Investment Tracker
Physical AI Investment: $10B+ Raised in 2025–2026
Every major funding round tracked chronologically — amount, lead investors, valuation, and what it signals for the market.
Last updated: July 2026
All major rounds, chronological
| Date | Company | Round | Amount | Valuation | Lead investors | Note |
|---|---|---|---|---|---|---|
| Jan 2024 | 1X Technologies | Series B | $100M | $830M | EQT Ventures, Samsung Ventures | Paired with EQT deal for 10,000 NEO units — the largest announced volume commitment in the sector. |
| Feb 2024 | Figure AI | Series B | $675M | N/A | Microsoft, OpenAI, NVIDIA, Amazon, Intel | Unprecedented pre-revenue investor list. Validated the category at institutional scale. |
| Nov 2024 | Physical Intelligence (π) | Series A | $400M | N/A | OpenAI, Bezos Expeditions, Khosla Ventures | Software-only: foundation model for robot manipulation policies. No hardware. |
| Jan 2025 | Fourier Intelligence | Series E | 800M yuan (~$109M) | N/A | State-linked funds, strategic investors | Chinese market. GR-2 humanoid deployed in SAIC-GM automotive plant and ETH Zurich. |
| Feb 2025 | Apptronik | Series A | $350M | N/A | Google, B Capital | Apollo humanoid; pilots with Mercedes-Benz and Jabil. |
| Sep 2025 | Figure AI | Series C | $1B+ | $39B | Microsoft (continued) | Largest single humanoid round. $39B valuation with no public revenue. BMW pilot underway. |
| 2025 | Agility Robotics | Series C | $400M | $2.1B | Amazon (existing), new institutional investors | GXO commercial deployment live. First OSHA-certified humanoid (Nov 2025). |
| Feb 2026 | Apptronik | Series A extension | $585M additional (total $935M) | $5.3B | New strategic investors | Rare double-close: $350M + $585M to total $935M. Valuation nearly tripled in 12 months. |
| Mar 2026 | Fauna Robotics (acquired) | Acquisition by Amazon | Undisclosed | N/A | Amazon | Amazon already an Agility investor. Fauna gives Amazon an internal robotics stack. Signals vertical integration intent. |
| Jun 2026 | Agility Robotics | SPAC merger | N/A | $2.5B | Public market via SPAC | First humanoid company to go public. Provides liquidity event and public market price signal for the sector. |
What the investment patterns show
Strategic investors dominate
Microsoft, Google, Amazon, NVIDIA and OpenAI appear in multiple rounds. These are not pure financial bets — they are platform bets. Each investor benefits from robots that run their cloud, chips, or AI software.
Valuations have detached from revenue
Figure AI at $39B has no disclosed revenue. Apptronik at $5.3B is in pilot phase. The valuation anchor is the projected labor substitution market, not current or near-term cash flow.
Volume commitments replace revenue traction
EQT's 10,000-unit NEO deal and BMW's Figure pilot serve as revenue-proxy signals for investors. Expect more announced volume commitments as the primary proof point for the next round.
Public markets are now a reference point
Agility's SPAC at $2.5B gives the sector its first public market comparable. If Agility trades above SPAC price, it will accelerate IPO timelines for Figure, Apptronik, and 1X.
What is not in the funding picture
Chinese companies — AgiBot, Unitree, Fourier — receive substantial government and state-adjacent funding that does not appear in Western VC databases. The $10B+ figure above captures only disclosed, Western-reported rounds.
China announced 900M+ yuan in sector investment in early 2025 at the national level alone. Provincial governments add further. AgiBot's funding is largely undisclosed but state-backed. The actual global capital flowing into physical AI is significantly higher than tracked figures suggest.
See the China vs US analysis for the full competitive picture.