# Physical Intelligence revenue, valuation & funding

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

Physical Intelligence was valued at $11 billion to $11.2 billion in Series C filings dated May 2026. Bloomberg's sources said in October 2026 that it has no revenue yet. It's a private company and has announced no IPO plans.

Checked Nov 6, 2026

## At a glance

- Valuation: $11B to $11.2B in Series C filings dated May 2026. Bloomberg reported in October 2026 that it is in talks at about $20B. That round hasn't closed.
- Revenue: none yet, according to Bloomberg's sources in October 2026.
- Status: private. No stock ticker. No IPO plans announced.
- Founded: 2024 in San Francisco, by Karol Hausman, Sergey Levine, Chelsea Finn, Brian Ichter, Lachy Groom, Adnan Esmail and Quan Vuong.
- CEO: [Karol Hausman](https://realalpha.app/builders/karol-hausman/).
- Investors: Thrive Capital, Lux Capital, CapitalG, Jeff Bezos, OpenAI, Sequoia Capital and Khosla Ventures, among others.
- Products: the π0 family of robot models, up to π0.7, and the Pi API beta for developers.
- Headquarters: 17th Street in the Mission, San Francisco.
- On Real Alpha: 16 moments of its people talking, from 2 interviews

## Is Physical Intelligence public? Can you buy its stock?

No. Physical Intelligence is a private company. Its shares don't trade on any stock exchange, and it has no ticker symbol.

It has announced no IPO plans and no timeline for selling a product, according to [Revenue Memo](https://www.revenuememo.com/p/physical-intelligence-funding) in September 2026. Co-founder Lachy Groom told [TechCrunch](https://techcrunch.com/2026/03/27/physical-intelligence-is-reportedly-in-talks-to-raise-1-billion-again/) in March 2026 that it has no timeline for commercialization.

Its shares are held privately by its founders and investors. Exact ownership percentages haven't been disclosed, [Revenue Memo](https://www.revenuememo.com/p/who-owns-physical-intelligence) reports. This page reports facts and gives no investment advice.

## Valuation, round by round

Its valuation went from a reported $400M at the March 2024 seed to $11B to $11.2B in May 2026 filings, more than twenty-five times in about two years.

- Oct 2026 · about $20B · In talks · Avenir and Lux Capital · [The Next Web](https://thenextweb.com/news/physical-intelligence-20bn-valuation-talks-bloomberg)
- May 2026 · $11B · about $1.05B · — · [Revenue Memo](https://www.revenuememo.com/p/physical-intelligence-funding)
- Nov 2025 · $5.6B · $600M · CapitalG · [The Robot Report](https://www.therobotreport.com/physical-intelligence-raises-600m-advance-robot-foundation-models/)
- Nov 2024 · $2.4B · $400M · Jeff Bezos, Thrive Capital and Lux Capital · [CNBC (via NBC New York)](https://www.nbcnewyork.com/news/business/money-report/jeff-bezos-and-openai-invest-in-robot-startup-physical-intelligence-at-2-4-billion-valuation/5952538/)
- Mar 2024 · — · $70M · Thrive Capital · [SiliconANGLE](https://siliconangle.com/2024/11/04/ai-startup-physical-intelligence-raises-400m-create-brain-robot/)

The company never announced its Series C or named a lead, and Bloomberg separately reported a raise at $11.5bn earlier in 2026. The round at about $20B reported in October 2026 is in talks and hasn't closed.

## How Physical Intelligence makes money

It doesn't yet. Bloomberg's sources said in October 2026 that the company has no revenue, as [The Next Web](https://thenextweb.com/news/physical-intelligence-20bn-valuation-talks-bloomberg) relayed. It has no public pricing.

The company does not build robots. It wants to be the software layer that robot makers plug into, according to [Revenue Memo](https://www.revenuememo.com/p/physical-intelligence-funding).

Its first product for outside developers is the Pi API beta, launched on October 13, 2026. Developers upload data, fine-tune models and run cloud-hosted inference on their own robots. Access is by waitlist.

- **Costs.** Lachy Groom told TechCrunch in January 2026 that compute is the largest cost. He said the company was not burning much of what it had raised. · [Revenue Memo](https://www.revenuememo.com/p/physical-intelligence-funding)
- **Timeline.** Groom told TechCrunch in March 2026 that the company has no timeline for commercialization. · [TechCrunch](https://techcrunch.com/2026/03/27/physical-intelligence-is-reportedly-in-talks-to-raise-1-billion-again/)

From Physical Intelligence's interviews

- [Robotics may advance faster by solving the whole field](https://realalpha.app/s/robotics-may-advance-faster-by-solving-the-whole-field/) · Sergey Levine · Minus One · Oct 22, 2026
- [Data strategy matters more than the world-model label](https://realalpha.app/s/data-strategy-matters-more-than-the-world-model-label/) · Sergey Levine · Minus One · Oct 22, 2026
- [Robot experience can help models learn from human video](https://realalpha.app/s/robot-experience-can-help-models-learn-from-human-video/) · Sergey Levine · The Peterman Pod · Aug 24, 2026

## Products

Its products are robot foundation models, called π models, which control many kinds of robots.

- **π0** (October 31, 2024). Its first generalist robot policy. · [Physical Intelligence](https://www.pi.website)
- **Open-source π0** (February 4, 2025). It released the weights and code for π0, along with a new π0-FAST autoregressive model. · [Physical Intelligence](https://www.pi.website)
- **π0.5** (April 22, 2025). A model built for open-world generalization. · [Physical Intelligence](https://www.pi.website)
- **π*0.6** (November 17, 2025). A model trained with reinforcement learning to learn from experience. · [Physical Intelligence](https://www.pi.website)
- **π0.7** (April 16, 2026). A steerable robotic foundation model. · [Physical Intelligence](https://www.pi.website)
- **Pi API beta** (October 13, 2026). Developers upload data, fine-tune models and run cloud-hosted inference on their own robots. Access is by waitlist. · [Physical Intelligence](https://www.pi.website)

From Physical Intelligence's interviews

- [Reasoning and better annotations help robots generalize](https://realalpha.app/s/reasoning-and-better-annotations-help-robots-generalize/) · Sergey Levine · Minus One · Oct 22, 2026
- [Robot models need prior knowledge beyond demonstrations](https://realalpha.app/s/robot-models-need-prior-knowledge-beyond-demonstrations/) · Sergey Levine · Minus One · Oct 22, 2026
- [Image-based plans transfer manipulation skills across robots](https://realalpha.app/s/image-based-plans-transfer-manipulation-skills-across-robots/) · Sergey Levine · The Peterman Pod · Aug 24, 2026
- [Robotics needs to prove it can improve through experience](https://realalpha.app/s/robotics-needs-to-prove-it-can-improve-through-experience/) · Sergey Levine · The Peterman Pod · Aug 24, 2026

## Customers

Physical Intelligence hasn't published a user or customer count. The Pi API beta opened by waitlist in October 2026.

In a February 24, 2026 post, it showed partner Ultra running π0.6 packaging orders at a customer site. The robot worked a full shift at 96.4% autonomy, the [company said](https://www.pi.website/blog/partner). Weave is the other partner it named.

From Physical Intelligence's interviews

- [Robot data must be diverse to drive a capability flywheel](https://realalpha.app/s/robot-data-must-be-diverse-to-drive-a-capability-flywheel/) · Sergey Levine · The Peterman Pod · Aug 24, 2026
- [Broad training may outperform warehouse-specific data](https://realalpha.app/s/broad-training-may-outperform-warehouse-specific-data/) · Sergey Levine · The Peterman Pod · Aug 24, 2026
- [Robots need more reliability than interactive AI tools](https://realalpha.app/s/robots-need-more-reliability-than-interactive-ai-tools/) · Sergey Levine · The Peterman Pod · Aug 24, 2026
- [General-purpose robots can bootstrap their own data](https://realalpha.app/s/general-purpose-robots-can-bootstrap-their-own-data/) · Sergey Levine · Minus One · Oct 22, 2026

## Leadership

Seven people founded the company in 2024. It had about 80 employees in January 2026, according to [Revenue Memo](https://www.revenuememo.com/p/physical-intelligence-funding).

- **[Karol Hausman](https://realalpha.app/builders/karol-hausman/),** co-founder and CEO. In July 2026 he told staff a rumored Anthropic deal was not true. · [Revenue Memo](https://www.revenuememo.com/p/physical-intelligence-funding)
- **[Sergey Levine](https://realalpha.app/builders/sergey-levine/),** co-founder. He is a professor at Berkeley. · [Revenue Memo](https://www.revenuememo.com/p/physical-intelligence-funding)
- **[Chelsea Finn](https://realalpha.app/builders/chelsea-finn/),** co-founder. She is a professor at Stanford. · [Revenue Memo](https://www.revenuememo.com/p/physical-intelligence-funding)
- **Lachy Groom,** co-founder. He was an early Stripe employee and later an angel investor. · [Revenue Memo](https://www.revenuememo.com/p/physical-intelligence-funding)
- **Brian Ichter, Adnan Esmail and Quan Vuong,** co-founders. · [Revenue Memo](https://www.revenuememo.com/p/physical-intelligence-funding)

From Physical Intelligence's interviews

- [Robotics teams need expertise and shared stack context](https://realalpha.app/s/robotics-teams-need-expertise-and-shared-stack-context/) · Sergey Levine · Minus One · Oct 22, 2026
- [Robotics researchers must trace failures across the whole stack](https://realalpha.app/s/robotics-researchers-must-trace-failures-across-the-whole/) · Sergey Levine · Minus One · Oct 22, 2026
- [Robot-only data taught grasping, not broader physical skills](https://realalpha.app/s/robot-only-data-taught-grasping-not-broader-physical-skills/) · Sergey Levine · Minus One · Oct 22, 2026

## Who owns Physical Intelligence?

Its founders and investors. Exact ownership percentages haven't been disclosed.

TechCrunch, citing The Information, [reported](https://techcrunch.com/2026/07/21/the-anthropic-physical-intelligence-rumor-roiling-ai-twitter/) in July 2026 that Anthropic held acquisition talks with it that spring. Karol Hausman told employees the reports weren't true. No deal was announced.

- **Thrive Capital** led the $70M seed round in March 2024. · [SiliconANGLE](https://siliconangle.com/2024/11/04/ai-startup-physical-intelligence-raises-400m-create-brain-robot/)
- **Jeff Bezos, Thrive Capital and Lux Capital** led the $400M round in November 2024, per the New York Times as cited by SiliconANGLE. · [CNBC (via NBC New York)](https://www.nbcnewyork.com/news/business/money-report/jeff-bezos-and-openai-invest-in-robot-startup-physical-intelligence-at-2-4-billion-valuation/5952538/)
- **CapitalG** led the $600M Series B in November 2025. · [The Robot Report](https://www.therobotreport.com/physical-intelligence-raises-600m-advance-robot-foundation-models/)
- **[OpenAI](https://realalpha.app/companies/openai/)** invested in the seed, the Series A and the Series B. · [Revenue Memo](https://www.revenuememo.com/p/physical-intelligence-funding)
- **Avenir and Lux Capital** were reported in October 2026 to be in talks to lead a new round. · [The Next Web](https://thenextweb.com/news/physical-intelligence-20bn-valuation-talks-bloomberg)
- **Bond, Khosla Ventures, Redpoint Ventures and Sequoia Capital** are among the backers the company thanks on its website. · [Physical Intelligence](https://www.pi.website)

## Competitors

Physical Intelligence makes software for robots. Its rivals include robot software startups, humanoid robot makers and big tech labs.

- **[Skild AI](https://realalpha.app/companies/skild-ai/),** its closest rival in robot software, per Revenue Memo. It raised about $1.4B at more than $14B in January 2026. · [Revenue Memo](https://www.revenuememo.com/p/physical-intelligence-funding)
- **[Figure AI](https://realalpha.app/companies/figure/),** which builds humanoid robots as well as their software. · [Startup Fortune](https://startupfortune.com/physical-intelligence-is-in-talks-to-double-its-valuation-to-20-billion/)
- **[Google DeepMind](https://realalpha.app/companies/#google-deepmind),** with Gemini Robotics. · [Sacra](https://sacra.com/c/physical-intelligence/)
- **[Meta](https://realalpha.app/companies/#meta),** with its robotics research. · [Sacra](https://sacra.com/c/physical-intelligence/)
- **[OpenAI](https://realalpha.app/companies/openai/),** named by Sacra as a competitor in robot foundation models. It is also an investor. · [Sacra](https://sacra.com/c/physical-intelligence/)

What its people said about the competition

- [Robotics needs healthy hardware and manufacturing ecosystems](https://realalpha.app/s/robotics-needs-healthy-hardware-and-manufacturing-ecosystems/) · Sergey Levine · The Peterman Pod · Aug 24, 2026

## Timeline and latest news

- Oct 27, 2026 · Bloomberg reported talks to raise at least $1bn at about $20bn, led by Avenir and Lux Capital. · [The Next Web](https://thenextweb.com/news/physical-intelligence-20bn-valuation-talks-bloomberg)
- Oct 13, 2026 · Launched the Pi API beta for developers, by waitlist. · [Physical Intelligence](https://www.pi.website)
- Oct 6, 2026 · The owners of 2000 Folsom St. sued it over a lease holdover. · [The San Francisco Standard](https://sfstandard.com/2026/10/06/physical-intelligence-anthropic-mission-lawsuit/)
- Sep 2026 · Leased a 233,500-square-foot building in Mountain View. · [Revenue Memo](https://www.revenuememo.com/p/physical-intelligence-funding)
- Jul 21, 2026 · TechCrunch reported Anthropic had held acquisition talks with it that spring. · [TechCrunch](https://techcrunch.com/2026/07/21/the-anthropic-physical-intelligence-rumor-roiling-ai-twitter/)
- May 21, 2026 · Filings authorized about $1.05B of Series C stock at $11B to $11.2B. · [Revenue Memo](https://www.revenuememo.com/p/physical-intelligence-funding)
- Apr 16, 2026 · Announced π0.7, a steerable robotic foundation model. · [Physical Intelligence](https://www.pi.website)
- Mar 27, 2026 · Bloomberg reported talks to raise about $1 billion at more than $11 billion. · [TechCrunch](https://techcrunch.com/2026/03/27/physical-intelligence-is-reportedly-in-talks-to-raise-1-billion-again/)
- Feb 24, 2026 · Showed partner Ultra running π0.6 for a full shift at 96.4% autonomy. · [Physical Intelligence](https://www.pi.website/blog/partner)
- Nov 17, 2025 · Announced π*0.6, trained with reinforcement learning to learn from experience. · [Physical Intelligence](https://www.pi.website)
- Nov 2025 · Closed a $600M Series B at $5.6B, led by CapitalG. · [The Robot Report](https://www.therobotreport.com/physical-intelligence-raises-600m-advance-robot-foundation-models/)
- Apr 22, 2025 · Announced π0.5, built for open-world generalization. · [Physical Intelligence](https://www.pi.website)
- Feb 4, 2025 · Open-sourced π0 and released π0-FAST. · [Physical Intelligence](https://www.pi.website)
- Nov 4, 2024 · Raised $400M at a $2.4B valuation. · [CNBC (via NBC New York)](https://www.nbcnewyork.com/news/business/money-report/jeff-bezos-and-openai-invest-in-robot-startup-physical-intelligence-at-2-4-billion-valuation/5952538/)
- Oct 31, 2024 · Announced π0, its first generalist robot policy. · [Physical Intelligence](https://www.pi.website)
- Mar 2024 · Raised a $70M seed round led by Thrive Capital. · [SiliconANGLE](https://siliconangle.com/2024/11/04/ai-startup-physical-intelligence-raises-400m-create-brain-robot/)

## Legal matters

Physical Intelligence faces one reported lawsuit, over an office lease in San Francisco. As of October 6, 2026 the company had not responded to the complaint, [The San Francisco Standard](https://sfstandard.com/2026/10/06/physical-intelligence-anthropic-mission-lawsuit/) reported.

- **Owners of 2000 Folsom St.** (filed late September or early October 2026, San Francisco Superior Court). They say the company stayed after its lease expired. They want the space back and holdover damages of more than $13,000 a day. · [The San Francisco Standard](https://sfstandard.com/2026/10/06/physical-intelligence-anthropic-mission-lawsuit/)

## In their own words, and what followed

- [Robot data must be diverse to drive a capability flywheel](https://realalpha.app/s/robot-data-must-be-diverse-to-drive-a-capability-flywheel/) · Sergey Levine · The Peterman Pod · Aug 24, 2026
  > “Data is more like an education program for your robot than it is a fungible commodity.”
  Reported after · In October 2026 it opened the Pi API beta. Developers can upload their own robot data and fine-tune its models. · [Physical Intelligence](https://www.pi.website)

- [Robotics may advance faster by solving the whole field](https://realalpha.app/s/robotics-may-advance-faster-by-solving-the-whole-field/) · Sergey Levine · Minus One · Oct 22, 2026
  > “because when you have generality, you get more data.”
  Reported after · Five days later Bloomberg reported talks to raise at least $1bn at about $20bn. The round hasn't closed. · [The Next Web](https://thenextweb.com/news/physical-intelligence-20bn-valuation-talks-bloomberg)

- [Robots need more reliability than interactive AI tools](https://realalpha.app/s/robots-need-more-reliability-than-interactive-ai-tools/) · Sergey Levine · The Peterman Pod · Aug 24, 2026
  > “Whereas with a robot, the full value of it is unlocked when it's actually doing the thing autonomously.”
  Reported after · In October 2026 Bloomberg's sources said the company does not yet have revenue. · [The Next Web](https://thenextweb.com/news/physical-intelligence-20bn-valuation-talks-bloomberg)

## Questions people ask

### Is Physical Intelligence a public company? Can I buy Physical Intelligence stock?

No. Physical Intelligence is private and has no ticker, so its shares aren't sold on any exchange. It has announced no IPO plans.

### When will Physical Intelligence IPO?

It has announced no IPO plans, according to [Revenue Memo](https://www.revenuememo.com/p/physical-intelligence-funding) in September 2026.

### Who owns Physical Intelligence?

Its founders and investors, including Thrive Capital, Lux Capital, CapitalG, Jeff Bezos, OpenAI and Sequoia Capital. Stakes haven't been disclosed.

### Who is the CEO of Physical Intelligence?

[Karol Hausman](https://realalpha.app/builders/karol-hausman/), who co-founded the company in 2024.

### Who founded Physical Intelligence?

Karol Hausman, Sergey Levine, Chelsea Finn, Brian Ichter, Lachy Groom, Adnan Esmail and Quan Vuong, in 2024 in San Francisco.

### How much is Physical Intelligence worth?

$11B to $11.2B, per Series C filings dated May 2026 ([Revenue Memo](https://www.revenuememo.com/p/physical-intelligence-funding)). Bloomberg reported talks at about $20B in October 2026, not closed.

### How much revenue does Physical Intelligence make?

None yet, Bloomberg's sources said in October 2026, as [The Next Web](https://thenextweb.com/news/physical-intelligence-20bn-valuation-talks-bloomberg) reported.

### Is Physical Intelligence profitable?

It has no revenue yet. Lachy Groom said in January 2026 that compute is its largest cost and it wasn't burning much of its funding, per [Revenue Memo](https://www.revenuememo.com/p/physical-intelligence-funding).

### How does Physical Intelligence make money?

It doesn't yet. It builds AI models for robots and opened a waitlisted API beta in October 2026. It has no public pricing.

### Who are Physical Intelligence's customers?

It names partners Ultra and Weave. Ultra ran π0.6 packaging orders for a full shift at 96.4% autonomy, the [company said](https://www.pi.website/blog/partner).

### Where is Physical Intelligence headquartered?

On 17th Street in the Mission, San Francisco, per [The San Francisco Standard](https://sfstandard.com/2026/10/06/physical-intelligence-anthropic-mission-lawsuit/). It leased a building in Mountain View in September 2026.

### Who are Physical Intelligence's competitors?

Skild AI, Figure AI, Google DeepMind, Meta and OpenAI.

## Every moment from Physical Intelligence's people

### How Close Are We to Robots That Can Do Anything? | Sergey Levine, Physical Intelligence
Minus One · Oct 22, 2026

- [Reasoning and better annotations help robots generalize](https://realalpha.app/s/reasoning-and-better-annotations-help-robots-generalize/) · 7 min
- [General-purpose robots can bootstrap their own data](https://realalpha.app/s/general-purpose-robots-can-bootstrap-their-own-data/) · 7 min
- [Data strategy matters more than the world-model label](https://realalpha.app/s/data-strategy-matters-more-than-the-world-model-label/) · 3 min
- [Robotics may advance faster by solving the whole field](https://realalpha.app/s/robotics-may-advance-faster-by-solving-the-whole-field/) · 5 min
- [Robot-only data taught grasping, not broader physical skills](https://realalpha.app/s/robot-only-data-taught-grasping-not-broader-physical-skills/) · 3 min
- [Robotics researchers must trace failures across the whole stack](https://realalpha.app/s/robotics-researchers-must-trace-failures-across-the-whole/) · 5 min
- [Robot models need prior knowledge beyond demonstrations](https://realalpha.app/s/robot-models-need-prior-knowledge-beyond-demonstrations/) · 2 min
- [Robotics teams need expertise and shared stack context](https://realalpha.app/s/robotics-teams-need-expertise-and-shared-stack-context/) · 3 min

### Sergey Levine: Humanoid Robotics Results, Chinese Labs & Future Timelines
The Peterman Pod · Aug 24, 2026

- [Robotics needs to prove it can improve through experience](https://realalpha.app/s/robotics-needs-to-prove-it-can-improve-through-experience/) · 4 min
- [Robot experience can help models learn from human video](https://realalpha.app/s/robot-experience-can-help-models-learn-from-human-video/) · 5 min
- [Robots need more reliability than interactive AI tools](https://realalpha.app/s/robots-need-more-reliability-than-interactive-ai-tools/) · 3 min
- [Robot data must be diverse to drive a capability flywheel](https://realalpha.app/s/robot-data-must-be-diverse-to-drive-a-capability-flywheel/) · 4 min
- [Broad training may outperform warehouse-specific data](https://realalpha.app/s/broad-training-may-outperform-warehouse-specific-data/) · 2 min
- [Image-based plans transfer manipulation skills across robots](https://realalpha.app/s/image-based-plans-transfer-manipulation-skills-across-robots/) · 3 min
- [Robotics needs healthy hardware and manufacturing ecosystems](https://realalpha.app/s/robotics-needs-healthy-hardware-and-manufacturing-ecosystems/) · 3 min
- [A 13-hour coffee run tested long-horizon robot behavior](https://realalpha.app/s/a-13-hour-coffee-run-tested-long-horizon-robot-behavior/) · 3 min

## People on Real Alpha

- [Karol Hausman](https://realalpha.app/builders/karol-hausman/), Co-founder & CEO, Physical Intelligence
- [Sergey Levine](https://realalpha.app/builders/sergey-levine/), Co-founder, Physical Intelligence
- [Chelsea Finn](https://realalpha.app/builders/chelsea-finn/), Co-founder, Physical Intelligence

## 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.