Key Highlights
- Senior Hyundai official confirms Boston Dynamics public offering won’t happen in 2027
- Atlas humanoid robot deployment remains limited with no large-scale commercial rollout
- Company reported losses totaling 528.4 billion won during 2025
- Market experts predict potential IPO window opening in 2029-2030 timeframe
- Annual production target of 30,000 robots by 2028 faces skepticism from industry observers
Boston Dynamics, the robotics pioneer under Hyundai Motor Group’s ownership, will not pursue a stock market debut in 2027, a high-ranking Hyundai official with insider knowledge has confirmed.
The executive pointed to multiple obstacles preventing an earlier public offering, primarily the lack of widespread Atlas robot implementation and persistent financial losses affecting the company’s bottom line.
Public Offering Likely Postponed Until Late Decade
Industry analysts anticipate a more realistic IPO window emerging around 2029 or 2030. Meritz Securities analyst Kim Joon-sung emphasized that Hyundai must first accumulate substantial real-world performance data and enhance robot functionality before expanding sales to external clients on a meaningful scale.
Hyundai Motor Group has remained tight-lipped regarding specific IPO scheduling or anticipated market valuation figures. The automaker declined to provide commentary when approached for this story.
Financial disclosures reveal Boston Dynamics recorded 528.4 billion won in red ink throughout 2025. Combined losses spanning 2021 to 2025 reached approximately 1.7 trillion won, based on regulatory filings from Hyundai Glovis, which maintains an 11% ownership position.
Market valuation estimates for Boston Dynamics show considerable divergence. Samsung Securities analysts place current market value between 50 trillion and 100 trillion won. Meanwhile, IBK Securities projects a potential 141 trillion won valuation by decade’s end, anticipating roughly 11 trillion won in annual revenue by that point.
Mass Production of Humanoid Robots Presents Formidable Obstacles
Hyundai has publicly outlined ambitions to establish manufacturing capacity for 30,000 robots annually by 2028. The conglomerate also intends to introduce humanoid robots at its Georgia manufacturing facility that same year, followed by broader implementation throughout its global production network. Industry watchers question whether these goals are achievable.
Kim Hyun-su, a senior portfolio manager at IBK Asset Management based in Seoul, suggested that substituting human laborers on production lines will require significantly more time than current projections indicate. He drew a distinction between choreographed demonstrations and the practical demands of industrial applications involving substantial weight loads.
Tesla CEO Elon Musk, whose company is developing the Optimus humanoid platform, has similarly characterized humanoid robotics as the most challenging mass-production endeavor his organization has ever undertaken.
Hyundai acquired majority ownership of Boston Dynamics in 2021. This past July, the automotive giant announced intentions to achieve full ownership by purchasing SoftBank’s remaining 10% stake. Industry sources valued that transaction at approximately 500 billion won, equivalent to roughly $371 million.
Hyundai Motor stock has climbed 25% year-to-date, despite retreating from peak levels reached earlier in 2026 following the production-ready Atlas robot unveiling in January at the Consumer Electronics Show in Las Vegas.
The current Boston Dynamics shareholder roster includes Hyundai Motor, Kia, Hyundai Mobis, Hyundai Glovis, and Hyundai Motor Group Executive Chair Euisun Chung.
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