Key Takeaways:
Hyundai Motor Group will acquire full control of Boston Dynamics for $325 million, clearing the path for an IPO of the humanoid robot maker.
Hyundai Motor Group plans to buy SoftBank Group's remaining 9.65% stake in Boston Dynamics for $325 million, making the U.S. robotics firm a wholly owned subsidiary and clearing the way for a potential Nasdaq listing.
"SoftBank had told Hyundai that it would like to exercise its rights to sell its remaining stake under a put option agreed when it sold Boston Dynamics to Hyundai," the Maeil Business Newspaper reported Friday, citing unnamed industry sources.
Hyundai Motor is expected to convene a board meeting on June 22 to approve the purchase. The group, including Executive Chair Euisun Chung and affiliates Hyundai Motor, Kia, Hyundai Mobis and Hyundai Glovis, already owns just over 90% of the robot maker. Chung holds a 22.6% stake, while Hyundai Motor holds 28%, Kia 17.2%, Hyundai Mobis 11.3% and Hyundai Glovis 11.25%.
The acquisition consolidates Hyundai's control over Boston Dynamics at a price seen as relatively low compared with the company's current value as interest surges in physical AI. By bringing Boston Dynamics in as a wholly owned subsidiary, Hyundai is expected to accelerate the commercialization of the humanoid robot Atlas and its planned initial public offering on the Nasdaq.
The $325 million price tag values SoftBank's 9.65% stake at an implied equity value of roughly $3.37 billion for Boston Dynamics. The Japanese conglomerate had retained the stake with a put option when it sold control of the robot maker to Hyundai in 2020, giving it the right to sell under specified conditions. With the exercise deadline approaching on June 20, SoftBank recently informed Hyundai of its intention to sell.
Alongside the share acquisition, Hyundai Motor Group agreed to sell the RAI Institute — a robotics and AI research center co-founded with Boston Dynamics — to SoftBank Group for about $100 million. The institute, founded in 2022 by Boston Dynamics founder Marc Raibert, conducts advanced research on general-purpose artificial intelligence and robot intelligence. Hyundai Motor, Kia and Hyundai Mobis had invested a total of $424 million in the venture, with Boston Dynamics also participating through an equity investment.
The deal structure reflects a broader realignment of robotics assets between the two conglomerates. For Hyundai, full ownership removes a minority partner from its robotics strategy as competition in humanoid robots intensifies. Companies including Tesla Inc., Figure AI and Agility Robotics have all accelerated development of bipedal machines for industrial use, with Tesla's Optimus and Figure's Figure 02 targeting factory automation applications.
For SoftBank, the exit from its remaining Boston Dynamics stake continues a pattern of portfolio restructuring under founder Masayoshi Son. The Japanese group has shifted focus toward AI infrastructure and chip design through its Arm Holdings unit, which has seen its market value surge since its 2023 Nasdaq listing.
Hyundai has been expanding the introduction of humanoid robots in factory automation, logistics and service settings while pushing ahead with Atlas commercialization. With the shareholding structure now settled, management decisions are expected to move faster, giving added momentum to both Atlas deployment and Boston Dynamics' IPO timeline.
This article is for informational purposes only and does not constitute investment advice.
