Zero revenue, $20 billion valuation: the embodied-AI version of OpenAI in talks to raise another $1 billion

Physical Intelligence (PI), a San Francisco robotics-AI company founded in 2024, is in talks to raise at least $1 billion at a post-money valuation of about $20 billion, according to QbitAI — but the round has not closed, and PI still has no commercial revenue or mass-produced robot of its own. PI builds general-purpose robot foundation models that run on third-party hardware, with its π0.7 model showing compositional generalization, and it launched a foundation-model API beta this month. It matters because the talks would nearly double its earlier $11.5 billion valuation, showing capital racing into embodied AI far ahead of revenue.

• 量子位 QbitAI2026-10-28 08:55