Physical-AI maker Nemi to go public via SPAC at $400M valuation
What's the deal? NemiDealroom has a profile for this one. Try Dealroom →, a physical-AI and manufacturing-as-a-service company, will go public by merging with BHAV Acquisition Corp IIDealroom has a profile for this one. Try Dealroom →, a special purpose acquisition company listed on Nasdaq. The deal values Nemi at $400 million pre-money and is expected to close in the first quarter of 2027, with the combined company trading under the ticker "NEMI."
What does Nemi do? The company operates more than 300,000 square feet of manufacturing space in India, making precision metal parts, tooling, electronics, batteries, motors and complex assemblies for over 50 enterprise customers across aerospace, defence and automotive. It is building the Large Manufacturing Model, an AI stack to automate product design, factory operations and after-sales work.
The financials: In its 2025 financial year, Nemi's manufacturing-as-a-service business grew revenue 38% year-over-year at gross margins of 32.5%. But the company reported only about $3.7 million in provisional annualised revenue run-rate for the September quarter, against a target of roughly $120 million a year after closing.
Why now? The merger comes as physical-AI firms test public-market appetite. Agility Robotics completed its own business combination this week, raising about $465 million in gross capital, including a Foxconn-led PIPE.
What could go wrong? Nemi's growth target depends on expanding capacity and completing acquisitions that are not yet agreed. The deal carries a $30 million minimum-cash condition that can be waived, and actual cash at closing will hinge on redemptions and a proposed $50 million PIPE.
The signal: The announced valuation is far from proof of commercial scale. With revenue near $3.7 million and plans to reach $120 million through acquisitions, Nemi's story is about execution and financing — a test of whether public markets will fund physical-AI ambitions on promise rather than proof.
Read more: marketscreener.com
Image credit: James Webb Space Telescope
