Hyundai Motor Group to take full ownership of Boston Dynamics

Atlas, a humanoid robot of Boston Dynamics, waves to the crowd during the 2026 FIFA World Cup Round of 16 match between Brazil and Norway at New Jersey Stadium, U.S., July 5. Reuters-Yonhap

Hyundai Motor Group will take full ownership of Boston Dynamics by acquiring a 9.65 percent stake held by Japan's SoftBank. Through the acquisition, the group will accelerate its expansion into the robotics business while speeding up preparations for an anticipated initial public offering (IPO) of the robotics affiliate.

The group said Thursday that SoftBank had exercised its put option to sell its remaining 9.65 percent stake in Boston Dynamics under their sale and purchase agreement signed in 2020.

Hyundai Motor Group acquired an 80 percent stake in Boston Dynamics from SoftBank at around 1 trillion won ($674 million) in 2020. Under the deal, SoftBank had the right to sell its remaining stake to Hyundai Motor Group if Boston Dynamics was not listed in the United States. The option is set to expire on July 20.

SoftBank's stake was later diluted to 9.65 percent through capital increases and additional investments by Hyundai Motor Group. Excluding SoftBank, HMG Global, a joint investment firm between Hyundai Motor, Kia and Hyundai Mobis, held a 56.3 percent stake in Boston Dynamics, followed by Hyundai Motor Group Executive Chair Chung Euisun with 22.5 percent and Hyundai Glovis with 11.25 percent.

Hyundai Motor Group said it is reviewing the acquisition in accordance with internal procedures. It did not disclose the terms of the deal, but the transaction is estimated to be worth about 500 billion won.

"Hyundai Motor Group has been exploring various ways to expand its investment in Boston Dynamics as part of its long-term robotics strategy, and the acquisition is expected to serve as a key catalyst for faster decision-making and business execution," the group said in a statement.

"Going forward, Hyundai Motor Group and Boston Dynamics will continue to strengthen their competitiveness in the robotics business while pursuing greater synergies."

Boston Dynamics Atlas robots are displayed in the Hyundai Motor Group booth during CES 2026 in Las Vegas, Jan. 6. Reuters-Yonhap

Boston Dynamics is one of the global leaders in robotics and humanoid technologies, with its humanoid robot Atlas drawing widespread attention for demonstrating its advanced capabilities not only in industrial fields but also at high-profile events including the 2026 FIFA World Cup.

Hyundai Motor Group plans to deploy Atlas at Hyundai Motor Group Metaplant America and conduct the robot’s on-site validation across production processes at the plant. The company plans to begin using the robot for sorting parts in 2028 and expand its role to parts assembly starting in 2030.

Securities firms estimate Boston Dynamics' valuation at up to 100 trillion won. Even if Hyundai Motor Group pays more than 500 billion won for the remaining stake, the acquisition could generate substantial upside if Boston Dynamics eventually goes public.

Hyundai Motor Group has not officially announced plans for a Boston Dynamics IPO, but industry officials say the acquisition will simplify the company's future capital-raising and listing structure by eliminating the last remaining outside shareholder.

However, the market does not expect the IPO to take place in the near future because SoftBank would likely have retained its stake if a listing were imminent, rather than exercising the put option. Rumors are circulating that the IPO may take place in 2028, but Hyundai Motor Group said “nothing has been determined.”