Physical Intelligence Eyes $1B Raise at $11B Valuation

Physical Intelligence, a San Francisco-based robotics startup founded in 2024, is negotiating a $1 billion funding round that would value the company above $11 billion. This comes four months after its $600 million Series B in November 2025, led by CapitalG, which established the $5.6 billion post-money valuation. The company has previously secured a $400 million Series A in November 2024 at $2.4 billion and a $70 million seed in March 2024, bringing total prior funding over $1 billion from investors including Jeff Bezos, OpenAI, Thrive Capital, Lux Capital, and Bond Capital. Founders Fund is committed to participate, with Lightspeed Venture Partners in discussions alongside returning backers Thrive Capital and Lux Capital, though the deal remains preliminary and subject to change.