Boxabl
Updated in October 2025
This company is in the pipeline of America 2030, IPO CLUB’s $50M, actively managed secondary fund focused on U.S. defense, energy, security, and AI.
Founded in 2017, it is based in Las Vegas, NV, and employs around 200 people. The company is part of the PropTech vertical at IPO CLUB.
What is Boxabl?
Boxabl is a leading innovator in the modular housing sector, specializing in patented folding building technologies designed to drastically reduce construction time and costs. Since its founding in 2017, the company has delivered more than 400 units and has ramped up its North Las Vegas facility to a production capacity exceeding 4,000 homes annually. As of 2025, Boxabl employs approximately 200 staff and has attracted national media attention for its scalable, factory-built “Casita” units and large active waitlist.
Recent Developments
In August 2025, Boxabl announced it had entered into a definitive agreement to merge with FG Merger II Corp., a special purpose acquisition company (SPAC) trading on Nasdaq (ticker: FGMC). The transaction is expected to result in Boxabl becoming a publicly listed company on Nasdaq under the proposed ticker “BXBL.” The merger is expected to close by year-end 2025, pending FGMC and Boxabl shareholder approval and regulatory review.
Merger Valuation: The transaction values Boxabl at approximately $3.5 billion (implying an exchange of 350 million shares at $10 per share) as disclosed in the latest S-4 filing.
Share Structure: Legacy Boxabl shareholders, including retail investors, founders, and Reg A+ participants, are expected to roll their shares into the public company, subject to lock-up provisions as detailed in the S-4.
Listing Status: Shares of FGMC continue to trade on Nasdaq and will convert to BXBL ticker symbol upon deal closing. Investors are encouraged to review the S-4 and proxy statement for specifics.
Boxabl Innovations in Home Building
The Casita: Boxabl product represents a new take on modular construction. A factory finished room module system that can be quickly stacked and arranged on site, and that provides the majority of the building envelope and functions.
Shipping: The design achieves the largest possible room that is able to fit into standard shipping dimensions, meeting highway, sea, and rail transportation requirements.
Smart Manufacturing: Casitas are not built like traditional homes; they have been engineered with mass production in mind. The factory was designed in partnership with Porsche Engineering.
The System: It can build Casitas in different sizes, with different floorplans; the builder can stack, arrange, and dress the boxes however they desire for a custom building.
Building Materials: The wall design doesn't use standard lumber framing, but laminated panel technology that includes steel skin, expanded polystyrene (EPS) foam, and concrete board.
Business Development
Production: The North Las Vegas factory is operational and is being expanded using SPAC proceeds.
Deployments: More than 400 Casitas have been delivered to customers in multiple states, with regulatory approval processes continuing to unlock new markets for Boxabl.
Pipeline: Notable contracts signed in 2025 include a 51-unit deal with Grace Bible Church in Rialto, CA, and an additional 20-unit affordable housing agreement in Florida.
Backlog / Demand: Customer reservation deposits have surpassed 170,000 requests, representing over $10 billion of indicated demand, though conversion to paid contracts depends on manufacturing scale and regulatory approvals.
Price of Boxabl Casita
Latest Pricing / Products: The flagship Boxabl Casita remains priced from approximately $60,000 (base model, ex-factory), with the newly announced “Baby Box” RV unit starting at $19,999.
Who owns Boxabl?
Boxabl is a private company owned by Paolo & Galiano Tiramani, IPO CLUB, Blazing Equity, WeFunder, Dalmore Group, and more than 40k retail investors, which is why the Boxabl stock symbol should be BXBL.
When will Boxabl Go Public?
SPAC & Listing Process According to the registration statement on Form S-4
The business combination is subject to shareholder and regulatory approvals, as well as standard closing conditions. Upon completion, Boxabl will follow established Nasdaq listing compliance with initial company value referenced at $3.5 billion.
Investors in FGMC will have their shares converted to BXBL at closing.
Boxabl IPO Price
Boxabl has reserved the NASDAQ ticker symbol "BXBL" in anticipation of a potential future public offering. However, no IPO date or share price has been announced, and the reservation does not guarantee a listing or indicate compliance with NASDAQ's listing requirements.
An Opening price of $10 is expected for the shares of the merged entity listing on NASDAQ.
Key URLs for Investor/Disclosure Updates
Boxabl SEC Filings: https://ir.boxabl.com
FG Merger II Corp. SEC Filings: https://www.sec.gov/edgar/browse/?CIK=1906364
Boxabl IPO date and Nasdaq listing status
Stock price source: IPO CLUB Valuation at Market© - Become a member for in-depth coverage
Cautionary / Regulatory Note
As with any SPAC transaction, market price post-listing may differ from the merger reference valuation. Investors should consult Boxabl’s S-4 and FGMC’s public filings on sec.gov for risk factors, dilution tables, and forward-looking statements.
Most Recent Financing Status
Total Capital Raised: Boxabl has raised over $230 million to date from more than 50,000 investors worldwide. This capital was obtained primarily through equity crowdfunding (Reg A+ and Reg D), direct placements, and private offerings.
Current Financing Round: Boxabl is not conducting a new financing round at this moment. All new investment opportunities are on hold pending the close of the merger with FG Merger II Corp (SPAC) and subsequent Nasdaq listing as BXBL.
SPAC/PIPE Transaction: The definitive merger agreement with FG Merger II values Boxabl at $3.5 billion, corresponding to an exchange of 350 million shares at $10/share. While many SPAC mergers include a PIPE (private investment in public equity) round, there is no public confirmation of a PIPE here as of October 2025. All legacy investors, including crowdfunding participants, are expected to roll into the public entity post-merger, subject to lock-up provisions.
Bitcoin Treasury
In May 2025, Boxabl purchased 10 Bitcoins for its treasury assets at an average price of $107,800 each.
Boxabl Latest News
Boxabl SPAC merger with FG Merger II
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Boxabl Co Founder Galiano Tiramani LIVE on CNN With Unicorns Galloping
The highly anticipated merger between Boxabl and FG Merger II SPAC has major implications for current investors, especially those holding Boxabl Preferred Shares (Series A, A-1, A-2, and A-3). As Boxabl moves toward a public listing with a transaction valuing the company at approximately $3.5 billion, understanding how your Preferred Shares convert and what that means for your portfolio is critical.