Boxabl, a Las Vegas-based startup that manufactures prefab tiny homes, began trading on the Nasdaq Monday after completing a merger with a special purpose acquisition company that valued Boxabl at $3.5 billion. Shares of the combined company are trading under the ticker symbol BXBL.
In a news release, Boxabl said becoming publicly traded will give it greater access to capital as it seeks to expand production and further develop its factory-built housing system. Boxabl and FG Merger II Corp. entered into the merger agreement in August 2025, and shareholders of both companies approved the transaction on June 9 before it closed Friday. Upon closing, FG Merger II was renamed Boxabl Inc.
“The housing market is broken, and nobody was going to fix it,” Boxabl founder and co-CEO Paolo Tiramani said in the announcement. “So, we built the factory, engineered the product and now will have access to the public markets.”
Under the merger agreement, FG Merger II issued 350 million shares to existing Boxabl shareholders at a deemed value of $10 per share, producing the deal’s $3.5 billion valuation. Existing shareholders rolled all of their Boxabl equity into the combined company.
The $3.5 billion figure represents the value assigned to Boxabl in the merger, not the amount of cash raised through the transaction. About $14 million remained in the SPAC’s trust after investor redemptions, according to Boxabl.
Tiramani and his son, Galiano, who serves as co-founder and co-CEO, will continue to lead the company.
Founded in 2017, Boxabl is best known for its 361-square-foot “Casita” tiny home. The unit is manufactured at the company’s facilities, transported in a folded configuration and designed to be opened at a building site in less than an hour. The company lists the unit at $60,000 before shipping, installation and site work.
Boxabl said it has raised more than $230 million from over 50,000 investors. The company has previously said that approximately 150,000 people are waiting for one of its homes, although it is not clear how many people have placed deposits. In 2023, Boxabl said it had a waiting list of approximately 160,000 orders and had collected about 8,000 deposits while producing fewer than 400 homes during its first year of manufacturing.
The startup gained national attention after Elon Musk said he had lived in one of its Casitas near SpaceX’s Texas facility. But Boxabl has also faced questions about its ability to convert that attention into large-scale production, along with regulatory scrutiny over its fundraising and business practices.
In 2023, Boxabl was the subject of an SEC inquiry involving questions about its executives, financial reporting and crowdfunding campaigns. The company said in a July 2024 announcement that the SEC had closed the investigation and did not intend to recommend enforcement action at that time.
Boxabl is one of several companies that have attempted to reduce housing costs by moving more of the construction process into factories. Modular and prefab housing companies have attracted significant investment and consumer interest, but the sector has struggled with high factory costs, transportation expenses, local permitting requirements and uneven demand.
Those challenges have made it difficult for even heavily funded modular builders to reach the production volume needed to deliver homes affordably at a national scale.
