Alphabiz - Hyundai Motor Group to Decide on Boston Dynamics Nasdaq IPO as Put Option Deadline Nears

Photo courtesy of Yonhap News

[Alpha Biz= Ellie Kim] Hyundai Motor Group is expected to decide as early as next month whether to pursue a Nasdaq listing for its robotics subsidiary Boston Dynamics, a move that could accelerate its robotics business if successful.

According to industry sources on May 7, the deadline to exercise a put option agreement between Hyundai Motor Group and Japan’s SoftBank Group is approaching in about a month. Ahead of this decision point, Hyundai is likely to finalize its stance on a potential IPO for Boston Dynamics.

Hyundai Motor Group acquired an 80% stake in Boston Dynamics from SoftBank in 2021. As part of the deal, Hyundai agreed to a put option arrangement under which it would purchase SoftBank’s remaining stake if the company failed to proceed with an IPO within a specified timeframe. While the first deadline in June last year passed without action, the second deadline is now imminent. Following subsequent capital increases, SoftBank’s remaining stake is estimated to have been diluted to approximately 9.5%.

Hyundai is understood to have deferred the IPO last year due to concerns that Boston Dynamics’ valuation would not be adequately recognized. However, industry observers say conditions have shifted in 2026, particularly after the company unveiled its humanoid robot “Atlas” at CES 2026, significantly boosting its market profile.

Recent demonstrations showcasing upgraded capabilities of Atlas are also viewed as signals that the company may be preparing for a public listing.

In addition, a business planning task force established earlier this year under Vice Chairman Jaehoon Chang is believed to be focused on IPO preparations for Boston Dynamics.

Meanwhile, Hyundai Motor Group plans to build a U.S.-based production facility capable of manufacturing up to 30,000 Atlas humanoid robots annually by 2028.

Alphabiz Ellie Kim 인턴기자(press@alphabiz.co.kr)