1、M UpdateEmbodied AI|North AmericaHumanoid Disruptors:1X TechnologiesMorgan Stanley&Co.LLCAdam Jonas,CFAEquity Analyst Adam.J +1 212 761-1726 William J TackettResearch Associate William.T +1 212 761-6028 Daniela M HaigianResearch Associate Daniela.H +1 212 761-6071 Elizabeth J TsoResearch Associate E

2、lizabeth.T +1 212 761-4507 Autos&Shared MobilityNorth AmericaIndustry ViewIn-LineThe next member of your household might be human shaped but not human born.Continuing our Humanoid Disruptor Series,we profile 1X,a Norwegian humanoid startup creating the NEO humanoid aimed exclusively at everyday hous

3、ehold use.We profile 1X Technologies,a Norwegian startup developing autonomous humanoids aimed specifically at household and everyday consumer use cases.The company is one of the few humanoid startups we have followed that is specifically targeting the home/domestic applications.It also happens to b

4、e one of a rather select few notable humanoid developers based in the EU.Of note,1X is taking a vertically integrated approach similar to Tesla,Figure,Neura,etc.with both in-house hardware(proprietary motors/actuators)and AI(proprietary World/simulation model)teams.The company recently gained notabl

5、e attention after being showcased heavily at NVIDIAs 2025 GTC,with the two companies announcing an expanded research partnership following the event.While 1X and many other humanoid developers are currently private,we do not believe it is too early for public investors to play the theme.In our recen

6、t Humanoid 100 note,we outline what we view as the 100 most important public companies across the humanoid value chain including suppliers of the brain and body as well as integrators developing full robots.Background and Founding:1X was founded in 2015 as Halodi Robotics with a focus on building hu