Physical Intelligence Valuation Hits $11B in $1.05B Series C

What happened

Physical Intelligence, the startup building general-purpose AI "brains" for robots, has roughly doubled its valuation in about six months. Corporate filings dated May 21, 2026 show the company's Series C priced at between $11 billion and $11.2 billion, on a raise of about $1.05 billion 4. That turns what earlier coverage described as a round still "in talks" into a deal that has effectively closed 4. By September 2026, secondary-market trackers had placed the company even higher, at roughly $11.8 billion 4.

The jump is steep even by the standards of this cycle. In November 2025, Physical Intelligence raised $600 million at a $5.6 billion valuation 1. CapitalG led that round, with participation from Index Ventures, Lux Capital, Jeff Bezos, T. Rowe Price and Thrive Capital 1. A year earlier, its November 2024 Series A had valued the company at $2.4 billion. The step up to $5.6 billion was a 2.3x gain across two priced rounds 1. Before the latest raise, the company had collected about $1.1 billion over four rounds. Its backers include Sequoia Capital, Khosla Ventures and the OpenAI Startup Fund 1.

The data has not caught up everywhere. At least one widely used valuation database still lists $5.6 billion as the company's most recent mark 1. That gap is a reminder that private-market figures often trail the filings, sometimes by months.

A crowded field of nine- and ten-figure rounds

Physical Intelligence's raise is part of a broader rush into robotics. Between late 2025 and early 2026, four robotics startups closed or announced rounds that would each have been the largest robotics deal of any earlier year 2.

• Figure AI raised more than $1 billion in a Series C on September 17, 2025, at a $39 billion post-money valuation. Parkway Venture Capital led, with Brookfield, NVIDIA, Macquarie Capital and Intel Capital also investing 2.
• Skild AI closed a $1.4 billion Series C on January 14, 2026, at a valuation above $14 billion. SoftBank Group led, joined by NVIDIA's NVentures, Macquarie and Bezos Expeditions. The valuation roughly tripled in about seven months 2.

Physical Intelligence's category in particular is pulling in capital. Across the August 2025 to July 2026 window, robotic foundation models were the biggest physical-AI segment by money raised. They drew $3.92 billion, or 44.9% of disclosed funding, across nine deals 3. Other deals in the segment include:

• FieldAI: a $405 million Series A in August 2025, backed by NVentures, Bezos Expeditions and Khosla Ventures 3.
• Dyna Robotics: a $120 million Series A in September 2025 3.

The same tally notes that monthly capital flows were highly volatile, even though deal activity was steady enough to suggest a real market was forming 3.

Brains versus bodies

The central bet behind these valuations is that the software layer controlling robots will capture more value than the hardware. Figure builds humanoid bodies. Physical Intelligence and Skild sell the "intelligence layer" that could, in theory, run many kinds of machines 23. Investors seem willing to price that layer at a premium. The same names keep appearing across these deals, including Bezos, NVIDIA's venture arm, Thrive and Khosla 123. That overlap suggests a relatively small group of backers is setting prices for the whole sector.

The weak point is revenue. Skild is often cited as the clearest commercial proof point for robot-brain companies. Even so, its $14 billion valuation was about 467 times its roughly $30 million revenue run rate at the time 4. By September, as revenue grew, the multiple had fallen to around 140x 4. That is still extreme. Physical Intelligence has disclosed no comparable revenue figure, so its $11 billion price rests even more heavily on expectations.

The reading

The signals point in two directions at once.

• The bullish case: Capital is concentrating in foundation-model robotics. Physical Intelligence nearly doubled its valuation in about six months. Secondary buyers are paying above the round price, which shows real demand 34.
• The cautious case: Valuations are running far ahead of commercial traction. The best available revenue benchmark in the category implies multiples that only make sense if these systems scale into very large markets 4.

The likeliest outcome is that the robot-brain thesis gets tested over the next few years on deployments, not on funding announcements. Physical Intelligence now has more than $2 billion in cumulative capital, based on the November round plus the new raise 14. It has the runway to make that case. Whether an $11 billion-plus price looks prescient or frothy will depend on how quickly robots running its models move from research demos into paying customers' facilities.