Physical Intelligence
ConvictionContext
Pre-commercial research lab; intended model: license hardware-agnostic VLA models to robot OEMs and deployment partners (Android-of-robotics platform play), seeded via open-weight releases (openpi/pi0) and a partner program (Weave Robotics, Ultra)
Revenue
not disclosedpre-commercial; no announced paying-customer revenue as of mid-2026Rev growth
n/apre-revenueGross margin
not disclosedOp margin
not disclosedstructurally negative - research lab funded by ~$1.07B raised to dateCapex intensity
High for its stage - GPU training compute plus physical robot fleets and real-world data-collection operationsValuation
Private - no market cap. Last priced: ~$5.6BSeries B post-money, Nov 2025, led by CapitalG); ~$1B raise reportedly in talks at >$11B (Bloomberg, Mar 27 2026 - not confirmed closed as of Jul 2026Valuation trail
$11B27.5× since Mar 2024
4 marks · Mar 2024–Mar 2026
private — no public price
Priced round
First three points are hard priced-round marks; the Mar 2026 >$11B point is a reported in-talks valuation, not a confirmed close, as of Jul 2026. Total disclosed raised across closed rounds: ~$1.07B.
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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
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence