BOXABL goes public at $3.5B valuation via SPAC merger

What's the deal? BOXABL, a factory-built housing startup, has completed its business combination with FG Merger II CorpDealroom has a profile for this one. Try Dealroom →., a special purpose acquisition company (SPAC), at a $3.5 billion valuation. FGMC issued 350 million shares to BOXABL stockholders, based on a deemed value of $10 per share, and has been renamed BOXABL Inc. Shares begin trading on the Nasdaq stock market under the ticker BXBL on July 20, 2026.

Why now? The two companies signed their merger agreement on August 4, 2025, and FGMC stockholders approved the deal at a special meeting on June 9, 2026. The transaction ran as a two-step merger, with FGMC surviving as the public company.

What's the endgame? Founded in 2017, BOXABL wants to disrupt traditional home construction with modular building systems that deliver homes at speed. Its flagship 361ft² Casita unit — a studio with a full kitchen, bathroom, and utilities — is designed to unfold on-site in under an hour. It also sells a 120ft² Baby Box and is developing stackable models for townhomes and multifamily buildings.

All existing BOXABL shareholders rolled 100% of their equity into the combined company. To date, BOXABL has raised over $230 million from more than 50,000 investors.

Who's in charge? Co-founders and co-chief executive officers Paolo TiramaniDealroom has a profile for this one. Try Dealroom → and Galiano TiramaniDealroom has a profile for this one. Try Dealroom → will continue to lead the company. "The housing market is broken, and nobody was going to fix it," said Paolo Tiramani. "So, we built the factory, engineered the product, and now will have access to the public markets."

BOXABL says the listing gives it access to capital to scale production, fund research and development, and meet demand for its building systems. ThinkEquityDealroom has a profile for this one. Try Dealroom → advised FGMC, while Maxim GroupDealroom has a profile for this one. Try Dealroom → served as exclusive financial advisor to BOXABL.

The signal: BOXABL's route to public markets via SPAC underscores continued investor appetite for companies pitching a fix to the housing shortage. Whether the $3.5 billion valuation holds once shares trade freely — after years of raising retail money at scale — will test that thesis in real time.

Read more: PR Newswire

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