Robotics deep dive: BOSTON DYNAMICS Boston Dynamics has had four owners in thirty-four years. Spun out of MIT in 1992, funded for most of its first two decades by DARPA contracts. Google bought it in December 2013: price never disclosed. SoftBank bought it in 2017: price never disclosed. Hyundai Motor Group announced its purchase in December 2020 and closed in June 2021, at a valuation of $1.1bn. The Hyundai deal is worth reading closely, because "Hyundai bought Boston Dynamics" is not quite what happened. The 80% was split four ways: Hyundai Motor 30%, Hyundai Mobis 20%, Hyundai Glovis 10%, and Executive Chair Chung Euisun personally 20%, paying 374, 249, 125 and 249 billion won. SoftBank kept the other 20%. That structure is why this post can exist. Three of those four buyers are listed Korean companies, so Boston Dynamics' results land inside filings that anyone can pull. They report a net loss of 335 billion won in 2023, 440.5 billion in 2024, and 528.4 billion in 2025, about $390m in that last year. Roughly 1.3 trillion won of net loss across those three years, and the annual loss has grown every year since Hyundai took over in 2021. Set that against what has ever been disclosed on the revenue side, which is close to nothing. Boston Dynamics said more than 1,000 Spots were running in 35 countries as of 2022. At the $75,000 list price that is around $75m of hardware, cumulative, across the product's whole life. Stretch unit numbers have never been published. Neither has revenue. On 16 July 2026 SoftBank sold its remaining stake for a reported $325m and Hyundai took the company outright. The engineering is not the problem and never was. BigDog, Spot, Handle and Atlas were the most capable machines anyone had built in their categories, for thirty years running, and the videos did something no marketing budget can buy. Treat that as what it is: distribution. What the record shows is that being the best in the world at legged robots has not, so far, produced a profitable robot company. Every humanoid company raising money in 2026 is priced on the assumption that this generation converts. Boston Dynamics is the longest run of evidence we have on what that conversion costs.