FIGURE · Figure AI
Robotics
FIGURE·RoboticsPre-IPO · Private
FI

Figure AI

ConvictionModerate

general-purpose humanoid robots + embodied-AI (VLA) · vertically-integrated robotics-as-a-service (RaaS)

Revenue
Not disclosed — no audited financialsindustry estimates put 2025 revenue in low-single-digit $M from pilot work
Rev growth
Not disclosedeven at Apr-2026 cadence (~240 units/mo) and ~$1k/robot/mo RaaS, FY26 ARR is estimated only in the low tens of $M
Gross margin
Not disclosedprivate; vertically integrated hardware implies thin/negative early-stage unit economics
Op margin
Not disclosed
Capex intensity
Not disclosed
Valuation
~$39B post-moneySeries C, 17 Sep 2025; ~15x step-up from $2.6B Series B, Feb 2024
Valuation trail
$39B78.0× since May 2023
3 marks · May 2023–Sep 2025
private — no public price
$500M$39B
Priced round

Series A $500M valuation is per secondary aggregators (Sacra/TSG), not the primary release; Series B/C valuations are company-disclosed. Founder's ~$100M seed was self-funded with no disclosed valuation (omitted).

The read

Where our coverage leans

Coverage leans bullish

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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

  • Income statement & margin structure
  • SWOT, moats & dependency map
  • Supplier–customer ecosystem graph
  • Signals, trends & valuation range
See plans
Not investment advice — analyst work product for a qualified professional.· intel vintage Q2 2026 (Jun 2026)· sign in (free) for the analyst summary; Pro unlocks full intelligence
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