Mark Cuban-Backed FORT Robotics Is Going Public in a $556.6 Million SPAC Deal

FORT Robotics just secured about $20 million in additional commitments ahead of its planned public debut, in a SPAC merger that values the combined company at $556.6 million. The Philadelphia robotics-safety company is merging with Newbury Street II Acquisition Corp (Nasdaq: NTWO) and expects to list on Nasdaq as FORT Robotics Holdings under the ticker FROB.

What happened

FORT Robotics said this week that it has secured approximately $20 million in additional commitments tied to its business combination with Newbury Street II Acquisition Corp, a Boston-based special purpose acquisition company. With the new money, FORT says total committed capital connected with the proposed transaction now exceeds $50 million.

Technical.ly reported the breakdown: Tiger Global committed $10 million through a PIPE investment that closes when the merger closes, and another $10 million in immediate funding came from Tiger Global and Mark Cuban Companies. The deal values FORT at a $500 million pre-money equity valuation and the combined company at a $556.6 million pro forma enterprise value.

The merger itself is not brand new — the two companies confidentially submitted a draft Form S-4 registration statement to the SEC on September 30, 2026 — but the fresh commitments, reported across finance outlets on October 23-25, are the new catalyst pushing the story back into the headlines this weekend.

Why it is blowing up

Most of the money pouring into robotics right now chases the robots themselves — humanoids, warehouse bots and autonomous vehicles. FORT sells something different: the safety layer underneath them. The company calls it the Trust Layer for Physical AI — infrastructure designed to let autonomous machines from different manufacturers operate safely alongside people, with controls for safety, monitoring and operational oversight.

That pitch is landing at exactly the moment warehouses, factories and defense sites are filling up with machines that work next to humans. FORT, founded in 2018 in Philadelphia, says its technology is already deployed across more than 19,500 units serving over 600 customers, including Google DeepMind, Agility Robotics, DoorDash, Zoox and Textron. Earlier this year it acquired Mapless AI, adding remote human control and onboard active-safety capabilities.

The growth numbers help explain investor interest. FORT reported revenue up 62% in 2025 while maintaining a 66% gross margin, with no single customer accounting for more than 9% of revenue. Its backers include Tiger Global, which led its Series B in 2022, Mark Cuban Companies, Prologis Ventures and Five Eleven Partners.

Key facts

Deal: Merger with Newbury Street II Acquisition Corp (Nasdaq: NTWO)
Valuation: $556.6 million pro forma enterprise value; $500 million pre-money equity value
New money: About $20 million in additional commitments; total committed capital now over $50 million
New name and ticker: FORT Robotics Holdings, expected to trade on Nasdaq as FROB after closing
Scale: More than 19,500 deployed units, over 600 customers, revenue up 62% in 2025 at a 66% gross margin
Timing: Closing expected in Q4 2026 or Q1 2027, subject to shareholder approval, SEC review and other closing conditions

What FORT plans to do with the money

FORT says it plans to expand its workforce and operating capacity, pursue customers in warehousing, defense and construction, and build out software for safety intelligence, monitoring and cybersecurity. It also intends to expand international sales and distribution partnerships and make targeted acquisitions. CEO Samuel Reeves said automation and autonomy are expanding across nearly every major industry, creating a significant need for solutions that make intelligent machines safe, secure and reliable.

On closing, FORT has said it would become the first publicly traded company dedicated principally to the safe and scalable deployment of physical AI — a claim that helps explain why a safety-controls company, rather than a robot maker, is drawing SPAC attention in a crowded AI market.

What is next

The deal still has to clear the normal SPAC hurdles: SEC review of the S-4, a shareholder vote, and the risk that SPAC shareholders redeem their shares before closing, which would reduce the cash the combined company receives. Until the merger closes, FORT remains a private company and NTWO remains a blank-check company with no operations of its own. This post reports what happened and why markets are paying attention; it is not financial advice, and nothing here is a recommendation to buy, sell or hold any security.

Sources

FAQ

What is FORT Robotics?

FORT Robotics is a Philadelphia company founded in 2018 that builds safety infrastructure — its Trust Layer — for robots and autonomous machines that operate alongside people.

How is FORT Robotics going public?

It is merging with Newbury Street II Acquisition Corp (Nasdaq: NTWO), a SPAC. After closing, the combined company is expected to be called FORT Robotics Holdings and trade on Nasdaq under the ticker FROB.

How much is the FORT Robotics deal worth?

The transaction values the combined company at a $556.6 million pro forma enterprise value, with a $500 million pre-money equity valuation for FORT, and total committed capital connected with the deal now exceeds $50 million.

When will the FORT Robotics merger close?

The companies expect closing in the fourth quarter of 2026 or the first quarter of 2027, subject to shareholder approval, SEC review, regulatory approvals and other closing conditions.

Mark Cuban-Backed FORT Robotics Is Going Public in a $556.6 Million SPAC Deal — And It Sells Safety for Robots