Hyundai Motor Group’s U.S. robotics unit Boston Dynamics (BD) is moving closer to an initial public offering, drawing attention to whether the listing could help fund the conglomerate’s long-discussed governance restructuring.
With Boston Dynamics’ valuation estimated at about 120 trillion to 150 trillion won, market watchers say Hyundai Motor Group Executive Chair Euisun Chung could secure up to 30 trillion won if the IPO is successful. That could help unwind the group’s circular shareholding structure, a step seen as strengthening management stability and supporting efforts to raise corporate value.
Industry officials said the group has begun work to shift robotics and artificial intelligence from development to full commercialization, alongside IPO preparations for Boston Dynamics. The group recently formed a business-planning task force dedicated to robotics and AI under Vice Chairman Jang Jae-hoon, and placed strategy investment and mergers-and-acquisitions specialists on the team, officials said.
Boston Dynamics is also in the midst of shifting toward an operating-company structure. After Chief Technology Officer Aaron Saunders stepped down last year, Chief Executive Officer Robert Playter, who led technology development for seven years, resigned last month. Industry observers expect the company to move from a research-and-development focus to a profitability-driven system capable of mass production, accelerating IPO preparations.
Hyundai Motor Group is also said to have started preparations, led by Jang, for a Nasdaq listing in the United States in early 2027. The prevailing view is that the group will complete a preliminary review filing and select underwriters in the first half of this year, proceed with the offering process in the second half, and seek a listing early next year.
A global market research firm projects the global humanoid market will reach 9.6 million units a year by 2035. Considering the technology and mass-production timing of Boston Dynamics’ flagship humanoid robot, Atlas, the firm expects about a 16% share, estimated at 1.5 million units.
Reflecting those projections, KB Securities estimates Boston Dynamics’ enterprise value at 128 trillion won, while Hanwha Investment & Securities puts it at 145.77 trillion won.
Financial industry estimates that an IPO could raise 120 trillion to 150 trillion won have fueled expectations that Chung could secure up to 30 trillion won. Chung invested about 240 billion won of his own money in 2021 when Hyundai Motor Group acquired Boston Dynamics, securing a 20% stake.
Hyundai Motor Group currently has three circular shareholding structures: “Hyundai Mobis→Hyundai Motor→Kia→Hyundai Mobis,” “Hyundai Mobis→Hyundai Motor→Hyundai Steel→Hyundai Mobis,” and “Hyundai Mobis→Hyundai Motor→Hyundai Glovis→Hyundai Mobis.” To resolve the circular structure, Chung would need to increase his stake in Hyundai Mobis, which sits at the top of the group’s governance structure. His stake in Hyundai Mobis is currently 0.3%.
The group also needs additional cash to cover inheritance and gift taxes tied to transferring stakes in affiliates held by Honorary Chairman Chung Mong-koo. If Boston Dynamics lists successfully, industry observers say funding could be sufficient both to unwind circular shareholding and to secure resources for inheritance and gift taxes, potentially speeding up succession-related work.
“Boston Dynamics’ listing is the key to Hyundai Motor Group’s long-standing task of governance restructuring,” an industry official said. “The more funding it secures through a listing, the more options it will have.”
* This article has been translated by AI.
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