Hyundai Motor Group is preparing to list its US robotics subsidiary Boston Dynamics on the Nasdaq.
What looks like a tech IPO on the surface is actually a strategic maneuver: Group Chairman Chung Euisun needs the money to untangle Hyundai's complex cross-shareholding structure.
Chung's personal 20% stake in Boston Dynamics: estimated $13.6 billion (20 trillion won).
The details
Hyundai acquired Boston Dynamics from SoftBank in June 2021. Group affiliates paid $660 million for 60%, Chung personally added another 20%. Combined, the group holds 80%.
The pressure to list is mounting: At the time of acquisition, Hyundai committed to taking Boston Dynamics public within four years. That deadline lapsed in June 2025, giving SoftBank the right to exercise a put option until June 2026.
Hyundai is serious about this step: The company has already set up a dedicated robotics and AI task force under Vice Chair Chang Jae-hoon. In February 2026, Boston Dynamics' CEO also stepped down to refocus on profitability.
Why this isn’t really about robots
Hyundai is the last major Korean chaebol still operating with a circular ownership structure. At the top sits parts-maker Hyundai Mobis, which controls Hyundai Motor with a roughly 22.4% stake. Chung himself holds just 0.3% of Hyundai Mobis.
To secure long-term control, Chung needs to increase his Mobis stake by buying out shares from Kia and Hyundai Steel. On top of that, inheritance and gift taxes on his father's shares will eventually come due.
All of this costs billions, and the Boston Dynamics IPO is supposed to provide exactly that.
👉 Sources: Korea Herald, The Investor
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