Faraday Future plans to spin off its robotics business into AIxCrypto at about USD 200 million

Faraday Future Intelligent Electric (NASDAQ: FFAI) has agreed in principle to transfer its robotics business to AIxCrypto Holdings (NASDAQ: AIXC), a listed company in which Faraday Future's leadership already plays a central role. The two companies signed a non-binding term sheet on 28 September 2026 for an all-stock transaction that values the robotics unit at approximately USD 200 million. AIxCrypto will be renamed FF EAI Robotics Ecosystem Inc. and is due to trade under the ticker FFR from 30 September 2026. As part of the move, it will abandon its crypto strategy entirely and present itself as a pure-play robotics company.

According to the companies' announcements, AIxCrypto will issue new shares at the lower of USD 2.246 or the five-day average closing price before signing; if its share price falls below USD 2.246, a one-time special stock dividend would be paid at closing. Shares received by Faraday Future would be subject to an 18-month lock-up. Faraday Future expects to become the single largest controlling shareholder of FFR and to consolidate its results. Jerry Wang is both Global CEO and director of AIxCrypto and Global Executive Chairman of Faraday Future, so the deal is in effect a related-party transaction. A special committee has approved the term sheet, but definitive agreements, shareholder approval and other closing conditions are still required, and the deal may not be completed.

The robotics business itself is still small. The companies report 552 cumulative robot shipments by the end of August 2026, about USD 1.52 million of cumulative revenue through the second quarter, and a second-quarter gross margin of roughly 30.9% on robotics products. The portfolio covers 24 products in three robot form factors, organised around what Faraday Future calls a "Four-Core Full-Stack AI" ecosystem: an embodied-AI brain and developer platform, devices, industry productivity solutions and a data factory. Management projects revenue of USD 7.1 million in 2026, USD 45.17 million in 2027 and about USD 1.98 billion cumulatively over five years. These are company forecasts, not audited results.

For Faraday Future the spin-off is part of a broader repositioning. The group says it will evolve from an electric vehicle manufacturer into a robotaxi operator, a supplier of embodied-AI cabin technology to other vehicle makers and a holding company for physical-AI investments.

The transaction shows how listed vehicles are being redirected towards robotics as investor interest in humanoid and embodied AI grows. At USD 200 million, the valuation is more than 100 times the unit's cumulative revenue to date and rests largely on management projections. Established players profiled in SectorAtlas, such as Tesla with Optimus or Boston Dynamics, are backed by large industrial groups and have far larger development budgets. The points to watch are the definitive agreement, audited financial statements for the robotics unit and evidence that shipments can grow from hundreds to thousands of units a year.