档案库 · 硬件与设备 · 财务决策 · 2021–2026
软银退出波士顿动力，现代以3.25亿美元全资收购
现代支付软银3.25亿美元，购得波士顿动力剩余9.65%股份，使其成为全资子公司，Atlas机器人将于2028年进入工厂工作。
Boston Dynamics
做的是什么生意
Boston Dynamics builds mobile industrial robots: Spot, a four-legged inspection robot first sold commercially in 2020, Stretch for warehouses, and Atlas, an electric humanoid slated for factory work.
起因
Boston Dynamics spent decades as a celebrated robotics lab before SoftBank bought it from Alphabet in 2017. In June 2021 Hyundai Motor Group acquired 80% of the company for about $880 million at a $1.1 billion valuation, betting a famous R&D shop could become a commercial subsidiary; the contract required Hyundai to buy SoftBank's remaining stake if Boston Dynamics had not gone public within five years.
经过
Boston Dynamics began selling Spot commercially in 2020 and introduced Stretch for warehouse work. Hyundai and its affiliates kept injecting capital, so by 2026 the group's entities and Chairman Euisun Chung together held about 90% of the company. In June 2026 reports said Hyundai would buy SoftBank's remaining 9.65% for $325 million; in July SoftBank exercised its put option and the purchase closed, valuing Boston Dynamics at roughly $3.4 billion. Atlas, the electric humanoid, delivered a match ball at a World Cup match on July 5, 2026, and Hyundai plans to deploy it at its Georgia Metaplant from 2028.
结果
The deal is complete: Boston Dynamics is now a wholly owned Hyundai subsidiary, with Atlas scheduled for parts-handling work at Hyundai's U.S. Metaplant in 2028 and an IPO that full ownership is expected to unblock. Whether Atlas succeeds commercially outside Hyundai's own plants is still unproven.
背景
波士顿动力，这家位于马萨诸塞州沃尔瑟姆的机器人制造商，2017年从Alphabet转至软银，并于2021年6月将80%股份以约8.8亿美元出售给现代汽车集团，估值为11亿美元。2021年的协议附带卖出期权：若波士顿动力五年内未上市，现代有合同义务购买软银剩余股份。
在现代旗下，波士顿动力将科研成果转化为产品——2020年商用四足巡检机器人Spot，Stretch用于仓库——同时现代及其关联公司持续注资，直至集团和董事长郑义宣合计持股约90%。IPO未果，软银于2026年7月行使卖出期权，现代支付3.25亿美元获得剩余9.65%股份，该价格对应公司估值约34亿美元。
全资拥有为电动人形机器人Atlas扫清障碍，现代计划从2028年起将其部署在佐治亚州Metaplant工厂从事零部件搬运。软银将所得资金重新配置于人工智能领域，包括对OpenAI约410亿美元的投资。开放问题是Atlas能否在现代自有工厂之外证明其商业价值。
这件事要成立，得有什么
- 2021年的卖出期权使得除非波士顿动力五年内IPO，否则全资拥有不可避免——未IPO时，软银退出成了现代按计划整合的契机。
- 现代工厂为Atlas提供了首个客户，因此纵向整合——完全拥有机器人制造商——对现代比保留少数股权更重要。
- 软银退出是战略考量，而非对机器人的否定：它将资金转向OpenAI及其自身物理AI项目，而现代保留了波士顿动力。
- 3.25亿美元收购9.65%股份隐含约34亿美元估值，约为2021年的三倍——价值上升，但仍无外部证据证明人形机器人需求。
可借鉴之处
当投资者的退出权与IPO期限挂钩时，错过期限给了收购方谈判筹码：软银的卖出期权成了现代以固定价格获得全资控制的途径。
后续进展
截至2026年7月中旬，软银行使卖出期权并以3.25亿美元退出后，波士顿动力成为现代全资子公司。现代表示，Atlas将于2028年开始在佐治亚州Metaplant工厂从事零部件排序工作，集团预计全资拥有将加速波士顿动力IPO。Spot和Stretch继续作为商业产品线，而Atlas仍是长期压注；软银则将资金投入AI基础设施及自身机器人项目。
资料来源
- Hyundai buys Boston Dynamics
- Hyundai eyes full ownership of Boston Dynamics
- Hyundai Motor Group Takes Full Ownership of Boston Dynamics
- Hyundai Motor bought the remaining 9.65% stake in Boston Dynamics for $325 million
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