Humanoid Robots · BMW Partnership · $39B Valuation
Last updated: June 18, 2026 · Status:Pre-IPO — No S-1 Filed · S-1: Not filed
The short version
Figure AI builds general-purpose humanoid robots that can learn tasks by watching humans and perform manipulation and locomotion tasks autonomously. Valued at $39B from its Series B in 2024, the company has deployed robots at BMW's Spartanburg plant. Backed by Microsoft, OpenAI, NVIDIA, and Jeff Bezos. No S-1 filed — IPO timeline unclear but high-profile when it happens.
IPO Quick Facts
Field
Data
Company
Figure AI Inc.
CEO
Brett Adcock
Headquarters
Sunnyvale, CA
Founded
2022
Product
General-purpose humanoid robots (Figure 01)
Valuation
$39B (Series B, 2024)
Total Funding
$754M
Key Investors
Microsoft, OpenAI, NVIDIA, Jeff Bezos, Parkway, Intel Capital
IPO Status
Pre-IPO — No S-1 Filed
Expected IPO
TBD — no confirmed timeline
Ticker
TBD
Primary Exchange
TBD
IPO Readiness Score
38
/ D+
IPO Readiness: D+ Grade
Massive $39B valuation and elite investor backing. Blocked by: no S-1 filed, very early-stage product deployment, limited commercial scale, humanoid ROI unproven vs. purpose-built automation, and capital-intensive hardware business model.
Why Figure AI is Worth Watching
Figure AI represents the convergence of two of the most-discussed technology themes: AI and robotics. The company's bet is that a general-purpose humanoid robot — one that can learn tasks by watching and adapt to new situations — will eventually replace dedicated automation in factories, warehouses, and eventually homes. This is a massive vision with a correspondingly massive valuation.
The partnership with BMW at the Spartanburg plant is the company's first real commercial deployment. Watching how those robots perform over the next 12–24 months will be critical for the IPO narrative. Can the robots handle diverse tasks reliably? What's the cost per task compared to human labor and fixed automation?
The OpenAI and Microsoft backing is particularly notable — it means Figure has access to cutting-edge AI research specifically tailored for robotics. The combination of best-in-class AI with a purpose-built hardware platform could be transformative, or it could be that the hardware is the hard part and the AI is the easy part.
Technology & Deployment
Metric
Value
Notes
Primary Product
Figure 01
General-purpose humanoid robot
Deployment
BMW Spartanburg plant
First commercial manufacturing deployment
Valuation
$39B
Series B, 2024 — highest robotics valuation
AI Integration
OpenAI partnership
Custom AI models for robotics
Cloud
Microsoft Azure
AI compute and cloud infrastructure
Hardware
In-house
Proprietary actuators, hands, sensors
IPO Timeline
2022
Figure AI founded by Brett Adcock (previously founder of Archer Aviation).
2023–2024
Raises $754M across two rounds. OpenAI partnership announced. Valued at $39B in Series B.
2025–2026
Deploys robots at BMW's Spartanburg plant. Demonstrates end-to-end AI learning.
2026 (NOW)
Commercial deployment in progress. Scaling production and proving economics.
TBD
IPO timeline TBD. Depends on commercial scale and unit economics.
Figure AI has not filed an S-1 as of June 2026. At $39B valuation with robots already deployed at BMW, the company needs to demonstrate commercial scale — how many robots deployed, what the economics look like — before IPO candidacy is credible. Timeline TBD.
Figure AI was valued at $39 billion from its Series B in 2024, making it the highest-valued robotics company in the world. This reflects excitement about general-purpose humanoid robots but also represents a significant premium to any current commercial revenue.
Figure's humanoid robot (Figure 01) can walk, manipulate objects with dextrous hands, and learn from human demonstration. The robot uses end-to-end AI to process visual input and generate actions — no pre-programming of specific tasks. It learns new skills by watching humans perform them.
Figure competes with Tesla (Optimus/Bot), Boston Dynamics (Atlas), Agility Robotics (Digit), Apptronik (Apollo), and 1X Technologies (NEO). Figure's differentiator is the combination of AI-first approach and elite backing from Microsoft, OpenAI, and NVIDIA.
Pre-IPO Figure AI shares may be available on secondary markets like Hiive for accredited investors. Given the $39B valuation and high investor interest, shares would likely trade at a significant premium. No S-1 has been filed.
If humanoid robots achieve the cost and reliability needed for mass deployment, the total addressable market is enormous — every factory, warehouse, and eventually home. Figure has the backing of the top AI companies and a founder (Brett Adcock) who previously built Archer Aviation to a multi-billion dollar outcome. The OpenAI partnership specifically tailors AI research for robotics.