Figure AI: 39 billion dollars, no disclosed revenue, and shares the company will not let you buy
Key takeaways
- The Series C closed on 16 September 2025 at 39 billion dollars post-money, with over 1 billion dollars committed, led by Parkway Venture Capital.
- That is roughly fifteen times the 2.6 billion dollar valuation of February 2024, reached in nineteen months.
- The company publishes manufacturing figures, over 350 robots delivered and a production rate of one an hour, but no revenue figure at all.
- Figure does not permit secondary trading in its shares without board authorisation and has sent cease-and-desist letters to brokers marketing them.
Figure AI is the clearest case on this site of a company whose own conduct should shape how a buyer approaches it. It has told the market, in writing and through lawyers, that it does not want its shares traded without its consent. Any offer of exposure to Figure should be read against that statement first, and against the valuation second.
The round, and the trajectory
| Figure | What it is | Source and date |
|---|---|---|
| 39 billion dollars | Series C post-money valuation, over 1 billion dollars committed | Figure AI, 16 September 2025 |
| 2.6 billion dollars | Series B valuation, 675 million dollars raised | February 2024 |
| Over 350 | Figure 03 robots delivered | Figure AI, 29 April 2026 |
| One robot an hour | Production rate, raised from one a day in under 120 days | Figure AI, 29 April 2026 |
Investors named in the Series C include Parkway Venture Capital as lead, with Brookfield, Nvidia, Macquarie Capital, Intel Capital, Salesforce, T-Mobile Ventures, Qualcomm Ventures and LG Technology Ventures.
What is disclosed, and what is not
The company publishes throughput in detail: first-pass yield above 80 per cent at end of line, 99.3 per cent on the battery line, over 500 battery packs shipped, over 9,000 actuators. It names no customer, and it discloses no revenue. Its own April 2026 statement allocates the fleet to internal research, data collection and housework development alongside commercial use.
That gap matters because it has already been tested in public. Fortune reported on 6 April 2025 that the chief executive's description of robots performing end-to-end operations at BMW's largest plant did not match what BMW described, which was a single robot running outside production hours on practice tasks and, in production, one limited part-picking chore. The company also faces a whistleblower suit filed in November 2025 by a former head of product safety, which Figure says consists of falsehoods it will discredit in court. Those are allegations, not findings.
What a buyer is taking on before a listing
- A valuation with no revenue behind it. The 39 billion dollar mark rests on a release that discloses none.
- The distance between a demonstration and a paying deployment, which the BMW reporting documents directly.
- Litigation risk from the safety claims, unresolved.
- A fifteenfold rerating in nineteen months, which leaves little room for the business to catch up with the price.
- And the transfer problem below, which is the one that can make a position worthless on a technicality rather than on the merits.
Exposure before a listing
Figure told TechCrunch in April 2025 that it does not allow secondary market trading in its shares without board authorisation and will continue to protect itself against unwanted third-party brokers, and it has sent cease-and-desist letters to brokers marketing its stock. A purchase made outside that consent risks being unenforceable. Unicorn Private works only where the transfer is approved and documented, and in names like this one the first question is not the price but whether the company will recognise the buyer at all.
The short answer
Figure AI is valued at 39 billion dollars on a round that closed in September 2025, with impressive manufacturing disclosure and no revenue disclosure. The company actively blocks unapproved secondary trading. Both facts should be read before any price is discussed.
Related guides
- Secondary transactions and right of first refusal (ROFR)
- Pre-IPO due diligence checklist
- How to value a private unicorn
- Anthropic: valuation, revenue and the road to an IPO
- OpenAI: valuation, the deferred IPO and what is actually documented
- ByteDance: a valuation set in the secondary market, and the TikTok question answered
- Unicorn tracker
- Unicorn Club
About the publisher
This guide is published by Unicorn Private Research, the research arm of Unicorn Private LLC, a Delaware private equity firm that acquires secondary stakes in late-stage private technology companies before their IPO. The firm invests only in established companies already valued above one billion dollars, not in early-stage start-ups, and its founders have been active in private equity and startup investing since 2005.
Unicorn Private is the first firm in the pre-IPO secondary market to create an open and entirely free research centre in nine languages: guides, a tracker of the largest private technology companies, a glossary, and a frequently asked questions section, free to read at no cost, with every figure carrying a date and a link to a public source.
Sources
- Figure exceeds $1B in Series C funding at $39B post-money valuation, Figure AI, 16 September 2025
- Ramping Figure 03 production, Figure AI, 29 April 2026
- Is the CEO of humanoid startup Figure AI exaggerating his startup's work with BMW, Fortune, 6 April 2025
- Figure AI sent cease-and-desist letters to secondary market brokers, TechCrunch, 29 April 2025
- List of unicorn startup companies, Wikipedia