LIG Nex1 on Tuesday dismissed speculation that the planned US initial public offering of its robotics subsidiary Ghost Robotics has been delayed, reiterating that the listing remains on track for 2029 as originally agreed.
Market rumors surfaced this week suggesting the IPO could be pushed back due to weakened short-term earnings visibility, partly stemming from last year’s US federal government shutdown, which disrupted procurement schedules and delayed key defense contracts.
Ghost Robotics, acquired by LIG Nex1 in 2024 through a 60 percent stake purchase valued at 332 billion won ($230 million), generates most of its revenue from US defense and government agencies. Its flagship quadruped robot, Vision 60, has been deployed at multiple US Air Force installations since late 2020, beginning with Tyndall Air Force Base in Florida and later expanding to Portland Air National Guard Base in Oregon and Holloman Air Force Base in New Mexico.
The company last year secured a one-year, $156,000 maintenance contract with the US Air Force Civil Engineer Center to support four deployed units, underscoring its established operational presence within the US military.
Concerns over profitability intensified after reports suggested Ghost Robotics’ breakeven timeline had been pushed back from 2025 to this year, prompting speculation that an IPO might be pursued in 2027-28 rather than earlier expectations.
However, an LIG Nex1 official clarified that a listing had never been scheduled for this year.
“Under the investment agreement signed at the time of acquisition, the US listing is to be pursued by 2029,” the official said.
Financial pressure has mounted since the acquisition, driven by operating losses and patent litigation. In 2022, Ghost Robotics was sued by Boston Dynamics, the US robotics unit of Hyundai Motor Group, over alleged infringement of quadruped robot patents. The dispute was settled last year, with Ghost Robotics agreeing to pay royalties of up to 10 percent of quadruped robot sales through 2035.
According to Hanwha Investment & Securities analyst Bae Seong-jo, the company is estimated to have posted 16 billion won in revenue and 42 billion won in operating losses last year.
Despite near-term losses, industry observers see strategic upside in Ghost Robotics’ defense positioning. Classified by the US military as a “quadrupedal unmanned ground vehicle,” Vision 60 offers superior mobility across rugged terrain compared with conventional wheeled platforms.
“With Boston Dynamics not actively expanding defense deployments, Ghost Robotics has room to strengthen its foothold,” a defense industry source said, speaking on condition of anonymity. “Given US security sensitivities, adoption of robotic systems from rapidly advancing Chinese firms is highly unlikely.”
Bae added that Ghost Robotics secured a contract in late 2025 with an Asian government for more than 100 Vision 60 units and is seeking to expand exports to the Middle East. He projects the company will reach breakeven this year at roughly $50 million in revenue and turn profitable in 2027.
hyejin2@heraldcorp.com
