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. More than 1 billion dollars was committed, led by Parkway Venture Capital.
- That is roughly fifteen times the 2.6 billion dollar valuation of February 2024. It took nineteen months.
- The company publishes manufacturing numbers (over 350 robots delivered, a production rate of one an hour) and no revenue figure at all.
- Figure does not allow secondary trading in its shares without board authorisation, and it has sent cease-and-desist letters to brokers marketing them.
Of all the companies on this site, Figure AI is the one where the company's own behaviour should most shape how a buyer goes about it. It has told the market, in writing and through its lawyers, that it does not want its shares traded without its consent. Read any offer of Figure exposure against that statement first. The valuation comes 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 |
Parkway Venture Capital led the Series C. Brookfield, Nvidia, Macquarie Capital, Intel Capital, Salesforce, T-Mobile Ventures, Qualcomm Ventures and LG Technology Ventures are also named.
What is disclosed, and what is not
Throughput is published in detail: first-pass yield above 80 per cent at end of line, 99.3 per cent on the battery line, more than 500 battery packs shipped, more than 9,000 actuators. No customer is named. No revenue is disclosed. The company's own April 2026 statement splits the fleet between commercial use and internal research, data collection and housework development.
The gap has already been tested in public. On 6 April 2025 Fortune reported that the chief executive's account of robots running end-to-end operations at BMW's largest plant did not match BMW's. BMW described a single robot working on practice tasks outside production hours and, in production, one limited part-picking job. Then there is the whistleblower suit filed in November 2025 by a former head of product safety; Figure calls it falsehoods and says it will discredit them in court. 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 demo and a paying deployment, which the BMW reporting shows directly.
- Unresolved litigation risk from the safety claims.
- A fifteenfold rerating in nineteen months. That leaves the business little room to catch up with the price.
- And the transfer problem below, which can sink a position on a technicality rather than on the merits.
Exposure before a listing
In April 2025 Figure told TechCrunch that it does not allow secondary trading in its shares without board authorisation and will keep protecting itself against unwanted third-party brokers. It has sent cease-and-desist letters to brokers marketing its stock. A purchase made without that consent may not be enforceable. Unicorn Private works only where the transfer is approved and documented. With a name like this, the first question is not the price. It is whether the company will recognise you as a shareholder at all. Unicorn Club, the investor club of Unicorn Private, offers club deals in Figure AI through a dedicated vehicle (SPV), for accredited and qualified investors, from 100,000 dollars.
The short answer
Figure AI is valued at 39 billion dollars on a round that closed in September 2025. Its manufacturing disclosure is impressive; its revenue disclosure does not exist. And it actively blocks unapproved secondary trading. Read both facts before anyone starts talking price.
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 research centre in sixteen languages: guides, a tracker of the largest private technology companies, a glossary, and a frequently asked questions section, open to every reader, 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
This page in other languages
- Figure AI: 39 miliardi di dollari, nessun ricavo reso noto e azioni che la società non vi lascia comprare (Italiano)
- Figure AI : 39 milliards de dollars, aucun chiffre d'affaires communiqué et des actions que la société ne vous laissera pas acheter (Français)
- Figure AI: 39 Milliarden Dollar, kein offengelegter Umsatz und Aktien, die das Unternehmen Sie nicht kaufen lässt (Deutsch)
- Figure AI: 39.000 millones de dólares, ningún ingreso divulgado y acciones que la empresa no deja comprar (Español)
- Figure AI: 39 bilhões de dólares, nenhuma receita divulgada e ações que a empresa não deixa você comprar (Português)
- Figure AI: 39 млрд долларов, никакой раскрытой выручки и акции, которые компания не даёт купить (Русский)
- Figure AI：390亿美元、未披露收入，以及公司不允许你购买的股份 (中文)
- Figure AI：390億ドル、売上高の開示なし、そして同社が購入を認めない株式 (日本語)
- Figure AI: 39 अरब डॉलर, कोई घोषित राजस्व नहीं, और ऐसे शेयर जिन्हें कंपनी आपको खरीदने नहीं देगी (हिन्दी)
- Figure AI: 390억 달러, 공개되지 않은 매출, 그리고 회사가 매수를 허용하지 않는 주식 (한국어)
- Figure AI: 39 milyar dolar, açıklanmış gelir yok ve şirketin satın almanıza izin vermeyeceği hisseler (Türkçe)
- Figure AI: 39 miliar dolar, tanpa pendapatan yang diungkapkan, dan saham yang tidak boleh Anda beli menurut perusahaan (Bahasa Indonesia)
- Figure AI: 39 مليار دولار، ولا إيرادات معلنة، وأسهم لن تسمح لك الشركة بشرائها (العربية)
- Figure AI: 39 tỷ USD, không công bố doanh thu và cổ phiếu mà công ty không cho phép bạn mua (Tiếng Việt)
- Figure AI: 39 mld dolarów, brak ujawnionych przychodów i akcje, których spółka nie pozwoli kupić (Polski)