Agility Robotics' new public filing gives us the first real financial look inside a U.S. humanoid company: $1.8 million in 2025 sales against a $2.5 billion proposed equity value and more than $300 million in contracted future orders. Bear Robotics is reportedly preparing a large pre-IPO round as it expands from 16,000 commercial robots toward manipulation, while a Reuters investigation shows China's huge humanoid industrial base beginning to feed military research. Today: Physical AI moves from impressive machines toward economics, infrastructure and industrial power.
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