Figure AI reached a $39 billion post-money valuation in September 2025 following a Series C funding round that exceeded $1 billion in commitments. Parkway Venture Capital led the round, with participation from Brookfield Asset Management, NVIDIA, Intel Capital, Microsoft, OpenAI Startup Fund, Jeff Bezos through Bezos Expeditions, and other strategic investors.

The company previously raised $675 million in a Series B round in February 2024 at a $2.6 billion valuation, representing a 15x valuation increase in 18 months. Earlier funding included a $70 million Series A in May 2023, following founder Brett Adcock's $100 million seed investment.

Figure AI has raised approximately $1.9 billion in total funding across all rounds. The investor base spans strategic technology partners, infrastructure investors, and venture capital firms.

Figure AI builds humanoid robots designed to operate in human environments using a full-stack approach combining proprietary hardware with an onboard AI system called Helix.

The Figure 03 robot stands 5 feet 8 inches tall, weighs 61 kilograms, and can carry 20-kilogram payloads while walking at 1.2 meters per second. It runs for 5 hours on a swappable 2.3 kWh battery pack that charges wirelessly via inductive pads placed on floors.

The robot features 16 degrees of freedom in its hands, soft textile covering for safe human interaction, and integrated cables that eliminate external wiring. Users interact with the robot through voice commands or touch interfaces, asking it to perform tasks like folding laundry, loading dishwashers, or moving objects around warehouses and factories.

Helix serves as the robot's brain, processing visual input from cameras, understanding natural language commands, and controlling 25 electric actuators in real-time. The system learns from three data sources: human demonstrations captured through teleoperation, real-world robot performance logs, and internet-scale video data of humans performing everyday tasks.

When given a task, the robot's cameras and microphones feed information to Helix, which identifies objects, plans movement sequences, and executes actions. If uncertain, the robot pauses to ask for clarification before proceeding. Over-the-air updates push new capabilities to deployed robots weekly, similar to smartphone app updates.

Figure AI uses a Robot-as-a-Service model with monthly subscriptions instead of upfront robot purchases. Pricing is approximately $1,000 per robot per month, covering hardware deployment, software updates, maintenance, and support services.

This model lowers customer capital expenditure and creates predictable recurring revenue for Figure. Customers can deploy robots without large upfront investments, making adoption more accessible across different industries and company sizes.

Figure maintains vertical integration through its BotQ manufacturing facility in California, producing robots, batteries, actuators, and control systems in-house. Vertical integration enables tighter quality control and faster iteration cycles compared with outsourced manufacturing, though it requires substantial capital investment in production infrastructure.

The deployment base supports a data flywheel, as robots continuously generate performance data that improves Helix's capabilities. As performance improves, customers may expand usage, and the growing robot fleet produces more training data to enhance the AI system's effectiveness across deployments.

Revenue expansion comes from fleet growth within existing customers and geographic expansion to new markets. As robots prove their value in initial deployments, customers typically expand to additional locations and use cases, driving organic revenue growth without requiring new customer acquisition.

Tesla's Optimus program represents the most significant competitive threat, leveraging the company's manufacturing scale, battery technology, and AI expertise from autonomous driving. Tesla can potentially underprice competitors by amortizing costs across its automotive and energy businesses, though production has faced technical setbacks with actuator and battery reliability issues.

Boston Dynamics, backed by Hyundai's manufacturing capabilities, brings decades of robotics research and a proven track record in dynamic mobility. Their Electric Atlas robot targets industrial applications with NVIDIA computing platforms, positioning them as a formidable competitor in factory automation where their advanced mobility capabilities provide clear advantages.

Agility Robotics has established early market presence with its Digit robot in logistics applications, completing over 100,000 tote-handling cycles in live warehouse deployments. Their focus on specific use cases like bin-to-conveyor tasks allows for optimized hardware design and faster customer validation, though it limits addressable market scope compared to general-purpose approaches.

Apptronik pursues a modular design strategy with dual monetization through both Robot-as-a-Service and capital sales models. Their partnerships with major technology companies and focus on customizable solutions for different industries creates competitive differentiation, though their smaller scale may limit manufacturing cost advantages.

Unitree, UBTECH, and Fourier are driving aggressive pricing pressure with humanoid robots priced below $10,000 for basic models. These companies benefit from lower manufacturing costs and government support for robotics development, potentially forcing margin compression across the industry as they scale production and improve capabilities.

Figure 03's design for household applications opens the massive consumer robotics market, with alpha testing in real homes beginning in late 2025. The domestic robotics market represents hundreds of billions in potential revenue if even a small percentage of households adopt robotic assistance for cleaning, cooking, and eldercare tasks.

Healthcare and eldercare applications leverage Helix's language and vision capabilities for patient monitoring and assistance. Demographic aging in developed markets creates substantial unmet labor demand that humanoid robots could address, particularly for tasks requiring mobility and dexterity that traditional assistive devices cannot provide.

Automotive manufacturing success with BMW demonstrates viability for broader industrial applications across electronics assembly, aerospace, and heavy manufacturing. These sectors face persistent labor shortages and safety challenges that humanoid robots can address while working alongside human employees in existing facilities.

Logistics and warehousing represent immediate expansion opportunities beyond current deployments. The sector's 24/7 operations, repetitive tasks, and high injury rates create strong economic incentives for robotic automation, particularly as labor costs continue rising and worker availability remains constrained.

BotQ manufacturing capacity scaling from 12,000 to 100,000 units annually enables international expansion as multinational customers like BMW require global deployment capabilities. European markets with stricter worker safety regulations may provide regulatory tailwinds favoring robotic solutions for hazardous tasks.

Construction and infrastructure maintenance represent emerging applications as robots prove their reliability in controlled environments. These sectors require human-like mobility and dexterity in unstructured environments, potentially creating substantial new markets as technology capabilities mature and costs decline.

Execution complexity: Humanoid robotics requires simultaneous advancement across mechanical engineering, AI software, manufacturing, and field deployment, creating multiple potential failure points. Any significant delays in hardware reliability, AI capability development, or manufacturing scale-up could undermine the business model and competitive positioning against better-funded rivals like Tesla.

Market timing: The humanoid robotics market remains largely unproven at commercial scale, with customer adoption dependent on demonstrating clear return on investment over traditional automation solutions. If enterprises remain hesitant to deploy humanoid robots or prefer specialized automation equipment, Figure's addressable market could be significantly smaller than projected.

Competitive displacement: Well-funded competitors with complementary business lines can sustain losses longer and potentially underprice Figure's offerings while building market share. Tesla's ability to subsidize robotics development through automotive profits, or Chinese manufacturers' cost advantages, could compress margins and limit Figure's ability to achieve sustainable unit economics.