Key Takeaways
- Hyundai executives confirm Boston Dynamics will not pursue a public offering in 2027
- Commercial deployment of the Atlas humanoid robot remains far from large-scale production
- The robotics company reported losses totaling 528.4 billion won throughout 2025
- Industry experts predict a potential IPO won’t materialize before 2029 or 2030
- Despite ambitious plans for 30,000 annual robot production by 2028, industry observers remain skeptical
Boston Dynamics, Hyundai Motor Group’s flagship robotics subsidiary, will not be ready for a stock market debut in 2027, a high-ranking Hyundai official with firsthand knowledge of the situation has confirmed.
According to the executive, market conditions remain unfavorable for a public listing, primarily because the company’s Atlas humanoid robot hasn’t achieved commercial-scale deployment and financial losses continue to mount.
Public Offering Could Be Pushed to 2029 or Beyond
Market analysts suggest a realistic IPO timeframe would be 2029 at the earliest, potentially extending into 2030. Kim Joon-sung from Meritz Securities emphasized that Hyundai must first accumulate substantial operational data from real-world deployments and enhance the robots’ performance capabilities before expanding sales to external clients.
Neither a specific IPO schedule nor an anticipated valuation figure has been officially released by Hyundai. The corporation declined to provide commentary when approached for this story.
Financial disclosures reveal Boston Dynamics incurred losses reaching 528.4 billion won during 2025 alone. Combined deficits spanning 2021 to 2025 totaled approximately 1.7 trillion won, based on regulatory filings from Hyundai Glovis, which maintains an 11% ownership position.
Market valuations for the robotics firm show significant variation. Samsung Securities analysts estimate the company’s worth falls somewhere between 50 trillion and 100 trillion won. Meanwhile, IBK Securities projects a 2030 valuation of 141 trillion won, predicting annual revenues around 11 trillion won at that time.
Mass Production of Humanoid Robots Presents Significant Hurdles
Hyundai previously announced intentions to construct a manufacturing facility with capacity for 30,000 robots annually by 2028. Additionally, the company outlined plans to integrate humanoid robots into its Georgia manufacturing facility that same year, followed by broader implementation throughout its global production network. Industry experts question whether these objectives are achievable.
Kim Hyun-su, a senior portfolio manager at IBK Asset Management based in Seoul, indicated that substituting human workers on production lines will require considerably more time than anticipated. He emphasized that while choreographed robot demonstrations are impressive, enabling robots to handle substantial weight in industrial environments presents far more complex engineering challenges.
Even Tesla CEO Elon Musk, whose company is developing the Optimus humanoid robot platform, has characterized humanoid robotics as the most challenging mass-production endeavor Tesla has undertaken.
Hyundai acquired majority control of Boston Dynamics in 2021. This July, the automotive giant revealed plans to gain complete ownership by purchasing SoftBank’s remaining 10% stake. Reports indicate the transaction was valued at approximately 500 billion won, equivalent to roughly $371 million.
Hyundai Motor’s stock price has climbed 25% year-to-date, though shares have retreated from peak levels reached earlier in 2026 following the company’s January unveiling of the production-ready Atlas robot at the CES technology conference in Las Vegas.
The current shareholder roster for Boston Dynamics includes Hyundai Motor, Kia, Hyundai Mobis, Hyundai Glovis, and Hyundai Motor Group’s Executive Chairman Euisun Chung.
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