Hyundai Motor chief to raise Boston Dynamics stake, fueling Nasdaq IPO prospect

Boston Dynamics' Altas humanoid robot / Courtesy of Hyundai Motor Group

Hyundai Motor Group Executive Chair Chung Euisun is set to increase his personal stake in Boston Dynamics to 25 percent by investing an additional 120 billion won ($80.5 million), a move that could accelerate the robotics firm's long-anticipated Nasdaq listing.

Chung and other Boston Dynamics shareholders are considering acquiring the 9.65 percent stake held by SoftBank, after the Japanese investment firm exercised its put option. The shares would be divided among the existing shareholders in proportion to their current holdings.

Under the current ownership structure, HMG Global owns 56.4 percent of Boston Dynamics, while Chung holds 22.6 percent, Hyundai Glovis owns 11.25 percent and SoftBank retains the remaining 9.65 percent.

If the transaction is completed, HMG Global's stake would rise to 62.5 percent, Chung's to 25 percent and Hyundai Glovis' to 12.5 percent, effectively giving Hyundai Motor Group full ownership of the robotics company.

Chung has consistently expanded his personal investment in Boston Dynamics since Hyundai Motor Group acquired a controlling stake in the company from SoftBank in 2021. At the time, he invested 238.9 billion won and has since participated in several capital increases.

The latest move is expected to strengthen Chung's push into physical artificial intelligence (AI), a sector the group has identified as a key future growth engine combining AI with robotics and autonomous machines operating in the real world.

Boston Dynamics is at the center of Hyundai Motor Group's robotics strategy, led by its next-generation humanoid robot, Atlas. The company plans to deploy Atlas at Hyundai Motor Group Metaplant America in Georgia to validate manufacturing processes. The robot is scheduled to begin parts sequencing tasks in 2028 before expanding to component assembly operations from 2030.

Hyundai Motor Group Executive Chair Chung Euisun, right, introduces Kia's PV5 electric van to Nvidia CEO Jensen Huang, at the carmaker's headquarters in Seoul, June 8. Joint Press Corps-Yonhap

Chung has repeatedly underscored the strategic value of physical AI. In his New Year's address earlier this year, he said the group's expertise in automobiles, robotics and manufacturing data would become an increasingly scarce competitive advantage as the AI industry shifts toward physical intelligence.

"As the focus of AI moves toward physical AI, the value of Hyundai Motor Group's moving platforms, including automobiles and robots, as well as its manufacturing process data, will become even more distinctive," Chung said at the time. "This is a powerful competitive advantage that global technology companies cannot easily replicate."

Market observers also believe that securing full ownership of Boston Dynamics could pave the way for the robotics firm’s initial public offering.

Boston Dynamics is valued at around 30 trillion won on the market, but the figure is forecast to surge to more than 100 trillion won after its possible Nasdaq listing. The market expects the company to go public sometime around 2028 when the deployment of its Atlas robots will be in full swing.