SoftBank Group is in talks to acquire a majority stake in 1X Technologies, the Norwegian-American startup behind the NEO humanoid robot, at a valuation of approximately $6 billion. The deal would give the Japanese conglomerate controlling interest in one of the most prominent consumer-facing humanoid platforms in the West, but the price tag tells an important story about where the robotics market stands right now.

The reported $6 billion valuation marks a significant step down from what 1X was seeking just months earlier. Last September, the company tried to raise $1 billion at a $10 billion valuation or higher, according to reporting from The Information. While the two figures describe different types of transactions and aren't directly comparable, the gap still signals something worth paying attention to: investor appetite for humanoid robotics startups may be cooling, even as the underlying technology draws billions in capital.

What Makes This Deal Different From a Traditional Funding Round?

A majority stake acquisition works differently than a venture capital round. When SoftBank takes controlling interest, it's buying operational control of the company, not just adding to the cap table as a minority investor. That typically commands a premium, not a discount. The fact that 1X's controlling stake is valued lower than its previous fundraising ask suggests either that investor sentiment has shifted, or that 1X's own fundraising efforts last fall fell short of what the company had hoped to raise.

For 1X, surrendering majority control to SoftBank buys something a venture round cannot: long-term balance sheet stability. Building physical hardware is notoriously capital-intensive, and 1X is scaling on multiple fronts simultaneously. The company is ramping low-volume production at its Hayward, California manufacturing facility, investing in compute for its World Model Lab to train video-to-action AI models, and building customer support and logistics infrastructure ahead of NEO deliveries.

The talks remain ongoing, and several critical terms remain unreported. Neither SoftBank nor 1X has confirmed the deal, and key details could still shift before any agreement is finalized.

What Are the Biggest Unanswered Questions About This Deal?

The reporting on SoftBank's talks with 1X leaves several consequential details unaddressed. Understanding what these terms mean is crucial to gauging what this deal actually represents for the future of consumer robotics:

• Size of Stake: A 51% position gives SoftBank bare control; an 80% position means near-total ownership. The difference determines how much independence 1X retains.
• Primary or Secondary Capital: Whether the $6 billion funds new operations or cashes out existing investors determines if this is a war chest for scaling or an exit for early backers.
• OpenAI's Role: OpenAI led 1X's Series A2 round in 2023 and once considered acquiring the company outright. If OpenAI is now exiting its position while SoftBank takes control, that signals a meaningful realignment in who owns the consumer humanoid stack.
• Founder Control: No reporting has addressed whether founder Bernt Børnich retains operational control or steps into an advisory role.

Why Does 1X Matter to SoftBank's Broader Robotics Strategy?

The 1X talks don't happen in isolation. SoftBank is simultaneously closing a separate, much larger robotics acquisition that gives it exposure to an entirely different corner of the market. In October 2025, SoftBank agreed to acquire ABB's robotics division for $5.375 billion, taking full ownership of the Swiss engineering group's industrial robotic arms and automation systems. That deal is expected to close in mid-to-late 2026.

Together, these two deals would give SoftBank a sweeping presence across the robotics spectrum. ABB's business serves factory floors and rigid industrial settings. 1X's NEO is designed for unstructured home environments, with soft compliance, quiet actuation, and a 25-degree-of-freedom tendon-driven hand architecture built to operate safely around people. That's a deliberate hedge, spreading bets across use cases rather than betting everything on one product category or application.

SoftBank founder Masayoshi Son has described physical artificial intelligence as the company's "next frontier," framing these robotics investments as part of a larger strategy to pair AI software with physical machines that can act in the real world.

How to Understand 1X's Market Position Right Now

The strongest argument that $6 billion undervalues 1X is demand. When preorders for NEO opened in October 2025 at $20,000 outright or $499 per month on subscription, the company reportedly sold out its entire first year of production capacity in five days. 1X has claimed more than 10,000 orders for the robot.

The strongest argument the other way is that none of it has shipped yet. 1X promised initial NEO deliveries in 2026. As of late August 2026, no customer deliveries have been publicly confirmed, and no customer free to discuss their unit has surfaced. Whatever the order book says, the company has not yet demonstrated that it can put a general-purpose humanoid inside a stranger's home and support it there at scale.

That gap is precisely what SoftBank's capital would address: production lines, supply chain absorption, service infrastructure, and the operational complexity of supporting thousands of robots in homes across multiple countries. It's also precisely what makes the timing of a control transaction worth watching. A majority buyout would give 1X the runway to close that gap, but it would also mean that whoever is accountable for closing it answers to Tokyo.

What Does This Mean for SoftBank's Relationship With OpenAI?

A completed deal would deepen SoftBank's simultaneous exposure to OpenAI and one of its robotics bets. SoftBank has poured over $34.6 billion into OpenAI since September 2024, with an additional $30 billion follow-on commitment underway. A third $10 billion tranche is scheduled for October 1, 2026.

OpenAI's connection to 1X predates any SoftBank interest. The OpenAI Startup Fund led a $23.5 million Series A2 round in 2023 alongside Tiger Global and Norwegian investors. At the time, OpenAI fund manager Brad Lightcap said 1X sat at the forefront of using robotics to extend human labor. If SoftBank takes majority control while OpenAI maintains or exits its position, that would represent a significant shift in how these two companies relate to the consumer robotics space.

SoftBank's robotics history is mixed. The company previously invested in the Pepper humanoid robot and Boston Dynamics, selling an 80% stake in Boston Dynamics back in 2021 and offloading its remaining shares in July 2026. That track record adds nuance to the current push. SoftBank has walked away from robotics bets before, even as it now moves toward two of its largest robotics commitments yet in 1X and ABB.

Whether the humanoid robot market can deliver on the scale SoftBank is betting on remains an open question. NEO hasn't shipped a single unit to a paying customer, and 1X's own fundraising struggles last fall suggest not every investor shares SoftBank's appetite at these valuations. What's clear is that SoftBank now has the financial firepower to find out.