Physical Intelligence, the San Francisco robot foundation-model company, is in talks to raise at least $1 billion at a valuation of about $20 billion, Bloomberg reported on October 27, 2026, citing people familiar with the matter. That is nearly double the $11.5 billion valuation it reached earlier this year. Existing backers Avenir and Lux Capital are in talks to lead. The round has not been announced or closed, and the company did not comment.
Why it matters: it would value a pre-revenue robot-model lab like a frontier software lab. The bet is that robot makers will rent their brains rather than build them.
Key Facts
- Talks: at least $1bn at about $20bn (Bloomberg, Oct 27, 2026); not announced or closed
- Prior valuation: $11.5bn earlier in 2026
- Likely leads: Avenir and Lux Capital; other backers include CapitalG, Jeff Bezos, Thrive Capital
- Revenue: none yet, per Bloomberg’s sources; beta API opened Oct 13
What changed since the last round?
On October 13, Physical Intelligence opened its latest models to outside developers through a beta API. Developers can upload their own robot data, fine-tune the models and run them on their own robots. Bloomberg’s sources said the beta has increased investor interest. The company has no revenue yet, according to the same report.
Who are the investors and rivals?
Existing investors include CapitalG, Jeff Bezos and Thrive Capital. Skild AI, its closest US comparison, was valued at $14 billion in January and said in September that its annual revenue run rate had passed $100 million. Physical Intelligence models already power other companies’ robots, including Ultra’s packing robots.
For how π models compare with GR00T, Gemini Robotics and Helix, see robot foundation models compared.
Frequently Asked
What is Physical Intelligence valued at?
It was valued at $11.5 billion earlier in 2026. Bloomberg reported on October 27, 2026 that it is in talks to raise at least $1 billion at about $20 billion.
Does Physical Intelligence have revenue?
Not yet, according to Bloomberg’s sources. On October 13, 2026 it opened a beta API that lets developers fine-tune and run its models on their own robots.