BOT-06: Doubling Down on Apptronik

TLDR

Following the weighted vote in proposal XMQ-01, the DAO resolved to double down on Apptronik, reaffirming its conviction that Apptronik is positioned to become one of the defining players in humanoid robotics.

This proposal allocates $1,200,00 USDC from the DAO’s treasury to expand our stake. Apptronik recently closed a $403M Series A and is now pursuing a new primary round at a ~$5B pre-money valuation, backed by Google DeepMind, Mercedes-Benz, and other strategic investors.

By scaling our position, the DAO secures greater exposure to a rare, high-upside opportunity at a critical inflection point in humanoid adoption.

Exec Summary

Apptronik is building Apollo, a modular humanoid robot designed to work in human environments and address labor shortages across industries such as logistics, manufacturing, and healthcare. Unlike traditional automation, Apollo is versatile and adaptable, capable of operating in multiple configurations with near-continuous uptime through hot-swappable batteries.

The company’s partnerships with Google DeepMind and Mercedes-Benz position Apollo at the intersection of advanced AI and industrial deployment. With a world-class team and strong commercial traction, Apptronik is emerging as a leading contender in the humanoid robotics market.

For the DAO, this allocation strengthens exposure to one of the few credible U.S. challengers in humanoid robotics at the precise moment the sector transitions from research into large-scale commercialization.

Overview

Founded in 2016 out of the University of Texas at Austin’s Human-Centered Robotics Lab, Apptronik’s roots trace back to the 2013 NASA DARPA Robotics Challenge, where its team contributed to the Valkyrie humanoid. From that foundation, the company has advanced into a leader in AI-powered humanoid robotics, with Apollo as its flagship platform.

Apollo is designed as a collaborative, general-purpose humanoid capable of navigating environments built for humans and performing tasks across warehousing, manufacturing, and beyond. Its modular build allows reconfiguration as bipedal, wheeled, or stationary units, while hot-swappable batteries extend operational uptime to nearly a full day. This versatility differentiates Apollo from many single-purpose robots in development.

To deliver embodied intelligence, Apptronik has partnered with Google DeepMind, integrating advanced AI into Apollo’s control and perception systems. Industrial validation comes from partnerships with Mercedes-Benz and other backers exploring real-world deployment.

In February 2025, Apptronik closed an oversubscribed $403M Series A, surpassing its $350M target. The round was led by B Capital and Capital Factory, with participation from Google, Mercedes-Benz, Japan Post Capital, ARK Invest, Helium-3, Magnetar, and RyderVentures. The company is now raising a new primary financing at a ~$5B valuation, providing the DAO an opportunity to expand its position at a pivotal stage in humanoid adoption.

Strategic Rationale

Humanoid robotics is the next transformative wave of automation, with the potential to address global labor shortages and reshape trillion-dollar industries from logistics to healthcare. Unlike digital AI, which automates cognitive work, humanoids deliver physical labor, a scarce and indispensable resource as demographics shift and workforce gaps widen.

Apptronik is one of the leading U.S. contenders, alongside Tesla and Figure AI, but at a significantly more attractive valuation. While Figure has already reached a $39.5B valuation, Apptronik’s current raise at a ~$5B valuation offers a compelling entry point with strong upside potential.

The industry is now moving from research and prototyping into early commercial deployment, with pilots already underway in logistics and manufacturing. This inflection point provides the DAO with the opportunity to expand exposure to a rare, high-upside allocation before adoption and consolidation reshape the landscape.

The Deal

The DAO has secured access to participate in Apptronik’s ongoing $5B pre-money financing through a single-layer SPV managed by a licensed third-party platform that will sit directly on the company’s cap table.

This structure provides the DAO with common equity exposure in Apptronik, ensuring institutional-grade access under clean, transparent terms. The SPV is operated by a trusted, regulated intermediary experienced in facilitating primary and secondary allocations in late-stage private technology companies.

Fee Structure

1. Management Fee: A one-time 3.25% fee applied to the investment, paid directly to the independent SPV manager and intermediary. No portion of this fee is retained by the DAO, its members, or any internal unit. The fee covers legal setup, compliance, reporting, and administration.

2. Carried Interest: None. No performance fee is applied under any circumstances. The DAO retains 100% of the upside.

Transaction Details

-Allocation: 1,200,000 USDC -Instrument: Common equity exposure via a single-layer SPV -Reference Valuation: $5B pre-money -Shares to Acquire: ~31,036 -Price per Share: ~$37.00 -Additional Transaction Costs: USDC to USD swap, off-ramping, and wire transfer fees expected to remain under $3,500 total

Potential Liquidity Events

Should Apptronik continue executing on its roadmap, several liquidity paths may materialize within the next two to five years:

1. Initial Public Offering (IPO): Apptronik is well-positioned for a potential public listing as investor interest in humanoid and robotics companies continues to grow.

2. Strategic Acquisition: Large technology or industrial firms such as Google, Amazon, or Mercedes-Benz may pursue acquisitions to accelerate their automation capabilities and secure humanoid expertise.

3. Secondary Liquidity: Limited secondary trading may be available, depending on Apptronik’s future funding rounds and market conditions. The SPV structure may also provide greater flexibility for qualified participants to explore secondary transfers.

While no liquidity outcome is guaranteed, Apptronik’s progress, institutional backing, and market positioning increase the probability of one or more viable exit scenarios. Any decision to liquidate or partially exit the position will require DAO deliberation and a formal on-chain governance vote.

Key Risks & Considerations

While humanoid robotics presents extraordinary potential, the sector remains early-stage and exposed to material execution and adoption risks.

1. Execution Risk: Scaling humanoid hardware and AI systems in parallel is complex and capital-intensive. Manufacturing reliability, cost efficiency, and software robustness remain significant challenges, even for well-funded teams.

2. Competition: Tesla and Figure AI bring substantial capital and talent, targeting the same early markets in logistics and manufacturing. The sector’s scale, however, is likely to support multiple winners, with competition driving innovation and preventing monopolistic pricing.

3. Regulatory and Adoption Hurdles: Public concern over job displacement, safety, or labor policy could slow mass deployment and influence regulatory pathways, particularly in the U.S. and EU.

Despite these factors, the DAO views this as a high-conviction, mission-aligned allocation. The asymmetric upside potential and clear strategic fit within XMAQUINA’s Physical AI thesis justify measured exposure at this stage of industry maturation.

Governance Execution

If approved, the DAO’s Execution Engine will:

1. Finalize terms and compliance with the intermediary.
2. Coordinate legal and treasury operations for the transaction.
3. Document the full transaction flow with a transparent paper trail for auditability.
4. Upon closing, disclose the final terms of the allocation, including share count.

All treasury activity and asset positions will be tracked and documented for DAO-wide visibility and auditability on the DAO portal: dao.xmaquina.io

– The Northstar Council