Physical Intelligence funding: Every round, investor, and valuation (2026)

Physical Intelligence, often shortened to Pi, builds AI models that control robots. Its models, named π0, π0.5, π0.6, and π0.7, turn camera images and plain-language instructions into arm and gripper movements. The company does not build robots: it wants to be the software layer that robot makers plug into, the way app developers call a language model through an API.

The San Francisco company has raised about $2.1 billion across four rounds since it was founded in 2024. Three of those rounds were announced publicly. The fourth, a Series C of about $1.05 billion, appears in corporate filings from May 2026 but has never been announced by the company.

Its backers include Thrive Capital, OpenAI, Jeff Bezos, and Alphabet's growth fund CapitalG, several of which also fund the AI labs Physical Intelligence may one day compete with. Let's dive into Physical Intelligence's funding history.

Physical Intelligence has raised a larger round every time, roughly once a year. Each round arrived around a new model release, and each one priced the company at about double the last or more.

The company came out of stealth in March 2024 with its seed round led by Thrive. Investors were backing a founding team that included Karol Hausman and Brian Ichter from Google's robotics research groups, the Berkeley professor Sergey Levine, the Stanford professor Chelsea Finn, and Lachy Groom, an early Stripe employee turned angel investor. Quan Vuong and Adnan Esmail round out the seven co-founders.

Eight months later, Physical Intelligence released π0, its first general-purpose robot model, and closed its Series A days after. CNBC reported the $2.4 billion post-money valuation, while Reuters put it at $2 billion. Bezos, Thrive, and Lux led, and OpenAI came back for a second time.

CapitalG, Alphabet's independent growth fund, led the Series B in November 2025. The round came the same week as π*0.6, a model that learns from its own mistakes on the job, and it added Index Ventures and T. Rowe Price to the cap table.

Bloomberg reported in March 2026 that Physical Intelligence was in talks to raise about $1 billion at more than $11 billion, with Founders Fund set to join and Lightspeed in discussions. Corporate filings dated May 21, 2026, and tracked by the private-market platforms Forge and Notice, authorized about $1.05 billion of Series C stock at a valuation of $11 billion to $11.2 billion. The company has not confirmed the round or named a lead.

Physical Intelligence's valuation rose about 28-fold in the 26 months between its seed and its unannounced Series C. It did that without a commercial product, so each step reflects research progress and investor demand rather than sales.

The Series A priced the company at six times its seed valuation after eight months. Investors were paying for π0, a single model trained on eight kinds of robots that could fold laundry, bus tables, and assemble boxes.

The Series B price was about 2.3 times the Series A, a smaller multiple on a much larger number. The unannounced Series C roughly doubled it again six months later. By September 2026, the Silicon Valley Business Journal was describing Physical Intelligence as a nearly $12 billion startup.

Skild AI, the closest rival in robot software, raised about $1.4 billion at more than $14 billion in January 2026, and Generalist AI raised $400 million at $2 billion in June. The breakdown of how Physical Intelligence's ownership is split covers the founders and investors who hold its shares.

Physical Intelligence's cap table mixes venture funds that back frontier AI labs, a tech giant's growth fund, and one of the world's richest people. None of them has disclosed a stake or board seat, and no investor has attached a supply or cloud deal to its money.

Thrive Capital led the seed and has put money into every round since. Lux Capital, a deep-tech fund, has also joined all four rounds and co-led the Series A.

Thrive is one of OpenAI's largest venture backers, which gives Physical Intelligence a close view of how OpenAI scaled its own fundraising. OpenAI's own funding rounds show the same pattern of returning investors and ever-larger checks.

Bezos co-led the Series A through his personal investment office and came back for the Series B. He has also backed robotics rivals, including Skild AI and Figure AI, so his bet is on the sector as much as on one company.

Most of Bezos's fortune still sits in his remaining Amazon stake, and Amazon runs one of the largest robot fleets in logistics. That gives him a close view of where warehouse robots actually get used.

CapitalG, Alphabet's independent growth fund, led the $600 million Series B. Google DeepMind runs its own robot-model program, Gemini Robotics, and several Physical Intelligence co-founders came out of Google's robotics teams.

CapitalG invests Alphabet cash on financial terms rather than as a strategic arm, and that cash comes from Google's search and cloud profits. Alphabet now owns a piece of a company that competes with its own lab.

OpenAI has invested in the seed, the Series A, and the Series B. It restarted its own robotics team in 2024 and made it public in May 2026, so it is a shareholder in a possible rival.

In July 2026, TechCrunch, citing The Information, reported that Anthropic had held acquisition talks with Physical Intelligence that spring. CEO Karol Hausman told staff a weekend rumor of a deal was not true. Anthropic made four known acquisitions in 2026, paid for by the revenue its models bring in, and any buyer would have to negotiate with OpenAI as an existing shareholder.

Khosla Ventures and Sequoia backed the seed, and Bond and Redpoint joined in the Series A. Index Ventures and T. Rowe Price came in with the Series B, and Founders Fund and Lightspeed were reported as the new names in the unannounced Series C.

Co-founder Lachy Groom joined Stripe as roughly its 30th employee, ran its card-issuing business, and then invested in companies such as Figma, Notion, and Ramp. Like Stripe's long-private ownership, Physical Intelligence's funding comes in large rounds from a small group of repeat backers.

Physical Intelligence spends its money on computing power, robot data, and a small team of researchers. Groom told TechCrunch in January 2026 that compute is the largest cost and that the company was not burning much of what it had raised.

Training a robot model means training a large vision-language model and then teaching it to output movements. Each generation, from π0 to π0.7, has added data from more robots, tasks, and partner sites, which pushes up the compute bill. Physical Intelligence has not disclosed which cloud providers or chips it uses, or how much it spends on them.

Robots cannot learn from the internet the way chatbots do, so Physical Intelligence has to collect its own training data. Human operators guide robot arms through tasks such as folding laundry, packing boxes, and making coffee, in the company's offices, in real homes and warehouses, and in a commercial-grade test kitchen.

The company buys off-the-shelf robot arms at about $3,500 each rather than building its own. Groom has told TechCrunch he thinks the same arms could be built for under $1,000, which shows how much of the budget goes to hardware that is not Physical Intelligence's core business.

Physical Intelligence had about 80 employees in January 2026, and Groom has said the company hires slowly on purpose. Most of the team works on research rather than sales.

In September 2026, the company leased an entire 233,500-square-foot building in Mountain View, near Google's headquarters, for offices and research. No acquisitions have been reported.

Physical Intelligence has no disclosed revenue and no public pricing. Groom has said he does not give investors answers on when the company will sell its models.

The company has described its plan as a "physical intelligence layer" that robot makers would pay to use. Its first partners are Weave, which folds laundry for customers in San Francisco, and Ultra, which packs e-commerce orders in US warehouses. Ultra ran π0.6 through a full shift at 96.4% autonomy, and Weave cut the interventions its remote operators make per load in half.

Physical Intelligence's growth focus is getting its models into robots that already do paid work. The Weave and Ultra deployments cover home tasks and warehouse packing, and the company has said it is working with more partners it has not named. Both partners saw better results when their own data was added to training, which is the core of the pitch: each new deployment improves the next model for everyone.

On the product side, π0.7 arrived in April 2026 as a model that can be steered with instructions and handle tasks it was never trained on, such as using an unfamiliar air fryer. The company has released a major model roughly every six months and has open-sourced earlier versions. TechCrunch describes π0.5 as among the more widely used robot models in research labs.

Physical Intelligence has announced no IPO plans and no commercialization timeline. The main risks are the lack of revenue, competition from higher-valued rivals such as Skild AI and from its own investors' labs at OpenAI and Google, and the chance that open-sourced models turn robot brains into a commodity. The contrast with Boston Dynamics' string of owners is a useful reminder that robotics companies can take decades to turn research into a business.

Physical Intelligence has raised about $2.1 billion across four rounds. It announced a $70 million seed in March 2024, a $400 million Series A in November 2024, and a $600 million Series B in November 2025. Corporate filings show a further Series C of about $1.05 billion in May 2026, which the company has not announced.

Physical Intelligence's investors include Thrive Capital, Lux Capital, CapitalG, Jeff Bezos, OpenAI, Khosla Ventures, Sequoia, Bond, Redpoint, Index Ventures, and T. Rowe Price. Founders Fund and Lightspeed were reported as new investors in the unannounced 2026 Series C.

Physical Intelligence was valued at about $11 billion in its unannounced May 2026 Series C, based on corporate filings and reporting by Bloomberg. Secondary-market estimates put it at about $11.8 billion by the end of September 2026. Its last publicly announced valuation was $5.6 billion in November 2025.

No. Physical Intelligence is a private company and has not filed for an IPO. It reportedly held acquisition talks with Anthropic in spring 2026, but no deal was reached.

Physical Intelligence is owned by its seven co-founders, its employees, and its investors. The founders are Karol Hausman, Sergey Levine, Chelsea Finn, Lachy Groom, Brian Ichter, Quan Vuong, and Adnan Esmail. The company has not disclosed individual stakes, and its largest institutional backers include Thrive Capital, Lux Capital, and CapitalG.