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 the conglomerate tackle a long-discussed governance overhaul. With Boston Dynamics’ value estimated at about 120 trillion to 150 trillion won, Chairman Euisun Chung could secure up to 30 trillion won if the IPO succeeds, market watchers said. That could help unwind circular shareholding links cited as a key obstacle, potentially improving management stability and boosting corporate value.
Industry sources said Monday that Hyundai Motor Group has begun work to commercialize robotics and artificial intelligence and to prepare Boston Dynamics for an IPO. 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, the sources said. The move is seen as an effort to consolidate robotics and AI capabilities across the group and shift them toward revenue-generating models.
Boston Dynamics is also undergoing a transition 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 toward a profitability-driven system capable of mass production, accelerating IPO preparations.
Hyundai Motor Group, led by Jang, has begun preparations for a Nasdaq listing in the United States in early 2027, according to industry views. The company is expected to 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 robot market will reach 9.6 million units a year by 2035. Considering the technology and mass-production timeline of Boston Dynamics’ flagship humanoid robot, Atlas, the firm estimates a roughly 16% share, or about 1.5 million units. Reflecting such projections, KB Securities estimates Boston Dynamics’ value at 128 trillion won, while Hanwha Investment & Securities puts it at 145.77 trillion won.
With the financial industry estimating that an IPO could raise 120 trillion to 150 trillion won, Chung is expected to secure up to 30 trillion won. When Hyundai Motor Group acquired Boston Dynamics in 2021, Chung invested about 240 billion won of personal funds to obtain 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 governance structure. Chung currently holds just 0.3% of Hyundai Mobis.
The group also needs additional cash to cover taxes required when Honorary Chairman Chung Mong-koo’s stakes in affiliates are inherited or gifted. If Boston Dynamics lists successfully, industry observers said it could provide sufficient funds to unwind circular shareholding and finance inheritance and gift taxes, potentially speeding up succession-related work.
“Boston Dynamics’ listing is central to Hyundai Motor Group’s long-standing task of governance restructuring,” an industry official said. “The more funding it secures through an IPO, the more options it will have.”
* This article has been translated by AI.
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