Physical Intelligence reportedly in talks for $1B round at $20B valuation

Bloomberg reports that the robotics software developer is in early discussions to raise at least $1B, a round that would nearly double its valuation to roughly $20B. Lux Capital and Avenir, both existing backers, are reportedly in talks to lead. The talks are not closed, and terms could change before any announcement. The company last priced at $11.5B earlier this year. Earlier investors include Alphabet's CapitalG, Thrive Capital and Jeff Bezos, and the business has not reported revenue. The report frames the round as continued appetite for foundation models built for physical tasks. For builders, the talks show investors will pay steep step-ups for pre-revenue models aimed at robots, and that a fast valuation climb can be supported by research progress alone when the market sees a clear category.