[비즈한국] Hyundai Motor005380 Group's robotics subsidiary, Boston Dynamics, is once again drawing market attention. According to the business report for Hyundai Glovis086280 released on the 19th, Hyundai Glovis made an additional investment of 89.126 billion won in Boston Dynamics last year, raising its stake from 10.95% to 11.25%.
By simply applying this investment and the 0.3 percentage point increase in stake, Boston Dynamics' total enterprise value is calculated to be around 30 trillion won. This is more than a 20-fold increase compared to the $1.1 billion (approximately 1.2482 trillion won) valuation when Hyundai Motor Group acquired the company in June 2021. However, since this figure is a simple conversion based on the price of a paid-in capital increase for an unlisted company, it is difficult to consider it as the definitive market price.
To assess Boston Dynamics' valuation, one must first look at the ownership structure. At the time of the acquisition completion in June 2021, Hyundai Motor Group officially secured an 80% stake in Boston Dynamics, with the specific structure being 30% for Hyundai Motor, 20% for Hyundai Mobis012330, 10% for Hyundai Glovis, 20% for Chairman Euisun Chung, and 20% for SoftBank. In other words, initially, Hyundai Motor, Hyundai Mobis, Hyundai Glovis, and Chairman Euisun Chung held direct stakes.
This structure changed in 2022. In its semi-annual consolidated financial statements for 2022, Hyundai Motor announced its decision to contribute its entire stake in Boston Dynamics to the newly established HMG Global LLC, and in its third-quarter report for the same year, it stated that the establishment of HMG Global LLC was complete and that the stakes and cash held by the group had been transferred to this entity.
Based on foreign media and industry reports since then, HMG Global's ownership structure was formed with 49.5% by Hyundai Motor, 30.5% by Kia000270, and 20.0% by Hyundai Mobis, with this entity becoming the largest shareholder of Boston Dynamics. This means that Kia, which was not a direct shareholder at the time of the 2021 acquisition, entered the ownership structure of Boston Dynamics through HMG Global starting in 2022.
The currently accepted ownership structure also reflects this trend. As of January 2026, the industry estimated Boston Dynamics' stakes to be around 54.7% for HMG Global, 21.9% for Chairman Euisun Chung, around 11.2% for Hyundai Glovis, and around 12% for SoftBank. With the reflection of the business report on the 19th, Hyundai Glovis' stake has risen to 11.25%. Calculated based on effective stake percentages as of the same time, this is interpreted as a structure where Hyundai Motor holds an indirect stake of around 28%, Kia around 17%, and Hyundai Mobis around 11% through HMG Global.
This ownership structure is important because the increase in Boston Dynamics' value does not simply mean "one robotics subsidiary has become more expensive." Hyundai Motor, Kia, and Hyundai Mobis hold indirect stakes through HMG Global, while Chairman Euisun Chung and Hyundai Glovis hold separate direct stakes. As expectations for the robotics business are already reflected in the stock prices of the group's major affiliates, a potential IPO of Boston Dynamics could trigger not just a simple investment recovery event, but also debates over corporate governance restructuring and shareholder value.
Boston Dynamics recorded 150.1 billion won in revenue last year, but its net loss reached 528.4 billion won. The loss has widened from the previous year's 440.5 billion won. Ultimately, the premium being attached now is strongly characterized by pre-reflecting expectations for Atlas, physical AI, and the possibility of commercialization within the Hyundai Motor Group's manufacturing and logistics ecosystem, rather than current performance. If Hyundai Motor Group can grow Boston Dynamics not just as a future growth engine, but as a physical AI platform for the entire group, the current valuation may gain credibility; however, if the speed of commercialization falls short of expectations, it will be difficult to avoid controversy over overheating.