Hyundai nears full control of Boston Dynamics in $325M SoftBank deal

Hyundai Motor Group is moving closer to full control of Boston Dynamics, with plans to buy SoftBank Group’s remaining 9.65% stake in the US robotics company for USD 325 million (approx. $473.6 million), according to South Korea’s Maeil Business Newspaper.

Hyundai’s board is expected to meet on June 22 to approve the purchase, the report said, citing unnamed industry sources.

If completed, the transaction would make Boston Dynamics a wholly owned Hyundai subsidiary and cap a five-year consolidation that began when the Korean automaker first took control of the robot maker in 2021.

How the stake sale came together

The reported transaction stems from a put option built into Hyundai’s original deal with SoftBank.

Under that arrangement, SoftBank retained a minority holding after selling control of Boston Dynamics, but had the right to sell its remaining stake back to Hyundai if certain conditions were met.

Maeil reported that SoftBank has now notified Hyundai of its intent to exercise that right. Hyundai Motor and SoftBank have not officially commented on the report.

The ownership structure already leaves Hyundai effectively in command.

Hyundai Motor Group, including Executive Chair Euisun Chung and affiliates Hyundai Motor, Kia, Hyundai Mobis and Hyundai Glovis, owns just over 90% of Boston Dynamics.

Buying SoftBank’s 9.65% stake would close the remaining gap and remove an outside shareholder from one of Hyundai’s most closely watched future businesses.

The relationship began with high expectations.

At the time of the original transaction, SoftBank chairman Masayoshi Son said Boston Dynamics was “at the heart of smart robotics”, adding that SoftBank was pleased to partner with Hyundai to accelerate the company’s commercialisation.

A five-year path to full ownership

Boston Dynamics has changed hands several times over the past decade.

Google acquired the company in 2013, before selling it to SoftBank in 2017. Hyundai then agreed in late 2020 to buy an 80% stake in a deal valuing the company at USD 1.1 billion (approx. $1.6 billion).

The transaction closed in June 2021.

Since then, Hyundai has steadily deepened its exposure. Group affiliates have participated in additional funding rounds, while SoftBank’s holding was diluted from the 20% it retained after the 2021 closing to less than 10%.

That path shows how Hyundai is treating Boston Dynamics less as a conventional turnaround and more as a long-term industrial technology bet.

The robotics firm has generated interest for products such as Spot, Stretch and Atlas, but it has also carried heavy development costs and losses.

According to Aju Press, Boston Dynamics generated cumulative revenue of 390.7 billion won from 2022 through the third quarter of 2025, while accumulating losses of 1.38 trillion won over the same period.

Hyundai has continued to inject capital, betting that humanoid and industrial robots will eventually become a major manufacturing and logistics platform.