IFR put U.S. industrial robot installations at 34,164 in 2024, so Standard’s 10% deployment claim is a few-thousand-unit target if it means annual adds; if it means installed stock, the math gets much uglier. Private AI robotics is getting DePIN-style FDV without DePIN-style transparency: no public fleet utilization, service burn, gross margin, or customer cohort data. At that scale, the question is whether in-house actuators and a 70k sq ft Glen Cove buildout turn into manufacturing leverage or just a very expensive integration backlog.

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