Physical AI Companies to Watch in 2026
Physical AI funding hit record levels in 2026. Robotics startups raised $18.8 billion globally in the first half of the year alone, surpassing the full-year record of $15 billion in 2025. Q1 2026 delivered a historic $29 billion across 118 transactions (including later-stage deals), more than triple Q4 2025 deal value.
The companies below represent the most significant players across humanoid robots, robot foundation models, manipulation systems, and supporting infrastructure. This tracker covers both Western and Chinese companies, because the physical AI race is global, and ignoring either side gives an incomplete picture.
Funding tracker: 20 companies building physical AI
1. Figure AI
| Field | Details |
|---|---|
| Founded | 2022 |
| Headquarters | San Jose, California |
| Total Funding | ~$2.34 billion |
| Latest Valuation | $39 billion |
| Product | Figure 02 humanoid robot |
| Status | Pre-revenue, pilot deployments at BMW |
Figure AI became the most valuable pure-play humanoid robotics company in under three years. Its Series C closed in September 2025, bringing in over $1 billion from Parkway Venture Capital, Brookfield, NVIDIA, Intel Capital, and Salesforce. The Figure 02 humanoid targets warehouse logistics and manufacturing, with pilot programs at BMW’s Spartanburg plant. Figure integrates its own VLA model for task understanding and execution.
2. Skild AI
| Field | Details |
|---|---|
| Founded | 2023 |
| Headquarters | Pittsburgh, Pennsylvania |
| Total Funding | ~$1.8 billion |
| Latest Valuation | $14 billion+ |
| Product | Scalable foundation model for robotics |
| Status | Pre-revenue, partnerships with Samsung, LG, Schneider |
Skild AI raised $1.4 billion in its Series C in January 2026, the largest robotics funding round ever at the time. The company builds a general-purpose AI model that learns from multimodal data and adapts across various robot types. Strategic investors include Samsung, LG, Schneider Electric, CommonSpirit Health, and Salesforce Ventures. Founded by CMU professors Deepak Pathak and Abhinav Gupta.
3. Physical Intelligence
| Field | Details |
|---|---|
| Founded | 2024 |
| Headquarters | San Francisco, California |
| Total Funding | ~$1.1 billion |
| Latest Valuation | $5.6 billion |
| Product | Pi-zero foundation model for robot control |
| Status | Pre-revenue, research partnerships |
Physical Intelligence builds foundation models that can control any robot for any task. Its pi-zero model demonstrated laundry folding, table clearing, and box assembly across different robot platforms. The company raised $400 million (Series A, led by Jeff Bezos and Thrive) in November 2024, followed by $600 million (Series B, led by CapitalG) in November 2025. Co-founded by Sergey Levine, Karol Hausman, and others from Google Brain, Berkeley, and Stanford.
4. Apptronik
| Field | Details |
|---|---|
| Founded | 2016 |
| Headquarters | Austin, Texas |
| Total Funding | ~$963 million |
| Latest Valuation | $5 billion |
| Product | Apollo humanoid robot |
| Status | Pre-revenue, pilot programs with Mercedes-Benz, GXO |
Apptronik builds the Apollo humanoid robot for logistics and manufacturing. The company raised $350 million in February 2025 (co-led by B Capital and Capital Factory, with Google participation), upsized to $403 million in March 2025 with Mercedes-Benz and ARK Invest joining, then raised an additional $520 million extension in February 2026 at a $5 billion valuation. Partnership with Mercedes-Benz for automotive manufacturing deployment.
5. Agility Robotics
| Field | Details |
|---|---|
| Founded | 2015 |
| Headquarters | Corvallis, Oregon |
| Total Funding | ~$641 million |
| Latest Valuation | $2.5 billion (SPAC merger) |
| Product | Digit bipedal robot |
| Status | Revenue-generating, going public via SPAC |
Agility Robotics builds Digit, a bipedal humanoid designed specifically for warehouse logistics. Digit has been piloted by Amazon since 2023 and operates under a multi-year Robots-as-a-Service agreement with GXO, crossing the 100,000-tote milestone in November 2025. The company announced a SPAC merger with Churchill Capital Corp XI in mid-2026 at a $2.5 billion pre-money valuation, with over $620 million in gross proceeds. Key investors include Amazon, NVIDIA, and Sony.
6. 1X Technologies
| Field | Details |
|---|---|
| Founded | 2014 |
| Headquarters | Moss, Norway |
| Total Funding | ~$225 million+ |
| Latest Valuation | $10 billion+ (targeted, 2025) |
| Product | NEO humanoid robot, EVE security robot |
| Status | Pre-revenue (NEO), revenue from EVE deployments |
1X Technologies (formerly Halodi Robotics) builds humanoid robots with a focus on human-safe interaction. NEO is a full-sized humanoid for household tasks, while EVE is a wheeled humanoid deployed for security and monitoring. The company’s Series B ($100 million, led by EQT Ventures) closed in January 2024, with OpenAI and Tiger Global as earlier investors. Reports in September 2025 indicated the company was in talks to raise up to $1 billion at a $10 billion+ valuation.
7. Galbot
| Field | Details |
|---|---|
| Founded | 2023 |
| Headquarters | Shenzhen, China |
| Total Funding | ~$1.15 billion |
| Latest Valuation | $3 billion+ |
| Product | Embodied AI humanoid robot |
| Status | Partnerships with Bosch, scaling manufacturing |
Galbot is China’s most heavily funded humanoid robotics startup. It raised over $300 million in December 2025 (bringing total to $800 million), then closed an additional RMB 2.5 billion (~$350 million) in March 2026. The company became the first in China’s embodied intelligence sector to receive investment from a national-level fund. Backed by CATL, Puquan Capital, and others. Partnered with Bosch for component supply and deployment.
8. Unitree Robotics
| Field | Details |
|---|---|
| Founded | 2016 |
| Headquarters | Hangzhou, China |
| Total Funding | ~$246 million (pre-IPO) |
| Latest Valuation | $7.4 billion (projected post-IPO) |
| Product | G1/H1 humanoid robots, Go2 quadruped |
| Status | Revenue-generating, Shanghai IPO planned |
Unitree is the most recognizable Chinese robotics company globally, known for producing affordable quadruped robots (Go2 at ~$1,600) and the G1 humanoid ($13,500 for the base model, excluding tax and shipping; EDU contact sales). The company completed Series C funding in June 2025 at a $1.7 billion valuation and initiated its STAR Market IPO process in July 2026, with Citic Securities estimating a post-IPO valuation over $7.4 billion. Unitree’s founder met with Chinese President Xi Jinping, signaling state-level support for the company.
9. AgiBot
| Field | Details |
|---|---|
| Founded | 2023 |
| Headquarters | Shanghai, China |
| Total Funding | ~$800 million+ |
| Latest Valuation | $1 billion+ |
| Product | A2/A3 humanoid robots, quadruped platforms |
| Status | Revenue-generating, shipped 5,000+ units in 2025 |
AgiBot is arguably the world’s largest humanoid robot manufacturer by shipment volume. The company shipped approximately 5,100 units in 2025 (39% global market share per Omdia) and crossed 10,000 cumulative units in early 2026. Backed by Tencent, BYD, Baidu, LG Electronics, and HongShan Capital. Products serve manufacturing, logistics, and service applications in over 17 countries. Planning a Hong Kong IPO in 2026.
10. Fourier Intelligence
| Field | Details |
|---|---|
| Founded | 2015 |
| Headquarters | Shanghai, China |
| Total Funding | ~$200 million+ |
| Latest Valuation | ~$1.2 billion |
| Product | GR-2/GR-3 humanoid robots, rehabilitation robotics |
| Status | Revenue-generating (rehab), humanoid in pilot |
Fourier started in rehabilitation robotics (exoskeletons and therapy robots deployed in hundreds of hospitals) and expanded into general-purpose humanoids. The GR-1 (40 DOF) was superseded by the GR-2 and GR-3 care robot (August 2025). Raised a Series E+ round of CNY 300 million (~$42 million) from Zhejiang Runyang in August 2025, valuing the company at approximately CNY 8.5 billion ($1.2 billion). Backed by IDG Capital and Saudi Aramco.
11. UBTECH Robotics
| Field | Details |
|---|---|
| Founded | 2012 |
| Headquarters | Shenzhen, China |
| Total Funding | ~$900 million+ (pre-IPO) |
| Latest Valuation | Public (HKEX: 9880.HK) |
| Product | Walker S/UWORLD U1 humanoid, education robots |
| Status | Public company, shipping commercial humanoids |
UBTECH is the first humanoid robot company to IPO, listing on the Hong Kong Stock Exchange in December 2023 at HKD 37.6 billion market cap. It holds over 2,985 authorized patents and has sold over 760,000 robots across 50+ countries (primarily educational). The UWORLD U1, launched in 2026, is positioned as the world’s first full-size mass-produced “ultra-bionic” humanoid. Secured a $1 billion credit line from Infini Capital for Middle East expansion.
12. Sanctuary AI
| Field | Details |
|---|---|
| Founded | 2018 |
| Headquarters | Vancouver, Canada |
| Total Funding | ~$141 million |
| Latest Valuation | Not publicly disclosed |
| Product | Phoenix humanoid robot |
| Status | Pivoting to AI software licensing |
Sanctuary AI builds the Phoenix humanoid with particularly advanced hands (21 DOF each, with tactile sensing). The company demonstrated hundreds of tasks identified by customers across multiple industries. Total funding reached approximately $141 million from BDC Capital and InBC (Province of British Columbia). Reports in 2026 indicate a pivot toward licensing its AI software for other robot platforms rather than selling complete humanoid hardware.
13. Covariant (acquired by Amazon, 2024)
| Field | Details |
|---|---|
| Founded | 2017 |
| Headquarters | Berkeley, California (now Amazon) |
| Total Funding | ~$222 million (pre-acquisition) |
| Latest Valuation | $625 million (April 2023) |
| Product | RFM-1 robotics foundation model |
| Status | Acqui-hired by Amazon (August 2024) |
Covariant built AI models for warehouse robots capable of handling diverse physical objects. Amazon hired three of its four co-founders and approximately 25% of staff in August 2024, non-exclusively licensing its models. The deal is widely described as a “reverse acqui-hire.” The company’s robotics foundation model (RFM-1) is now being integrated into Amazon’s fulfillment robotics operations.
14. Flexiv Robotics
| Field | Details |
|---|---|
| Founded | 2016 |
| Headquarters | Santa Clara, California / Shanghai, China |
| Total Funding | ~$400 million+ |
| Latest Valuation | ~$1 billion+ |
| Product | Rizon series adaptive robot arms |
| Status | Revenue-generating, deployed in manufacturing |
Flexiv builds force-controlled adaptive robot arms with AI-powered contact-rich manipulation. The Rizon 4 and Rizon 10 arms use proprietary force sensing and adaptive algorithms for assembly, polishing, and inspection tasks that require force feedback. Deployed in electronics manufacturing, automotive, and logistics. Dual headquarters spanning the US and China.
15. Noema Robotics (formerly Enchanted Tools)
| Field | Details |
|---|---|
| Founded | 2021 |
| Headquarters | Paris, France |
| Total Funding | ~$100 million |
| Latest Valuation | Not publicly disclosed |
| Product | Mirokai social robotics platform |
| Status | Pilot deployments in healthcare |
One of Europe’s most funded robotics startups. Noema builds the Mirokai platform for healthcare and hospitality environments, combining mobility, manipulation, and social interaction. The robot uses expressive design to make human-robot interaction more natural. Primarily deployed in French hospitals and care facilities.
16. Tesla (Optimus division)
| Field | Details |
|---|---|
| Founded | 2021 (Optimus program) |
| Headquarters | Palo Alto, California |
| Total Funding | Internal (Tesla market cap ~$800B+) |
| Latest Valuation | N/A (public company) |
| Product | Optimus humanoid robot |
| Status | Internal deployment, limited external sales planned |
Tesla’s Optimus humanoid is being deployed internally in Tesla factories. While not a startup, Tesla’s resources (Dojo supercomputer, massive data from manufacturing, FSD perception stack) make it a significant competitor. Elon Musk has stated Optimus could begin limited external sales in 2026, with scaled production by 2027. The robot uses Tesla’s FSD-derived vision stack and custom actuators.
17. Boston Dynamics (Hyundai subsidiary)
| Field | Details |
|---|---|
| Founded | 1992 |
| Headquarters | Waltham, Massachusetts |
| Total Funding | Subsidiary (Hyundai paid ~$1.1 billion for 80% stake) |
| Latest Valuation | N/A (subsidiary) |
| Product | Atlas (electric), Spot, Stretch |
| Status | Revenue-generating (Spot, Stretch), Atlas in development |
Boston Dynamics retired its hydraulic Atlas in April 2024 and announced the new electric Atlas designed for commercial deployment. Spot (quadruped inspection robot) and Stretch (warehouse robot) generate revenue through sales and leasing. The electric Atlas targets automotive and logistics customers with Hyundai integration. The company has decades of locomotion research but is now racing to add AI-powered autonomy.
18. Robotera
| Field | Details |
|---|---|
| Founded | 2023 |
| Headquarters | Beijing, China |
| Total Funding | ~$200 million+ |
| Latest Valuation | Not publicly disclosed |
| Product | Star1 humanoid robot |
| Status | Pilot deployments |
Robotera is a newer Chinese entrant focused on general-purpose humanoid robots for industrial applications. The Star1 humanoid targets manufacturing and logistics use cases. The company has attracted significant funding as part of China’s national push to dominate the humanoid robotics sector.
19. Zhiyuan Robotics (AGILEX)
| Field | Details |
|---|---|
| Founded | 2019 |
| Headquarters | Shenzhen, China |
| Total Funding | ~$100 million+ |
| Latest Valuation | Not publicly disclosed |
| Product | Mobile manipulation platforms, robot components |
| Status | Revenue-generating, supplying research labs globally |
Zhiyuan (under the AGILEX brand internationally) builds mobile robot platforms, manipulators, and components used by research labs worldwide. Their Ranger, Scout, and Cobot platforms are popular in academic settings for mobile manipulation research. Also building embodied AI capabilities on top of their hardware platform.
20. Skild AI (research division) / UC Berkeley RAIL Lab
| Field | Details |
|---|---|
| Founded | Ongoing |
| Headquarters | Berkeley, California |
| Total Funding | Academic (DARPA, NSF, industry grants) |
| Product | Octo, Open X-Embodiment, LeRobot contributions |
| Status | Foundational research, open-source models |
While not a company, the UC Berkeley Robot AI Lab (RAIL, led by Sergey Levine and others) deserves inclusion for its outsized impact. The lab produced Octo (the first open-source generalist robot policy), contributed to Open X-Embodiment (the largest robot dataset), and trained many of the founders now leading physical AI companies (Physical Intelligence, Covariant). RAIL’s open-source outputs form the foundation that commercial companies build on.
Key trends in the funding landscape
The funding gap between leaders and followers is enormous
Figure AI ($2.34B), Skild AI ($1.8B), Galbot ($1.15B), and Physical Intelligence ($1.1B) have each raised over $1 billion. Meanwhile, many capable companies operate on less than $200 million. The top 5 companies by funding account for over 60% of total startup capital in the sector.
Chinese companies are shipping hardware at scale
AgiBot shipped 5,100 units in 2025. Unitree lists the G1 base model at $13,500, excluding tax and shipping, while G1 EDU requires a sales quote. UBTECH has sold 760,000+ robots (mostly educational). Western companies are mostly still in pilot/pre-revenue stages. The gap between Chinese manufacturing velocity and Western R&D depth is a defining tension in the industry.
Foundation model companies are the new platform plays
Skild AI, Physical Intelligence, and (within NVIDIA) the GR00T team are building models designed to work across many different robots. They are betting that the “model layer” will be more valuable than the “hardware layer,” analogous to how Android is more valuable than any single phone manufacturer.
The acqui-hire pattern is accelerating
Amazon acquired Covariant’s team. Big tech companies are buying AI talent rather than building robotics divisions from scratch. Expect more acqui-hires as Google, Apple, and Meta explore physical AI.
IPOs signal market maturity
UBTECH went public in 2023. Agility Robotics announced a SPAC merger in 2026. Unitree filed for a Shanghai IPO. The market is transitioning from pure venture speculation to public-market scrutiny, which will force companies to demonstrate real revenue and unit economics.
FAQ
Which company is closest to selling humanoid robots at scale?
AgiBot and Unitree are already selling at scale. AgiBot shipped over 5,100 humanoid and quadruped robots in 2025, and Unitree’s G1 base humanoid is listed at $13,500, excluding tax and shipping. Among Western companies, Agility Robotics is closest with its Digit robot deployed at Amazon and GXO, though it operates primarily under RaaS (Robots-as-a-Service) agreements rather than direct sales.
How much does it cost to buy a humanoid robot in 2026?
Entry-level: Unitree G1 base starts at $13,500, excluding tax and shipping; programmable G1 EDU configurations require a sales quote. Mid-range: Unitree H1 and Fourier GR-2 are available quote-only for research institutions. High-end: Agility Digit and Apptronik Apollo use enterprise agreements. Most advanced humanoids (Figure 02, Boston Dynamics Atlas) are not yet available for purchase.
What is the difference between a humanoid robot company and a foundation model company?
Humanoid robot companies (Figure AI, Apptronik, Unitree, AgiBot) build complete physical robots with custom hardware, actuators, and mechanical design. Foundation model companies (Skild AI, Physical Intelligence) build the AI “brain” software that can control any robot. Some companies do both (Figure has its own VLA model; AgiBot develops its own AI). The market is still determining whether vertical integration or specialization wins.
Are Chinese robotics companies a threat to Western companies?
In manufacturing scale and price, yes. AgiBot and Unitree ship more units at lower prices than any Western competitor. In foundational AI research, Western companies (Physical Intelligence, Google DeepMind) currently lead in model capability. In total funding, it is roughly even: Chinese startups Galbot and AgiBot have raised a combined ~$2 billion, comparable to Figure AI alone. The competition is real and accelerating.
Which companies will likely IPO next?
Unitree has already filed for a Shanghai STAR Market IPO (July 2026). AgiBot is reportedly planning a Hong Kong IPO in 2026. In the West, Figure AI ($39B valuation) and Physical Intelligence ($5.6B valuation) are likely candidates for 2027 to 2028 IPOs, though their pre-revenue status makes timing uncertain. Apptronik ($5B valuation) could also go public once Apollo deployments generate consistent revenue.
How do investors evaluate physical AI companies given most are pre-revenue?
Investors primarily evaluate: (1) founding team credentials (many founders come from Google Brain, Berkeley, CMU, or Stanford), (2) technology differentiation (proprietary models, unique hardware), (3) partnership pipeline (Amazon, BMW, Mercedes partnerships signal commercial viability), (4) talent density (ability to recruit top robotics researchers), and (5) speed of iteration (how quickly can they go from demo to deployment). Revenue is secondary at this stage; the bet is on market size ($100B+ total addressable market for humanoid labor).
Sources
- Figure reaches $39B valuation in latest funding round — TechCrunch (Sep 2025) — Figure AI Series C, $1B+, $39B valuation
- Skild AI Raises $1.4B, Now Valued Over $14B — Business Wire (Jan 2026) — Skild AI Series C with SoftBank, Samsung, LG
- Physical Intelligence raises $600M — The Robot Report (Nov 2025) — PI Series B led by CapitalG, $5.6B valuation
- Humanoid robot startup Apptronik has now raised $935M — TechCrunch (Feb 2026) — Apptronik $520M extension, $5B+ valuation
- Agility Robotics to Go Public Through Merger with Churchill Capital — Agility (Jun 2026) — $2.5B SPAC merger, $620M proceeds
- 1X Secures $100M in Series B Funding — 1X Technologies (Jan 2024) — 1X Series B led by EQT Ventures
- Robotics firms secure fresh funding — Global Times (Mar 2026) — Galbot RMB 2.5B round, national AI fund
- Chinese robot maker Unitree seen worth over $7.4 billion after IPO — Reuters (Aug 2026) — Unitree IPO valuation
- Omdia Ranks AGIBOT No.1 Worldwide in Humanoid Robot Shipments — PR Newswire (Jan 2026) — AgiBot 5,168 units, 39% market share
- UBTECH Launches UWORLD U1 — PR Newswire (Jul 2026) — UWORLD U1 launch
- These 10 Chinese Robotics Startups Are Winning The Most VC Funding — Forbes (Apr 2026) — Chinese VC funding landscape
- Sector Snapshot: Robotics Startups On Fire — Crunchbase (Jun 2026) — $18.8B global robotics funding H1 2026