of producing 30,000 robots a year by 2028, some analysts view this target as ambitious.

Kim Joon-sung, an analyst at Meritz Securities, told Reuters that an IPO is more likely to occur around 2029 or 2030. This would allow Hyundai time to gather operational data and improve the robots' capabilities before a broader commercial rollout. Market estimates for the company's potential valuation vary widely, ranging from 50 trillion won to over 140 trillion won in projections from different securities firms.