# Figure revenue, valuation & funding

Markdown copy of https://realalpha.app/companies/figure/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

Figure was valued at $39B in its last confirmed round, a Series C in September 2025. No revenue figure has been reported. It's a private company with no ticker and no announced IPO plan.

Checked Nov 7, 2026

## At a glance

- Valuation: $39B post-money at its Series C, in September 2025. NVIDIA was reported in October 2026 to be in talks to invest $1B more at $39B.
- Revenue: not reported. Figure publishes no results, and no run rate has been reported.
- Status: private. No stock ticker. No IPO date has been set.
- Founded: 2022, by Brett Adcock.
- CEO: [Brett Adcock](https://realalpha.app/builders/brett-adcock/).
- Headquarters: San Jose, California.
- Investors: Parkway Venture Capital, Brookfield, NVIDIA, Intel Capital, Salesforce and Qualcomm Ventures, among others.
- Products: the Figure 03 humanoid robot and Helix, the AI model that runs it.
- On Real Alpha: 8 moments of its people talking, from 1 interviews

## Is Figure public? Can you buy its stock?

No. Figure is a private company, so its shares don't trade on any stock exchange and it has no ticker symbol, according to [Access IPOs](https://accessipos.com/figure-ai-stock-ipo/).

Figure hasn't announced a plan to go public, and no IPO filing has been made. Access IPOs says an IPO date is unknown and unlikely in the next few years. It notes that Brett Adcock told Fast Company his plan is to generate revenue as quickly as possible.

Figure guards how its shares change hands. In April 2025 it sent cease-and-desist letters to secondary brokers that weren't authorized to sell its stock, [TechCrunch](https://techcrunch.com/2025/09/16/figure-reaches-39b-valuation-in-latest-funding-round/) reported.

Brett Adcock has taken a company public before. He has said his previous company, Archer Aviation, went public through a SPAC and raised $1 billion that way.

For now, Figure's shares are held by its founder, its employees and its investors. This page reports facts and gives no investment advice.

From Figure's interviews

- [Archer used a SPAC to raise more than private funding offered](https://realalpha.app/s/archer-used-a-spac-to-raise-more-than-private-funding/) · Brett Adcock · The Shawn Ryan Show · Mar 30, 2026

## Valuation, round by round

Figure's valuation rose from $2.6B in February 2024 to $39B in September 2025, fifteen times in under two years.

- Oct 2026 · $39B · In talks · NVIDIA · [Tech Times](https://www.techtimes.com/articles/328801/20261013/nvidias-reported-1b-figure-ai-investment-prices-startup-above-goldman-sachs-2035-humanoid-market.htm)
- Sep 2025 · $39B · $1B+ · Parkway Venture Capital · [Figure](https://www.figure.ai/news/series-c)
- Feb 2024 · $2.6B · $675M · — · [CNBC](https://www.cnbc.com/2024/02/29/robot-startup-figure-valued-at-2point6-billion-by-bezos-amazon-nvidia.html)
- May 2023 · — · Unconfirmed · Parkway Venture Capital · [Sacra](https://sacra.com/c/figure-ai/)

Neither NVIDIA nor Figure has confirmed the October 2026 talks. The May 2023 Series A of $70M and Adcock's $100M seed come only from Sacra, with no primary report, so they aren't confirmed.

## How Figure makes money

Figure rents its robots to businesses instead of selling them outright. [Sacra](https://sacra.com/c/figure-ai/) says it uses a Robot-as-a-Service model with monthly subscriptions in place of upfront purchases.

Sacra estimates the price at about $1,000 per robot per month. Figure hasn't published its prices.

Its costs are large. In September 2026 Figure committed to spend at least $3.5 billion under a compute deal with Nscale, [Tech Times](https://www.techtimes.com/articles/328801/20261013/nvidias-reported-1b-figure-ai-investment-prices-startup-above-goldman-sachs-2035-humanoid-market.htm) reported.

[Access IPOs](https://accessipos.com/figure-ai-stock-ipo/) says Figure will likely operate at a loss for several years and will need more private capital.

From Figure's interviews

- [Factories offer a simpler first market than homes](https://realalpha.app/s/factories-offer-a-simpler-first-market-than-homes/) · Brett Adcock · The Shawn Ryan Show · Mar 30, 2026

## Products

Figure builds general-purpose humanoid robots and the AI model that controls them. Each generation has moved closer to work outside a lab.

- **Figure 01** (May 2023). Its first-generation robot, which took its first steps that month. · [Figure](https://www.figure.ai/company)
- **Figure 02** (August 2024). Introduced as the next step toward humanoids for industrial use. · [Wikipedia](https://en.wikipedia.org/wiki/Figure_AI)
- **BotQ** (early 2025). A manufacturing facility meant to build 12,000 humanoids a year, with help from Figure's own robots. · [Wikipedia](https://en.wikipedia.org/wiki/Figure_AI)
- **Figure 03** (October 2025). A general-purpose humanoid built for use in homes. · [Sacra](https://sacra.com/c/figure-ai/)
- **Helix 02** (January 2026). A new version of Helix, its AI model, extended to control the whole body. · [Wikipedia](https://en.wikipedia.org/wiki/Figure_AI)

From Figure's interviews

- [Neural nets handle soft packages that coded robots struggled with](https://realalpha.app/s/neural-nets-handle-soft-packages-that-coded-robots-struggled/) · Brett Adcock · The Shawn Ryan Show · Mar 30, 2026
- [A humanoid’s possible poses outnumber atoms in the universe](https://realalpha.app/s/a-humanoids-possible-poses-outnumber-atoms-in-the-universe/) · Brett Adcock · The Shawn Ryan Show · Mar 30, 2026

## Customers

BMW was its first named customer. In January 2024 Figure announced a partnership with BMW to deploy humanoids in its car plants, per [Wikipedia](https://en.wikipedia.org/wiki/Figure_AI).

[Sacra](https://sacra.com/c/figure-ai/) estimates that Figure 02 loaded over 90,000 parts at BMW's Spartanburg plant over more than 1,250 runtime hours. By the same estimate, it contributed to more than 30,000 X3 vehicles.

By April 2026 Figure had delivered over 350 Figure 03 robots and was building one robot every hour. By the end of June 2026 it had about 740 robots operating and about 600 human staff.

From Figure's interviews

- [Figure replaced brittle robot code with neural networks](https://realalpha.app/s/figure-replaced-brittle-robot-code-with-neural-networks/) · Brett Adcock · The Shawn Ryan Show · Mar 30, 2026

## Leadership

Figure hasn't publicly named other senior executives beyond its founder.

- **[Brett Adcock](https://realalpha.app/builders/brett-adcock/),** founder and CEO. He founded Figure in 2022 and earlier co-founded Archer Aviation and Vettery. · [TechCrunch](https://techcrunch.com/2025/09/16/figure-reaches-39b-valuation-in-latest-funding-round/)

From Figure's interviews

- [eVTOL design starts with a battery energy constraint](https://realalpha.app/s/evtol-design-starts-with-a-battery-energy-constraint/) · Brett Adcock · The Shawn Ryan Show · Mar 30, 2026

## Who owns Figure?

Its founder Brett Adcock, its employees and its investors, per [Access IPOs](https://accessipos.com/figure-ai-stock-ipo/). No parent company owns it, and no stake sizes have been disclosed.

Figure had raised nearly $2 billion by September 2025, [TechCrunch](https://techcrunch.com/2025/09/16/figure-reaches-39b-valuation-in-latest-funding-round/) reported.

- **Parkway Venture Capital** led the September 2025 Series C. · [Figure](https://www.figure.ai/news/series-c)
- **Brookfield, NVIDIA, Macquarie Capital and Intel Capital** invested in the Series C, along with Align Ventures, Tamarack Global, LG Technology Ventures, Salesforce, T-Mobile Ventures and Qualcomm Ventures. · [Figure](https://www.figure.ai/news/series-c)
- **Microsoft, the OpenAI Startup Fund and Jeff Bezos** are also listed by Sacra as investors, Bezos through Bezos Expeditions. · [Sacra](https://sacra.com/c/figure-ai/)
- **Nscale** took an undisclosed equity stake in September 2026 as part of its compute deal with Figure. · [Tech Times](https://www.techtimes.com/articles/328801/20261013/nvidias-reported-1b-figure-ai-investment-prices-startup-above-goldman-sachs-2035-humanoid-market.htm)
- **NVIDIA** was reported in October 2026 to be in advanced talks to invest $1B more. Neither company has confirmed it. · [Tech Times](https://www.techtimes.com/articles/328801/20261013/nvidias-reported-1b-figure-ai-investment-prices-startup-above-goldman-sachs-2035-humanoid-market.htm)

## Competitors

Figure worked with [OpenAI](https://realalpha.app/companies/openai/) on AI models for its robots, and that partnership ended after a year. Figure now builds its models in-house.

- **Tesla,** with its Optimus humanoid program, which Sacra calls Figure's biggest competitive threat. · [Sacra](https://sacra.com/c/figure-ai/)
- **Boston Dynamics,** backed by Hyundai. · [Sacra](https://sacra.com/c/figure-ai/)
- **[Agility Robotics](https://realalpha.app/companies/#agility-robotics),** with its Digit robot in logistics. · [Sacra](https://sacra.com/c/figure-ai/)

What its people said about the competition

- [Figure ended its OpenAI robotics partnership to build in-house](https://realalpha.app/s/figure-ended-its-openai-robotics-partnership-to-build-in/) · Brett Adcock · The Shawn Ryan Show · Mar 30, 2026

## Timeline and latest news

- Oct 7, 2026 · NVIDIA was reported to be in advanced talks to invest $1B more at a $39B valuation. Neither company confirmed it. · [Tech Times](https://www.techtimes.com/articles/328801/20261013/nvidias-reported-1b-figure-ai-investment-prices-startup-above-goldman-sachs-2035-humanoid-market.htm)
- Sep 3, 2026 · Committed to spend at least $3.5B under a compute deal with Nscale. · [Tech Times](https://www.techtimes.com/articles/328801/20261013/nvidias-reported-1b-figure-ai-investment-prices-startup-above-goldman-sachs-2035-humanoid-market.htm)
- Jun 2026 · Had about 600 human staff and about 740 robots operating at the end of June. · [Wikipedia](https://en.wikipedia.org/wiki/Figure_AI)
- Apr 2026 · Had delivered over 350 Figure 03 robots and was building one robot every hour. · [Wikipedia](https://en.wikipedia.org/wiki/Figure_AI)
- Jan 2026 · Released Helix 02, extending its AI model to the whole body. · [Wikipedia](https://en.wikipedia.org/wiki/Figure_AI)
- Nov 2025 · Its former head of product safety sued, saying he was fired over a safety warning. Figure denies it. · [Wikipedia](https://en.wikipedia.org/wiki/Figure_AI)
- Oct 2025 · Launched Figure 03, a humanoid built for use in homes. · [Sacra](https://sacra.com/c/figure-ai/)
- Sep 16, 2025 · Announced a Series C of more than $1B at a $39B post-money valuation, led by Parkway Venture Capital. · [Figure](https://www.figure.ai/news/series-c)
- Apr 2025 · Sent cease-and-desist letters to brokers promoting its stock without authorization. · [TechCrunch](https://techcrunch.com/2025/09/16/figure-reaches-39b-valuation-in-latest-funding-round/)
- Mar 2025 · Announced BotQ, a factory meant to build 12,000 humanoids a year. · [Wikipedia](https://en.wikipedia.org/wiki/Figure_AI)
- Feb 2025 · Its partnership with OpenAI on robot AI models ended after a year. · [Wikipedia](https://en.wikipedia.org/wiki/Figure_AI)
- Aug 2024 · Introduced Figure 02 for industrial use. · [Wikipedia](https://en.wikipedia.org/wiki/Figure_AI)
- Feb 29, 2024 · Raised $675M at a $2.6B valuation in a Series B. · [CNBC](https://www.cnbc.com/2024/02/29/robot-startup-figure-valued-at-2point6-billion-by-bezos-amazon-nvidia.html)
- Jan 2024 · Announced a partnership with BMW to deploy humanoids in its car plants. · [Wikipedia](https://en.wikipedia.org/wiki/Figure_AI)
- May 2023 · Figure 01, its first robot, took its first steps. · [Figure](https://www.figure.ai/company)

## Legal matters

Figure faces one known lawsuit, from a former employee. It has also sent legal letters to brokers over its private stock.

- **Former head of product safety** (filed November 2025). He sued, saying he was fired for warning that its robots could "fracture a human skull." Figure denies it, and later reports said the case was still in litigation. · [Wikipedia](https://en.wikipedia.org/wiki/Figure_AI)
- **Secondary brokers** (April 2025). Figure sent cease-and-desist letters to brokers promoting its private stock without authorization. · [TechCrunch](https://techcrunch.com/2025/09/16/figure-reaches-39b-valuation-in-latest-funding-round/)

## In their own words, and what followed

- [Factories offer a simpler first market than homes](https://realalpha.app/s/factories-offer-a-simpler-first-market-than-homes/) · Brett Adcock · The Shawn Ryan Show · Mar 30, 2026
  > “can you put a robot into your home today and do the five hours of work you need”
  Reported after · By April 2026 Figure had delivered over 350 Figure 03 robots and was building one every hour. · [Wikipedia](https://en.wikipedia.org/wiki/Figure_AI)

- [Figure replaced brittle robot code with neural networks](https://realalpha.app/s/figure-replaced-brittle-robot-code-with-neural-networks/) · Brett Adcock · The Shawn Ryan Show · Mar 30, 2026
  > “the robot that ended the shift that day was the same”
  Reported after · By the end of June 2026 Figure had about 740 robots operating, against about 600 human staff. · [Wikipedia](https://en.wikipedia.org/wiki/Figure_AI)

- [Figure ended its OpenAI robotics partnership to build in-house](https://realalpha.app/s/figure-ended-its-openai-robotics-partnership-to-build-in/) · Brett Adcock · The Shawn Ryan Show · Mar 30, 2026
  > “we're teaching you how to do like robot learning. You're seeing our progress.”
  Reported after · In September 2026 Figure committed to spend at least $3.5B on compute with Nscale. · [Tech Times](https://www.techtimes.com/articles/328801/20261013/nvidias-reported-1b-figure-ai-investment-prices-startup-above-goldman-sachs-2035-humanoid-market.htm)

## Questions people ask

### Is Figure AI a public company? Can I buy Figure stock?

No. Figure is private and has no ticker, so its shares aren't sold on any exchange, per [Access IPOs](https://accessipos.com/figure-ai-stock-ipo/).

### When will Figure AI IPO?

Figure hasn't announced an IPO or filed for one. [Access IPOs](https://accessipos.com/figure-ai-stock-ipo/) says an IPO is unlikely in the next few years.

### Who owns Figure AI?

Founder Brett Adcock, its employees and investors including Parkway Venture Capital, Brookfield, NVIDIA and Intel Capital. Stakes haven't been disclosed.

### Who is the CEO of Figure AI?

[Brett Adcock](https://realalpha.app/builders/brett-adcock/), its founder. He earlier co-founded Archer Aviation and Vettery.

### Who founded Figure AI?

Brett Adcock, in 2022.

### How much is Figure AI worth?

$39B post-money at its September 2025 Series C, per [Figure](https://www.figure.ai/news/series-c). NVIDIA was reported in October 2026 to be in talks to invest $1B more at $39B.

### How much revenue does Figure AI make?

No revenue figure has been reported. Figure doesn't publish results.

### Is Figure AI profitable?

It doesn't publish results. [Access IPOs](https://accessipos.com/figure-ai-stock-ipo/) says it will likely operate at a loss for several years.

### How does Figure AI make money?

It rents robots on monthly subscriptions. [Sacra](https://sacra.com/c/figure-ai/) estimates the price at about $1,000 per robot per month.

### Who are Figure AI's customers?

BMW, whose plants it began working in after a January 2024 partnership. By April 2026 it had delivered over 350 Figure 03 robots.

### Where is Figure AI headquartered?

San Jose, California.

### Who are Figure AI's competitors?

Tesla's Optimus program, Boston Dynamics and Agility Robotics, according to Sacra.

## Every moment from Figure's people

### Brett Adcock - Shawn Ryan’s First Interview with a Robot | SRS #292
The Shawn Ryan Show · Mar 30, 2026

- [Figure ended its OpenAI robotics partnership to build in-house](https://realalpha.app/s/figure-ended-its-openai-robotics-partnership-to-build-in/) · 5 min
- [Figure replaced brittle robot code with neural networks](https://realalpha.app/s/figure-replaced-brittle-robot-code-with-neural-networks/) · 4 min
- [Terahertz imaging could detect concealed weapons at school entrances](https://realalpha.app/s/terahertz-imaging-could-detect-concealed-weapons-at-school/) · 5 min
- [Factories offer a simpler first market than homes](https://realalpha.app/s/factories-offer-a-simpler-first-market-than-homes/) · 5 min
- [Neural nets handle soft packages that coded robots struggled with](https://realalpha.app/s/neural-nets-handle-soft-packages-that-coded-robots-struggled/) · 6 min
- [Archer used a SPAC to raise more than private funding offered](https://realalpha.app/s/archer-used-a-spac-to-raise-more-than-private-funding/) · 3 min
- [eVTOL design starts with a battery energy constraint](https://realalpha.app/s/evtol-design-starts-with-a-battery-energy-constraint/) · 7 min
- [A humanoid’s possible poses outnumber atoms in the universe](https://realalpha.app/s/a-humanoids-possible-poses-outnumber-atoms-in-the-universe/) · 6 min

## People on Real Alpha

- [Brett Adcock](https://realalpha.app/builders/brett-adcock/), Founder & CEO, Figure

## How this page is sourced

Each figure links to the filing, company statement or news report it came from, with its date. Run rates are what reporters were told, not audited results; estimates and unconfirmed reports are marked. Quotes are what each person said on the record, with the minute they said it.