Physical Intelligence Files $1.05B Raise at $11B Valuation

What happened

Physical Intelligence, the startup building general-purpose software "brains" for robots, appears to have closed or nearly closed a Series C round without announcing it. Corporate filings dated May 21, 2026 authorized about $1.05 billion of Series C stock at a valuation of $11 billion to $11.2 billion. The filings were tracked by the private-market platforms Forge and Notice. 3 Reported participants include Founders Fund, Lightspeed, Thrive, and Lux. 3

The filing confirms what had been circulating for months. Bloomberg reported in March 2026 that the company was negotiating a roughly $1 billion raise at more than $11 billion, with Founders Fund set to join and Lightspeed in talks. 3 Sacra had flagged that the company was already discussing an $11 billion valuation shortly after its $5.6 billion Series B. That is close to doubling in about four months. 4

Physical Intelligence has now raised about $2.1 billion in total, all of it equity. Only around $1.07 billion of that came through publicly announced rounds. 3 Its valuation path is steep:

• Seed (March 2024): about $400 million, as reported
• Series A (November 2024): $2.4 billion
• Series B (November 2025): $5.6 billion
• Series C (May 2026): roughly $11 billion 3

The Skild comparison

The obvious benchmark is Skild AI, which is pursuing the same thesis: a single foundation model that can control many kinds of robots.

In January 2026, Skild raised a Series C of close to $1.4 billion led by SoftBank. The round took its post-money valuation above $14 billion. 12 The investor list included:

• Nvidia's NVentures, Jeff Bezos, and Samsung 1
• Macquarie Capital, Sequoia, Coatue, Lightspeed, LG, Schneider Electric, and Salesforce Ventures 2

Skild's own climb was just as fast. It went from a $1.5 billion Series A in July 2024 to roughly $4.5 billion in an unannounced 2025 round, then to $14 billion. 2 Even the 2025 figure is not settled: Bloomberg put it near $4.5 billion while PitchBook said $4.7 billion. 2

The sources also differ on Skild's total funding. The company says it has raised more than $2 billion, but disclosed rounds add up to about $1.85 billion. 2 Gaps like this between company figures and disclosed rounds are common in this sector, and that is worth remembering when comparing these companies.

The revenue question

Skild's valuation can at least be measured against sales. It began selling its "Skild Brain" only in late 2025 and reportedly has an annualized revenue run rate of about $30 million. 21 Against a $14 billion valuation, that works out to roughly 467 times revenue. 1 Yahoo Finance's company profile says that premium puts real pressure on Skild to scale commercially. The new capital mainly buys compute and runway for training its model. 1

Physical Intelligence is harder to assess. Sacra describes it as having no announced revenue model. 4 The same research also reports an emerging pricing structure of about $300 per month for each connected robot. 4 That is a software-subscription approach aimed at the "intelligence layer" that hardware makers and operators don't control. 4

These two points fit together. The pricing is real but not yet public, and there is no disclosed revenue figure to set against the $11 billion price.

Why it matters

Sacra frames both companies as evidence that investors are paying a premium for the upstream position in robotics. 4 In this view, the scarce asset is the model that makes robot arms and humanoid bodies useful, not the hardware itself. Sacra also argues that the premium now extends to several foundation-model players, not just one. 4

This is a familiar bet from the large-language-model boom. Investors expect a few general-purpose models to capture most of the value, with hardware becoming interchangeable.

The quiet nature of Physical Intelligence's round also stands out. A billion-dollar raise surfacing through filings rather than a press release suggests that formal announcements matter less to top-tier robotics startups in this market. The terms appear to be set largely by private negotiation, with insiders and returning funds such as Lightspeed involved in both companies. 23

The takeaway

In our reading, these valuations are priced on an expected future, not on current businesses. Skild's 467x multiple is at least measurable, and its $30 million run rate shows customers are paying for something. 1 Physical Intelligence's $11 billion mark rests even more on expectations, backed by a pricing model that is reported but not yet visible in its revenue. 4

Both companies now have more than $2 billion and years of runway. 23 The next test is not another funding round. It is whether per-robot subscriptions and licensing deals can grow quickly enough to bring these multiples back toward normal.