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Around 744 Boxabl Casitas manufactured, with 285 delivered and installed as of August 2025.
Investor appetite for Boxabl may well be strong, but the question remains whether the market — and the company’s scale of manufacturing — are commensurate with what is being offered. Founded in Las Vegas in 2017, Boxabl is a modular housing manufacturer best known for its fold-out Casita, a compact studio designed to be delivered on a trailer and assembled on site in under an hour. The company has now filed a registration statement on Form S-4 with the United States Securities and Exchange Commission (SEC), advancing its planned merger with FG Merger II Corp. (main image: Assembly of Boxabl’s Casita model.)
The transaction values Boxabl at approximately US$3.5 billion (AUD $5.3 billion) and would see the combined entity list on Nasdaq under the ticker BXBL. FGMC will issue 350 million shares to Boxabl stockholders, with all existing equity rolled into the new company. No minimum cash condition is attached, leaving the level of available capital subject to shareholder redemptions. Founders Paolo and Galiano Tiramani are set to continue in leadership roles following completion.
Ambition versus delivery
Since its launch, Boxabl has built a profile that appears to outpace its delivery record. The company has raised more than US$230 million (AUD $350 million) from over 50,000 investors, claims a reservation list exceeding 190,000 units, and secured widespread attention for the Casita, including high-profile references to Elon Musk.
Actual performance is more restrained. By 19 August 2025, Boxabl had manufactured approximately 744 Casitas, but only around 285 had been delivered and installed. The gap between production and completed deliveries highlights the difficulty of scaling into a functioning housing business. Financial filings underline this further, with the company recording a net loss of US$50.95 million (AUD $77 million) in 2024. The SEC documents also flag additional ambitions, including the smaller Baby Box unit, stackable formats, and long-term plans for a mega-factory branded “Boxzilla”.
Investor narrative
Boxabl has also moved into areas outside construction. In May 2025, it purchased 10 Bitcoin at an average of US$107,800 (AUD $163,000) per coin, a treasury diversification step more common in technology firms than housing manufacturers. While financially modest, the move reinforced its focus on investor signalling as much as operational delivery.
With the SEC filing, Boxabl has opened the next stage of its merger process. Whether a company valued at billions but with fewer than 300 units delivered can align ambition with delivery will be central as it seeks approval from regulators and shareholders alike.
See: BOXABL
