Figure AI

Investment Focus: General-Purpose Humanoid Robotics Powered by an In-House AI Control Model

Latest Round: $1.0B (Series C, Sep 2025), led by Parkway Venture Capital
Last Round Valuation: $39.0B post-money
Market Implied Value: $35.7B indicative secondary estimate (-10% to last round)
Founded 2022 | HQ San Jose, California | CEO Brett Adcock | ~500-658 employees

About Figure AI

Founded in 2022 by CEO Brett Adcock, Figure AI develops general-purpose humanoid robots — Figure 01 through Figure 03 — alongside its in-house Helix vision-language-action AI model, and manufactures its robots at its own BotQ facility in California.

The company raised over $1B in a Series C at a $39B post-money valuation on September 16, 2025, led by Parkway Venture Capital with participation from Brookfield Asset Management and Nvidia. That followed a $675M Series B at a $2.6B valuation in February 2024, which had originally included an OpenAI collaboration agreement.

Figure AI is a pre-revenue-at-scale, capital-intensive bet on general-purpose humanoid robotics, commanding one of the highest valuations in the private robotics and embodied-AI sector. It remains independent and private, with no announced IPO plans as of mid-2026.

Main Solutions and Products

Figure 03 — the company's third-generation general-purpose humanoid robot, launched October 9, 2025 and manufactured at Figure's in-house BotQ facility. It has already been deployed for logistics-sequencing pilots at BMW's Spartanburg plant and demonstrated autonomously climbing a 4.6-meter industrial ladder.

Helix (Helix 02) — Figure's in-house vision-language-action AI model, providing high-frequency, generalizable whole-robot control. Helix 02 was released in January 2026 and is central to the company's pitch that it owns both the hardware and the AI "brain" running it.

Key Investment Features

Third-generation Figure 03 robot, built at the company's own BotQ manufacturing facility
In-house Helix vision-language-action model (Helix 02, January 2026) enabling generalizable, multi-robot control
Deep-pocketed, strategically relevant investor base including Nvidia, Brookfield, Qualcomm Ventures and Salesforce
High-profile public demonstrations building brand visibility, including the BMW Spartanburg logistics pilot

Valuation and Secondary Market Snapshot

Available series normalized to their first observation, Figure AI's valuation has risen roughly 78x, its secondary price roughly 62x, and cumulative capital raised roughly 25x — with the valuation line pulling ahead of secondary pricing in the "recent acceleration" phase around the Series C.

Post-money valuation has stepped up sharply across three rounds — from $500M in May 2023, to $2.7B in February 2024, to $39.0B in September 2025 — with the latest three rounds accounting for 96% of total capital raised.

Figure AI's secondary-market activity offers an additional valuation reference point. The last primary round priced shares at $194.93, while the indicative secondary market price stands at $176.33 — roughly a 10% discount. Disclosed secondary volume across observed periods totals $19.2M, supporting an implied valuation of approximately $35.7B.

Risks

Extremely high valuation ($39B) relative to disclosed revenue, estimated in the tens of millions
General-purpose humanoid robotics remains commercially unproven at scale
Intense, well-funded competition, including Tesla Optimus, Boston Dynamics/Hyundai, Agility Robotics, and Chinese humanoid-robot entrants
Reported employee counts vary widely across trackers, suggesting rapid but not fully transparent scaling

Catalysts

Commercial deployment milestones for Figure 03 in logistics, manufacturing, or home settings
Further Helix model iterations improving generalization and multi-robot coordination
Any new funding round, strategic partnership, or longer-term IPO process

Select Investors

Parkway Venture Capital, Brookfield Asset Management, Nvidia, Qualcomm Ventures, Salesforce, ARK Investment Management, Samsung Venture Investment, Amazon, Microsoft, and Bezos Expeditions, among others.

SPF Access Note

Smartprofit Finder AG focuses on curated access to private AI growth companies for qualified and professional investors. This brief is for informational purposes and is not investment advice.