Boston Dynamics, the robotics arm of Hyundai Motor Group, has seen its estimated valuation increase over twentyfold in roughly five years to around 30 trillion won ($20 billion), reflecting growing investor enthusiasm for humanoid robotics and automation.
According to a business report filed by Hyundai Glovis on Wednesday, the group’s logistics unit invested an additional 89.1 billion won in Boston Dynamics last year. As a result, Hyundai Glovis’ stake in the Boston-based robotics company increased from 10.95 percent to 11.25 percent.
Based on the calculated investment amount and the approximately 0.3 percentage point increase in its stake, Boston Dynamics’ corporate valuation is estimated at around 30 trillion won.
Considering Boston Dynamics was valued at around $1.1 billion in 2021 when Hyundai Motor Group finalized its takeover, its valuation has increased roughly twentyfold in around five years.
Hyundai Motor Group acquired Boston Dynamics from SoftBank in June 2021, with its affiliates -- Hyundai Motor, Mobis and Hyundai Glovis -- collectively investing $660 million for a 60 percent stake. The group’s Executive Chair Chung Euisun personally paid for a 20 percent stake, bringing the group and Chung’s combined ownership to 80 percent.
Investor optimism has been fueled by the company’s blockbuster debut of its humanoid robot Atlas at CES earlier this year, amid growing expectations around expansion and mass production in the robotics industry.
Hyundai Motor Group said it plans to deploy the robots at its US manufacturing facility in Georgia starting in 2028, initially for logistics and gradually expanding into parts assembly by 2030.
Some analysts estimated that Boston Dynamics' valuation could climb even higher, with KB Securities placing it at about 128 trillion won and Hanwha Investment & Securities projecting as high as 150 trillion won.
Market attention is now turning to a potential initial public offering. Industry sources say Boston Dynamics may pursue a Nasdaq debut as early as next year, with preparatory steps expected to be completed this year.
If the company achieves a valuation exceeding 100 trillion won in an IPO, analysts estimate that Chung could secure more than 20 trillion won through a secondary share sale. Chung could use the proceeds to strengthen his grip on the auto giant’s intricate web of cross-shareholdings by increasing stakes in key affiliates.
sahn@heraldcorp.com
