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By · Published November 6, 2026 · 21 min read

Figure AI Valuation and Funding: How It Grew to $39B

Figure AI's latest valuation is $39B (Sept 2025), with new talks reported in Oct 2026. See every funding round, the revenue gap and the 8 moves behind it.

Figure AI is valued at $39 billion.

That figure comes from a Series C round that Figure announced in September 2025, with more than $1 billion in committed capital led by Parkway Venture Capital. As of October 2026, it is still the company's latest confirmed valuation.

A new round appears to be in progress. In October 2026, eWeek, citing The Information, reported that Nvidia had discussed investing another $1 billion while Figure sought money at roughly a $38 billion pre-money valuation. Parkway founder and Figure board member Gregg Hill told Forbes that Figure was closing "billions" as a Series C extension and that its Series D valuation would be considerably higher. Figure declined to confirm an active raise.

Altogether, Figure has raised about $1.9 billion, according to Forbes. Before any outside round, founder Brett Adcock put in $100 million of his own money.

Figure AI revenue is not public. The company has never disclosed it, and Forbes wrote in October 2026 that "it's impossible to ballpark revenue accurately from available information." What is known: Figure says it has delivered more than 350 Figure 03 robots, Forbes counts about 1,000 humanoids built in total, and Figure has named two commercial customers, BMW and Catalyst Brands.

The short version of why it grew: Adcock funded a full humanoid team himself, signed BMW before the robot was finished, pulled the AI in-house after a short partnership with OpenAI, built his own factory, and sold investors on a future fleet long before that fleet existed.

Here is how it happened.

Figure AI's growth in one table

DateMilestone
2022Brett Adcock founds Figure and self-funds it with $100M
March 2023Figure emerges from stealth with Figure 01 and a 40-person team
May 2023$70M Series A led by Parkway; a source puts the valuation above $400M
January 2024First commercial agreement, with BMW Manufacturing
February 2024$675M Series B at a $2.6B valuation; collaboration with OpenAI
August 2024Figure 02 launches; BMW runs a trial lasting several weeks
January 2025Adcock says Figure signed a second customer and sees a "path to 100,000 robots"
February 2025Figure exits the OpenAI deal and launches its own Helix model
March 2025BotQ factory announced with an initial line rated at 12,000 robots a year
April 2025Fortune reports only one Figure robot worked at BMW at a time; Bloomberg reports UPS talks
September 2025Series C: more than $1B at a $39B post-money valuation; Brookfield partnership
October 2025Figure 03 launches, designed for mass manufacturing and the home
November 2025Figure says Figure 02 helped build 30,000+ BMW X3s; former safety head sues
January 2026Helix 02 adds full-body control
April 2026Figure says it has delivered 350+ Figure 03s and demonstrated one robot per hour
May 2026Catalyst Brands agreement; 200-hour package-sorting livestream
June 2026Figure 03 starts a logistics test at BMW Spartanburg
August 2026Index, a paid human-video data app, launches publicly
September 2026$3.5B compute deal with Nscale; Helix 2.5 tested in 30 unseen homes
October 2026The Information reports Nvidia discussed another $1B at about $38B pre-money

1. Adcock paid for a full humanoid team before raising

Brett Adcock had already built two companies before Figure. He sold hiring marketplace Vettery for $110 million in 2018 and took air taxi maker Archer Aviation public through a SPAC in 2021, Forbes reported.

He founded Figure in 2022 and did not start by pitching investors. TechCrunch reported in September 2022 that Adcock was bootstrapping the company with $100 million of his own money. By then Figure had a staff of around 30, including CTO Jerry Pratt, who had led IHMC's team in the DARPA Robotics Challenge.

Figure came out of stealth in March 2023 with the first images of Figure 01 and a team of 40 from Boston Dynamics, Tesla, Apple and Google X, according to its launch release. The pitch was large from day one: a general-purpose humanoid for warehouses, factories and eventually homes.

Two months later, Parkway Venture Capital led a $70 million Series A. Reuters reported that Adcock put in $20 million of that personally, and a source put the valuation above $400 million.

Self-funding bought Figure something most hardware startups lack at seed stage: a senior team and a working prototype before outside money set the terms.

2. Figure signed BMW before the robot was ready

In January 2024, Figure announced its first commercial agreement, with BMW Manufacturing. The deal was milestone-based: first identify use cases, then begin staged deployment at BMW's plant in Spartanburg, South Carolina.

The early scope was small. A BMW spokesman told The State that the plant would use just one robot in the first phase. TechCrunch noted that Figure planned to lease robots through a robots-as-a-service model.

In August 2024, BMW said a new Figure 02 had completed a trial lasting several weeks, placing sheet-metal parts into fixtures. The same BMW press release said no Figure robots were then at the plant and no deployment timetable had been set.

Figure later said the deployment ran for 11 months. Its November 2025 summary claimed 10-hour weekday shifts, 90,000+ parts loaded, 1,250+ hours of runtime and a contribution to more than 30,000 X3 vehicles. BMW itself later wrote that Figure 02 supported production of more than 30,000 X3s over ten months.

The scale of that work is disputed. In early 2025, Adcock wrote that Figure had "a fleet of robots performing end-to-end operations" at BMW. Fortune reported that BMW said only one Figure robot worked at a time, at first only during non-production hours. Adcock called the article "downright lies" and threatened legal action.

Still, BMW gave Figure what money alone could not: a famous customer name and real production data. Figure says the forearm, the top hardware failure point at BMW, was redesigned for Figure 03.

3. Figure raised from the companies it needed

Figure's Series B in February 2024 was as much a partner list as a funding round. It raised $675 million at a $2.6 billion valuation from Microsoft, the OpenAI Startup Fund, Nvidia, Jeff Bezos, Parkway, Intel Capital, Align Ventures and ARK Invest, according to Figure's announcement.

Each investor brought something. Microsoft supplied Azure for training and storage. OpenAI signed a collaboration to build AI models for Figure's robots, and TechCrunch reported that the Amazon Industrial Innovation Fund also joined.

At the time, Figure had about 80 employees, per TechCrunch. A company that size raising $675 million was unusual, and the names on the cap table did a lot of the selling.

The pattern repeated in 2025 and 2026. The Series C brought in Brookfield, LG, Salesforce, T-Mobile and Qualcomm alongside returning backers such as Nvidia and Intel Capital. Later, Nscale took an equity stake as part of a compute deal, and Brookfield helped open doors to a customer.

4. Figure dropped OpenAI and built Helix in-house

The OpenAI partnership lasted less than a year. On February 4, 2025, Adcock announced that Figure was leaving the collaboration agreement after a "major breakthrough" in its own AI, TechCrunch reported.

His reasoning was vertical integration. "We can't outsource AI for the same reason we can't outsource our hardware," he told TechCrunch.

Sixteen days later, Figure released Helix, a vision-language-action model that controls the robot directly from camera images and spoken commands. It splits the work in two: a 7-billion-parameter model that understands the scene, and an 80-million-parameter policy that moves the hands and torso 200 times a second. Figure said it was trained on about 500 hours of teleoperated data and runs entirely on the robot's onboard GPUs.

Helix also changed the sales story. Figure posted on X in February 2025 that its first customer use case took 12 months but its second took 30 days, a post embedded in Bloomberg's UPS report.

OpenAI tells it differently. It told Forbes the breakup followed Figure's "consistent failure to meet the deliverables required." Adcock says Figure ended the deal because his team "ran circles" around OpenAI's.

Either way, Figure now owns its full AI stack. Helix 02 in January 2026 extended control to the whole body, using a controller trained on more than 1,000 hours of human motion data that replaced 109,504 lines of hand-written code. In one demo, a robot unloaded and reloaded a dishwasher for four minutes without human help.

5. Figure built its own factory

Instead of relying on contract manufacturers, Figure built its own factory.

In March 2025 it announced BotQ, a manufacturing plant whose first line would be able to build up to 12,000 humanoids a year. Figure said its supply chain could scale to 100,000 robots or 3 million actuators over four years.

The bigger change was in the robot's design. Figure 02 relied heavily on CNC machining. For Figure 03, the team switched to injection molding, die-casting and stamping, so parts that spent a week on a CNC machine could be made in under 20 seconds, Figure said.

Figure 03 launched in October 2025 with softer coverings for homes, wireless charging through its feet and fingertip sensors that detect three grams of pressure. Figure set a goal of producing 100,000 robots over four years.

In April 2026, Figure reported its progress. It said it had delivered more than 350 Figure 03 robots and raised output from one robot a day to one an hour in under 120 days. End-of-line first-pass yield was above 80%, it said.

Two caveats matter. Figure said it had "demonstrated" the one-per-hour cycle time, which is different from sustained output. And it said the robots went to internal research, data collection, housework development and commercial use cases, without saying how many went to paying customers.

By October 2026, Forbes put the total at about 1,000 humanoids built, noting that "it's not clear how many have been deployed, or where."

6. Figure turned demos into distribution

Figure markets mostly through Adcock's posts on X and LinkedIn and through long, continuous demonstrations.

The biggest was in May 2026. What began as a planned eight-hour livestream of Figure 03 robots sorting packages ran for 200 hours, Ars Technica reported. The robots handled 249,560 packages, taking turns so each could recharge every three to four hours.

Midway through, Figure staged a 10-hour race against a human intern. The intern won, 12,924 packages to 12,732, at 2.79 seconds per package against the robots' 2.83, per Ars Technica. More than 9.3 million people watched across YouTube and X, according to the production company that ran the stream.

Figure keeps finding new angles. In September 2026, it retired most of its Figure 02 fleet by training robots to jump into molten steel at a foundry in Finland, with Arnold Schwarzenegger involved. In October 2026, Adcock posted that a Figure 03 had walked 348 miles over nine straight days on a treadmill, Interesting Engineering reported.

This attention has a cost. Forbes titled its October 2026 profile around Adcock's "humanoid hype machine" and reported that a dozen top robotics investors from its Midas List all questioned Figure's valuation.

7. Figure priced its biggest round on a future fleet

The jump from $2.6 billion to $39 billion took 19 months. It rested mostly on fleets that had not yet been deployed.

In January 2025, Adcock announced a second commercial customer, "one of the biggest U.S. companies," and wrote that between the two customers there was "a path to 100,000 robots over the next four years," per his LinkedIn post. In April 2025, Bloomberg reported that UPS was in talks with Figure. People familiar with the matter later told Forbes the unnamed customer was UPS.

The Series C was on the market for most of 2025. Bloomberg reported in February 2025 that Figure was in talks to raise $1.5 billion at $39.5 billion. It closed in September at $39 billion post-money with more than $1 billion committed, Reuters reported.

How it was filled is unusual. Forbes reported that the term sheet reserved up to $1.2 billion for Parkway and Align Ventures, which filled their allocations with special-purpose vehicles that took checks as small as $100,000. An Align memo told those investors that 100,000 robots over four years would mean "$9b in ARR under current pricing assumptions."

The day after the Series C, Figure announced a partnership with Brookfield, which invested in the round and opened its homes, offices and warehouses for data collection. In May 2026, Figure signed a commercial agreement with Catalyst Brands, operator of JCPenney, Aéropostale and Brooks Brothers, starting at its Reno, Nevada distribution center. Catalyst said it was the first agreement between Figure and a Brookfield portfolio company.

8. Figure is spending heavily on data and compute

Figure's latest bet is that its robots are limited by data and compute, not hardware.

Robots cannot learn from the internet the way chatbots do. So Figure started collecting human video at scale, first through Project Go-Big in Brookfield properties and then through Index, an app that pays people to film themselves doing chores and work tasks.

When Index launched publicly in August 2026, Figure said it had 264,000 downloads across 108 countries, 44,000 weekly active contributors, 16 million videos and $15 million paid out. By October 2026, the Index page showed 1 million downloads, 28.5 million uploads and $35 million paid. Figure also said it was committed to spending more than $1 billion over the next 12 months on data and compute.

The compute side is bigger still. In September 2026, Figure signed a deal with Nscale for up to 100,000 Nvidia Vera Rubin GPUs, starting in the second half of 2027 in Barstow, Texas. The initial commitment is $3.5 billion, with intent to scale past $6 billion, and Nscale is taking an undisclosed stake in Figure.

That commitment is larger than everything Figure has raised. Forbes pointed out that Figure had raised about $1.9 billion, which helps explain the new round.

Figure says the data is already paying off. With Helix 2.5 in September 2026, it tested robots in 30 Bay Area homes they had never seen. Pretraining on Index raised full-task success from 9% to 56%, Figure said. Humanoids Daily's breakdown shows bed making at 67%, towel folding at 62% and toy tidying at 40%, all company-run tests.

How fast did Figure AI grow?

On valuation, very fast:

  • May 2023: above $400 million, according to a source cited by Reuters (Series A, $70 million)
  • February 2024: $2.6 billion (Series B, $675 million)
  • September 2025: $39 billion post-money (Series C, more than $1 billion)
  • October 2026: talks reported at about $38 billion pre-money, with no new round announced

That is a 15-fold increase from early 2024 to September 2025, as CNBC noted. Forbes estimates Adcock's fortune at $23.4 billion, mostly from his Figure stake.

On revenue, nobody outside the company knows. Figure has never reported it. Writing in The Business Times in August 2026, investor Chan Yip Pang said third-party estimates put Figure's 2026 revenue in the low tens of millions of dollars. Treat that as an outside estimate, not a reported figure.

The customer picture is murky too. Asked about BMW, Adcock told Forbes he thought "six or eight" robots were onsite and he was "pretty sure" BMW was paying.

BMW told Forbes the 2026 project was a non-production test with two or three robots, that it had ended, and that no Figure robots were operating at the plant. BMW declined to say whether money changed hands.

On robots, Figure says it has delivered 350+ Figure 03s, and Forbes counts about 1,000 humanoids built in total. For scale, about 7,000 humanoid robots were sold worldwide in 2025 for industrial and service use, according to International Federation of Robotics figures reported by Reuters.

Figure AI's growth loop

Figure's growth runs on one loop:

  1. A large vision attracts capital and strategic investors.
  2. Capital pays for a factory and more robots.
  3. More robots collect more data, alongside paid human video from Index.
  4. More data and compute make Helix more capable.
  5. Helix enables new demos and pilots with famous customers.
  6. Demos and customer names support the next, larger round.

The loop's weak link is step 5. A demo or pilot is not the same as a paying fleet. Until customers confirm large deployments, the loop is powered mostly by investors, not by revenue.

What Figure AI did differently

It went vertical early. Figure designs its own actuators, hands, batteries and AI, and builds robots in its own factory. Adcock's view is that a humanoid company cannot outsource the brain or the body.

It sold the end state, not the next step. Adcock talks about humanoids taking a big share of the $42 trillion global labor market, Forbes reported. He told the magazine that "every human will have one, like a phone or car."

It built a parallel investor network. Forbes described Adcock's companies as sitting outside the usual venture hierarchy. Figure raised through Parkway, Align and their SPVs, plus strategic investors like Nvidia, Brookfield and Salesforce.

It treated data as a product. Index pays people to record their own work and turns it into training data, which makes Figure part data marketplace, not only a robot maker.

What could slow Figure AI down?

The revenue gap. At $39 billion, Figure is priced as if large fleets are coming. Its named deployments are small, BMW's latest test has ended by BMW's account, and Forbes found no sign of Figure robots in active use at UPS.

Credibility. BMW, OpenAI and Archer have each publicly disputed parts of Adcock's account, Forbes reported. Each correction makes the next claim harder to take at face value.

Safety. In November 2025, Figure's former head of product safety, Robert Gruendel, sued, alleging he was fired after warning that the robots were powerful enough to fracture a human skull, CNBC reported. Figure says he was fired for poor performance and has filed counterclaims, and the case is ongoing. Roomba co-creator Rodney Brooks told Forbes he "certainly wouldn't have" a humanoid around his grandkids.

Cash needs. The Nscale deal alone starts at $3.5 billion, and Figure has said it will spend more than $1 billion on data and compute within a year. If the next round slips or comes in lower, those plans get harder.

Founder focus. Adcock is now CEO of three companies. His AI assistant startup Hark raised $700 million at a $6 billion valuation in May 2026, also led by Parkway.

Control of the stock. In July 2026, Figure warned that secondary-market sales of its shares without board approval are void, naming Forge Global among platforms it says attempted unauthorized transfers. Secondary prices for Figure are therefore not a reliable valuation signal.

Borrowing Figure's demo-first distribution

Figure built demand by posting long, specific proof of progress, like a 200-hour livestream, where its audience already spends time. Okara's X Agent drafts X posts and threads for updates like Adcock's. Its LinkedIn Agent drafts LinkedIn posts.

More startup growth stories

Frequently asked questions

What is Figure AI's valuation?

Figure AI's latest confirmed valuation is $39 billion post-money, set by its Series C in September 2025. In October 2026, The Information reported that Figure was seeking new money at about a $38 billion pre-money valuation, with Nvidia discussing a $1 billion investment. Figure has not confirmed a new round.

How much revenue does Figure AI make?

Figure AI does not disclose revenue. Forbes said in October 2026 that it was impossible to estimate accurately from public information. One investor, writing in The Business Times, cited third-party estimates of low tens of millions of dollars for 2026, but that is not a reported figure.

How much funding has Figure AI raised?

Figure has raised about $1.9 billion, according to Forbes. Its disclosed rounds are a $70 million Series A in 2023, a $675 million Series B in 2024 and more than $1 billion in its 2025 Series C, and Brett Adcock self-funded the company with $100 million at the start. Parkway Venture Capital led both the Series A and Series C.

Who founded Figure AI?

Brett Adcock founded Figure in 2022 and is its CEO. He previously founded hiring marketplace Vettery and co-founded Archer Aviation. Early hires included CTO Jerry Pratt, a humanoid researcher from IHMC.

Who are Figure AI's customers?

Figure's named commercial customers are BMW, which has tested Figure 02 and Figure 03 robots at its Spartanburg plant, and Catalyst Brands, which signed an agreement in May 2026 to use Figure robots at its Reno distribution center. Figure also said it signed "one of the biggest U.S. companies" in 2025; people familiar with the matter told Forbes that customer is UPS, which has not commented.

How many robots has Figure AI built?

Figure said in April 2026 that it had delivered more than 350 Figure 03 robots and demonstrated a cycle time of one robot per hour. Forbes reported in October 2026 that Figure has built about 1,000 humanoids in total, but it is unclear how many are deployed with customers.

Why did Figure AI end its partnership with OpenAI?

Figure left its collaboration agreement with OpenAI in February 2025, saying it had made a breakthrough in its own AI and needed to own the full stack. It launched its Helix model two weeks later. OpenAI later told Forbes that Figure had failed to meet agreed deliverables, which Figure disputes.

Can you buy Figure AI stock?

No, not through public markets. Figure is private and has no announced IPO. The company says any transfer of its shares, including through SPVs or secondary platforms, requires board approval.

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