Hyundai Motor Group to Buy SoftBank’s Remaining Boston Dynamics Stake for $325 Million, Taking Full Ownership

SoftBank exercised its put option earlier this month

Move may accelerate IPO plans and draw Big Tech investors

Hyundai Motor Group will buy all of SoftBank Group’s remaining stake in Boston Dynamics. Once the deal closes, Hyundai-affiliated shareholders will own 100% of the robotics company, a move that could speed plans for a U.S. initial public offering.

Hyundai Motor Group said on July 16 that SoftBank exercised its put option on the Boston Dynamics stake earlier this month. SoftBank’s holding is estimated at about 9%, with the shares to be acquired by Hyundai Motor Group affiliates and Chairman Euisun Chung. The two sides are coordinating the timing of the transaction and how the stake will be allocated. The purchase price is known to be $325 million. As of the end of 2025, HMG Global — comprising Hyundai Motor Co., Kia Corp. and Hyundai Mobis Co. — held 56.24% of Boston Dynamics. Hyundai Glovis Co. and Chung owned 11.25% and 22.5%, respectively.

The put-option exercise is a follow-up step under the agreement between Hyundai Motor Group and SoftBank. When Hyundai acquired Boston Dynamics in June 2021, SoftBank secured put-option rights. Under the agreement, Hyundai Motor Group had to buy SoftBank’s remaining stake if Boston Dynamics was not listed within four years, or by June 2025, and five years, or by June 2026, from the acquisition date.

SoftBank is known to have exercised the put option to raise money for investments in artificial intelligence data centers. Hyundai Motor Group said it had planned to buy back SoftBank’s entire stake regardless of whether the put option was exercised. In June 2025, the two sides agreed to delay the put-option exercise by one year and added a call option allowing Hyundai Motor Group to purchase all of SoftBank’s holdings. Industry officials say that decision worked in Hyundai’s favor as Boston Dynamics’ valuation rose sharply. The stake covered by SoftBank’s put option implies a company value of about $3.6 billion, while the market values Boston Dynamics at no less than about $21.8 billion. “With Hyundai Motor Group holding the call option, SoftBank had few alternatives,” an industry official said.

Hyundai Motor Group’s move to secure full ownership could also accelerate Boston Dynamics’ IPO. The company could also reset its valuation through a pre-IPO stake sale. Google and Nvidia, which are working on humanoid data businesses, are being cited as potential strategic investors.

Hyundai Motor Group plans to deploy the humanoid robot Atlas in stages at Hyundai Motor Group Metaplant America and Kia’s Georgia plant, while verifying its use across production processes. Industry officials expect an IPO after full-scale humanoid mass production and factory deployment begin in 2028.

Kim Woo-seop, Hankyung reporter, duter@hankyung.com