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Modular housing company Boxabl to expand production and scale delivery.
Modular housing company Boxabl has confirmed plans to go public through a merger with Nasdaq-listed special purpose acquisition company FG Merger II Corp., in a deal that values the business at US$3.5 billion (AUD $5.3 billion). The combined entity will trade under the ticker symbol “BXBL”.
Founded in Las Vegas in 2017, Boxabl manufactures foldable modular housing units that can be shipped compact and assembled on-site in under an hour. Its 35-square-metre “Casita” studio includes a kitchen, bathroom, and integrated utilities. With its factory-built, transportable housing system, Boxabl has positioned itself as a response to the affordability and supply challenges facing the housing sector globally.
The SPAC deal will see FG Merger II issue 350 million shares to Boxabl, with all existing shareholders rolling 100 percent of their equity into the new entity. There is no minimum cash condition attached. Founders Paolo and Galiano Tiramani will continue to lead the company following completion of the transaction.
Boxabl has raised more than US$230 million (AUD $350 million) to date from over 50,000 investors, including via equity crowdfunding campaigns. In May 2024, the company also adopted a bitcoin treasury strategy, enabling it to allocate a portion of its capital to cryptocurrency assets.
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According to a Wall Street Journal investigation published in 2024, Boxabl had delivered only 223 units since its founding—a figure that attracted scrutiny given the scale of its investor engagement and public attention. The company has stated that it holds over 190,000 product reservations and plans to scale through a large-format production facility dubbed “Boxzilla”.
“This potential public listing could provide Boxabl with access to greater capital and broaden our platform to deliver affordable, sustainable housing at scale,” said Galiano Tiramani.
Larry G. Swets Jr., CEO of FG Merger II, said the decision to partner with Boxabl reflects confidence in both the product and the leadership team. “We see significant value in bringing their solution to market at a time when housing affordability is top of mind globally.”
The transaction remains subject to regulatory and shareholder approvals.
See: BOXABL
