Boston Dynamics' market value likely exceeds $20 billion due to Atlas robot
An Atlas robot stands on the stage during a Hyundai and Boston Dynamics news conference ahead of the CES tech show in Las Vegas on Jan. 5. [AP/YONHAP] Surging interest in the humanoid robot Atlas has pushed up the valuation of Boston Dynamics, Hyundai Motor Group's robotics subsidiary, as Boston Dynamics' growing prominence intersects with Hyundai Motor Group Executive Chair Euisun Chung's long-running effort to strengthen control over its governance structure. Boston Dynamics’ market value likely exceeds 30 trillion won ($20 billion), with some analysts placing it as high as 128 trillion won, according to Yuanta Securities on Thursday. Related ArticleAs Hyundai moves to adopt Atlas robots, autoworkers fear for their futureBoston Dynamics opens pilot line for up to 1,000 Atlas robots, taps Google Gemini AIHyundai's humanoid robot Atlas to debut at CES 2026 KB Securities also projected that Boston Dynamics could generate $288.3 billion in revenue and $44.3 billion in operating profit by 2035. Hyundai Motor acquired Boston Dynamics in 2020 for 1.25 trillion won, which was partly funded by Chung. At the time, he reportedly described the acquisition as a decision made with an eye on Korea’s future rather than on short-term corporate returns. Momentum around Boston Dynamics accelerated following CES 2026, which took place in Las Vegas from Jan. 6 to 9. At the event, Atlas, the company’s next-generation humanoid robot with freely rotating joints, earned the top robot award. Analysts said Boston Dynamics’ technological competitiveness gained further credibility following reports of collaboration with Google DeepMind. “The key point is that Google and Boston Dynamics have resumed technical cooperation after several years,” said Lim Eun-young, an analyst at Samsung Securities. “Robots can accumulate data while working at Hyundai Motor and Kia plants. That data can then be applied directly to verify AI models in factory and logistics environments. “Boston Dynamics stands out [from other robotics companies] because it can gather large-scale data and test performance in real business settings. Most robotics firms remain at the venture stage.” Boston Dynamics' Atlas robots are displayed at the Hyundai Motor Group booth during CES 2026 in Las Vegas on Jan. 6. [REUTERS/YONHAP] Industry watchers say the company's growth has implications for Hyundai Motor's governance structure, which currently operates under a circular shareholding structure that links it to Hyundai Mobis and Kia. Chung holds just a 0.33 percent share in Hyundai Mobis, making additional equity consolidation necessary if he seeks to strengthen control. Industry observers say a potential initial public offering (IPO) by Boston Dynamics could provide a starting point for restructuring Hyundai Motor's governance structure. Analysts note that if Boston Dynamics' valuation aligns with current market estimates, the value of Chung’s 22.6 percent stake in Boston Dynamics could rise to around 9 trillion won. Many in the market expect any listing to take place around 2027. Hyundai Motor Group Executive Chair Euisun Chung, left, stands with Georgia Gov. Brian Kemp as Chung signs an Ioniq 9 EV vehicle during the grand opening of Hyundai Motor Group Metaplant America in Ellabell, Georgia, on March 26, 2025. [AP/YONHAP] Boston Dynamics will begin full-scale mass production in 2028 and plans to deploy its robots on production lines at Hyundai Motor Group Metaplant America in Georgia, a timeline that will test whether the business can generate real profits. “An IPO by Boston Dynamics could provide Hyundai Motor Group with a practical window to adjust its governance structure,” said Kim Yong-min, an analyst at Yuanta Securities. “The most straightforward approach would involve gradually purchasing Hyundai Mobis shares held by Hyundai Steel and Kia.” Hyundai Motor also formed a new business planning task force under Vice Chairman Jang Jae-hoon, bringing together experts in strategic investment and mergers and acquisitions to review new business strategies — a move observers say reflects consideration of a potential IPO by Boston Dynamics and longer-term governance restructuring scenarios. Labor issues and cost concerns remain hurdles. The Hyundai Motor branch of the Korean Metal Workers' Union said on Thursday that robots “would not enter production sites without prior agreement between labor and management.” “We need to see how many companies will actually adopt Atlas, which costs close to 200 million won per unit, as unmanned factories continue to spread,” a business source said. This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.BY KIM SU-MIN [paik.jihwan@joongang.co.kr]
