Physical Intelligence is negotiating at least $1 billion in financing, with a valuation potentially reaching $20 billion

According to Bloomberg, robotics AI software developer Physical Intelligence is negotiating at least $1 billion in financing, with a valuation expected to nearly double to about $20 billion. Existing investors Avenir and Lux Capital are in talks to lead the investment. Earlier this year, Physical Intelligence raised funds at a valuation of $11.5 billion, and insiders say the company currently has no revenue.

Physical Intelligence was founded in 2024 by former Google DeepMind researchers and scholars from Stanford University and the University of California, Berkeley. Investors include CapitalG, a subsidiary of Alphabet, Jeff Bezos, and Thrive Capital. The company develops AI software that can run on various third-party hardware and supports multiple robotic actions. Recent job postings indicate that employees will train robots to perform daily household tasks. Earlier this month, Physical Intelligence opened access to its latest robot model for external developers for fine-tuning, which is still in the testing phase.