LIG Nex1 has refuted recent speculation surrounding the potential delay of its robotics subsidiary, Ghost Robotics’ planned US initial public offering (IPO). The company affirmed its commitment to the original timeline, targeting 2029 for the listing.
Rumors circulating this week suggested a possible postponement of the IPO due to perceived weaknesses in short-term earnings. These concerns were allegedly amplified by the US federal government shutdown last year, which reportedly impacted procurement schedules and delayed crucial defense contracts.
LIG Nex1 acquired Ghost Robotics in 2024, securing a 60 percent stake valued at 332 billion won ($230 million). Ghost Robotics primarily generates revenue from US defense and government entities. Its flagship product, the Vision 60 quadruped robot, has been actively deployed across numerous US Air Force bases since late 2020. Initial deployments included Tyndall Air Force Base in Florida, followed by expansions to Portland Air National Guard Base in Oregon and Holloman Air Force Base in New Mexico.
Last year, Ghost Robotics secured a one-year, $156,000 maintenance contract with the US Air Force Civil Engineer Center, further solidifying its operational footprint within the US military by supporting four deployed units.
Reports indicating a shift in Ghost Robotics’ breakeven target from 2025 to this year fueled concerns about profitability, leading to speculation of a potential IPO delay until 2027-28.
However, an LIG Nex1 official clarified that an IPO was never initially planned for this year.
“According to the investment agreement signed during the acquisition, the US listing is scheduled for 2029,” the official stated.
Financial pressures have intensified since the acquisition due to operating losses and a patent lawsuit. In 2022, Boston Dynamics, the US robotics arm of Hyundai Motor Group, filed a lawsuit against Ghost Robotics, alleging patent infringement related to quadruped robots. The dispute was resolved last year, with Ghost Robotics agreeing to pay royalties of up to 10 percent of quadruped robot sales until 2035.
According to Bae Seong-jo, an analyst at Hanwha Investment & Securities, Ghost Robotics is estimated to have recorded 16 billion won in revenue and 42 billion won in operating losses in the past year.
Despite these short-term losses, industry experts recognize the strategic advantage of Ghost Robotics’ position in the defense sector. The US military classifies Vision 60 as a “quadrupedal unmanned ground vehicle,” highlighting its superior mobility across challenging terrains compared to traditional wheeled platforms.
“With Boston Dynamics not aggressively pursuing defense deployments, Ghost Robotics has the opportunity to strengthen its position,” a defense industry source commented, requesting anonymity. “Given the US’s focus on security, the adoption of robotic systems from rapidly advancing Chinese companies is highly improbable.”
Bae added that Ghost Robotics secured a contract in late 2025 with an Asian government for over 100 Vision 60 units and aims to expand exports to the Middle East. He anticipates the company will achieve breakeven this year with approximately $50 million in revenue and become profitable in 2027.
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