Robotics · 28 October 2026 · 4 min read

Physical Intelligence is in talks at about $20 billion. The round is not signed

Bloomberg reported on 27 October that the robotics lab is discussing a raise of at least $1 billion, which would nearly double a valuation of about $11.5 billion from earlier this year. Avenir and Lux are said to be in talks to lead. The company has not confirmed it, and has not disclosed revenue.

A robot arm from Physical Intelligence’s API post, working over a table of metal parts. — Physical Intelligence’s photograph of Almond’s robot, from the company’s API post. Not a photograph of the funding talks.

Bloomberg reported on 27 October that Physical Intelligence is in talks to raise at least $1 billion, at a valuation of roughly $20 billion. The people who described the talks were not named. Existing investors Avenir and Lux Capital are said to be discussing a lead. The company has not announced a round. A conversation with a price on it is not a wire transfer, and it can still change or fail.

The step up, if Bloomberg’s earlier figure is the right base, is large. The same reporting puts the valuation from a financing earlier this year at about $11.5 billion. That is the mark this desk had been using, in round numbers, when it set the company beside other private robotics software prices. Nearly doubling it in a few months is what these investors are said to be willing to discuss. It is not a revenue multiple anyone can check. Bloomberg’s account says the company has no disclosed revenue.

What is public is the product, not the cap table. On 13 October Physical Intelligence opened a beta of its robot models: a customer uploads demonstrations, the company fine-tunes on its own computers, and the result is called through a hosted gateway. The post was a waitlist. It did not give a price or a date when the list becomes general access. The picture that went with it is a montage of other companies’ machines, including arms packing food and a humanoid in a warehouse. The company did not say which of those was a daily job and which was a demo.

The reported interest follows that opening, which is a reasonable order of events and not proof that the API is earning. Skild, a competitor, has been discussed at a valuation above $14 billion and has talked about annual recurring revenue. Physical Intelligence has not put a comparable number next to its own name. Until a round is announced, $20 billion is a mark in a private conversation. The thing a buyer can still inspect is the waitlist, and the question the API post left open: what the robot does when the cloud link drops.