FieldAI signs term sheet for $700M at a reported $10bn valuation

FieldAI, the Irvine, California, company building a general-purpose software “brain” for robots, has signed a term sheet to raise about $700 million at a valuation of about $10 billion, Business Insider reported on October 2, 2026, citing one person familiar with the deal. If it closes on those terms, FieldAI would close most of the gap to Physical Intelligence and Skild AI, confirming that investors now value robot-brain companies on the scale of frontier model labs rather than robotics suppliers.

Three caveats sit under the headline. A signed term sheet is not a closed round, and Business Insider said the deal may not have formally closed. The lead investor has not been identified. FieldAI did not respond to Business Insider’s request for comment, so the amount, the valuation and the revenue figures below are reported, not company-confirmed.

What does FieldAI sell?

Founded in 2023 by Ali Agha, formerly of NASA’s Jet Propulsion Laboratory, FieldAI builds what it calls Field Foundation Models: robot-agnostic software meant to let humanoids, legged robots, drones and industrial rovers operate autonomously in environments that do not hold still. Business Insider lists its customers as construction firms, data-centre operators and defence companies, and earlier reported that FieldAI served more than 30 customers.

That places FieldAI in the crowded layer described in our look at the race to run other people’s robots. Where Physical Intelligence and Generalist have led with manipulation, FieldAI started with mobility on industrial and outdoor sites: construction, energy and inspection work, where a robot has to get somewhere before it can do anything.

How solid is the $10 billion figure?

It rests on a single unnamed source in one outlet; other coverage has repeated it without independent confirmation. A Dealroom summary of the same report carries $10 billion in its headline but a $6.47 billion valuation in its body text and page metadata. Dealroom cites no separate source for the lower number and we could not find one, so we treat it as an inconsistency in that summary rather than a competing report. It is still a reminder that no named investor and no company statement stands behind either figure.

The revenue number needs the same care. The $135 million combines booked revenue with the value of customer contracts; it is not annual recurring revenue, and FieldAI has not disclosed the split. Business Insider had earlier reported FieldAI above $100 million on the same measure, so the reported addition is roughly $35 million in about four months. At $10 billion, the valuation would be about 74 times that combined figure.

What would the round say about the robot-brain market?

If it closes, the deal extends a 2026 pattern: capital concentrating in a handful of model companies that sell to robot makers and operators rather than building their own bodies. Business Insider puts Physical Intelligence at roughly $11 billion and Skild AI at more than $14 billion; Generalist reached $3 billion in August. Across the sector, physical AI companies raised $47.4 billion in the first half of 2026 by Crunchbase’s count, though one Waymo round took close to a third of it.

The bet behind all of these prices is that customers will pay for the software layer separately rather than receive it bundled with the robot. FieldAI’s contract figure is its evidence for that. A named lead investor and closed terms would be the first independent check on what that evidence is worth.