Building RCM 01

Humanoid robotics is moving quickly, but much of the industry is still being built inside private markets.

For investors, that creates a simple problem. Some of the companies shaping the industry can spend years developing, raising capital and increasing in scale before most people have a way to participate financially.

We have seen this dynamic play out recently in artificial intelligence.

Companies such as OpenAI and Anthropic developed into major technology companies while remaining privately held. Much of their development and capital formation took place in private markets, outside the public markets through which most investors traditionally participate.

Robotics is at an earlier stage, but many of the companies pushing the industry forward are following a similar private market path.

Figure, Apptronik and 1X are examples of companies developing humanoid robots while remaining privately held. Investors can follow their progress, watch their technology develop and form a view on where the industry is going, while having limited ways to participate financially.

That is the access problem.

Private market opportunities are not available in the same way as publicly traded companies. Access is often concentrated across venture funds, institutional investors, private networks and other investment structures.

For most investors, the point at which a company becomes broadly accessible may come much later.

By the time a private company reaches an IPO, it may have spent years developing its technology, raising successive rounds of capital and growing into a significantly larger business.

This is not unique to robotics. It is a characteristic of private markets. But it becomes increasingly relevant as more technological development and capital formation take place while many robotics companies remain privately held.

At XMAQUINA, we encountered this directly through our work allocating capital across humanoid robotics and its enabling infrastructure.

It led us to a simple question.

Could access to selected private robotics opportunities be structured differently, allowing eligible investors to participate while these companies are still private?

That question became one of the starting points for RCM.

RCM is being built to create a structured path for eligible investors to participate in selected private robotics opportunities, subject to applicable eligibility and jurisdictional requirements.

The objective is not to wait for private robotics companies to eventually become public before a broader group of eligible investors can participate. It is to build a market structure around selected opportunities while those companies are still private.

But access is only the beginning.

Getting into a private investment solves one problem. What happens after the investment has been made creates another.

Private positions can remain difficult to sell for years, often until an acquisition, IPO or another liquidity event creates a path to realization.

That is where the second part of RCM begins.

In the next part of Building RCM, we will look at why access is only the beginning.

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