Robotics AI firm Physical Intelligence is pushing toward a $20 billion valuation, yet has no revenue to date.

Beating AI News (from Dongcha) reports that robotics AI startup Physical Intelligence (π) is in talks to raise at least $1 billion in new funding, targeting a valuation of roughly $20 billion. Existing investors Avenir and Lux Capital are expected to lead the round. The startup has not yet generated revenue, but its valuation has climbed from $5.6 billion in November last year to $11.5 billion earlier this year; if the round closes, it will rise to around $20 billion. Founded in 2024, Physical Intelligence’s founding team comes from Google DeepMind, Stanford University, and the University of California, Berkeley. Its backers include Jeff Bezos, CapitalG, and Thrive Capital. Rather than manufacturing robots itself, the firm develops a general-purpose AI “brain” compatible with diverse robot hardware, enabling robots to master practical tasks like folding clothes, organizing tableware, and picking strawberries. On October 13, the company launched the beta version of its Pi API, allowing external developers to upload their robot operation data; the platform handles model fine-tuning and provides cloud-based inference services. This lets robot manufacturers avoid training entire models from scratch, letting them test their machines’ ability to learn new tasks. Peer firm Skild AI raised $1.4 billion in funding in January this year, boasting a valuation of over $14 billion. Unlike Physical Intelligence, which has no revenue, Skild announced in September it had more than 60 paying clients, with annual recurring revenue (ARR) exceeding $100 million, roughly 90% of which came from robot operation-related tasks. Both companies aim to turn the robot “brain” into general-purpose software to sell to various hardware makers.