SoftBank is in talks to acquire a majority stake in Norwegian humanoid robotics startup 1X Technologies at a valuation of approximately $6 billion, the Information reported on August 27, citing people with knowledge of the deal1,2,3,5.
Reuters could not independently confirm the report. SoftBank declined to comment, and 1X Technologies did not immediately respond to a Reuters request for comment. The talks are ongoing, and terms could change.
1X Technologies, which is backed by OpenAI, focuses on home-service humanoid robots. Pre-orders are open for its flagship NEO model, priced at $20,000 or a $499 monthly subscription, with the company planning to deliver the first batch to U.S. users this year.
OpenAI invested in 1X Technologies in 2023 through the OpenAI Startup Fund, alongside Tiger Global and a group of Norway-based investors. OpenAI and 1X Technologies discussed the possibility of OpenAI acquiring 1X Technologies last year, according to the Information's report.
The reported deal extends SoftBank's broader push into robotics. SoftBank agreed last year to acquire ABB's robotics business for $5.4 billion. SoftBank previously developed the Pepper robot and acquired Boston Dynamics.
SoftBank CEO Masayoshi Son has predicted that physical devices combining robotics technology and artificial intelligence will produce the next trillion-dollar company. SoftBank shares recently pulled back 0.87% to 5,118 yen.
ANALYSIS A completed acquisition would give SoftBank direct ownership of a humanoid robotics developer with an existing consumer product pipeline, rather than a portfolio investment position. It would also shift 1X Technologies out of OpenAI's orbit, given that OpenAI itself explored acquiring the startup last year.