Figure AI

Executive Summary

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‍Figure AI ranks among the top three leaders in humanoid robotics, driven by exceptional execution speed and a world-class team from Boston Dynamics, Tesla, and Google DeepMind. The company is deploying its advanced Figure 02 robot in industrial settings, such as BMW’s manufacturing facility, with future plans for household applications.

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Powered by its proprietary Helix VLA neural network, the Figure 02 demonstrates remarkable endurance, performing complex triage tasks for hours in demonstrations and collaborating seamlessly with other robots to complete workflows.

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Figure’s vertical integration, through in-house development of both AI and hardware, enables rapid iteration and optimization.

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The company is backed by major investors including Microsoft, NVIDIA, OpenAI, Intel Capital, and Jeff Bezos, and is currently closing a 1.5 billion USD Series C funding round at a 39.5 billion USD valuation.
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Overview

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Figure AI was founded in 2022 by Brett Adcock, a generational entrepreneur who brought Archer Aviation to IPO. Based in Sunnyvale, California, Figure AI develops autonomous humanoid robots to address labor shortages in manufacturing, logistics, and beyond.

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In February 2024, the company raised 675 million USD in a Series B round led by Parkway Venture Capital, with participation from Microsoft, NVIDIA, OpenAI, Amazon Industrial Innovation Fund, and Jeff Bezos. This followed a 70 million USD Series A in May 2023, bringing total funding to 754 million USD. In February 2025, the company began discussions for a 1.5 billion USD Series C round at a 39.5 billion USD valuation, led by Align Ventures and Parkway Venture Capital.

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Its flagship Figure 02 robot features 35 degrees of freedom and human-like dexterity, powered by the proprietary Helix VLA neural network for advanced task execution. The Figure 02 has demonstrated extended operational endurance and collaborative capabilities, working seamlessly with other units in complex tasks. With 16 degrees of freedom per hand, it delivers exceptional dexterity for precise, task-specific performance across diverse applications. Its five-hour battery runtime supports demanding workloads, with scalable design enhancements planned for future iterations. A next-generation model, Figure 03, is slated for imminent release.

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Figure AI’s vertical integration, through in-house development of both AI and hardware, ensures seamless optimization and accelerates innovation. The company is currently building its own humanoid factory, called BotQ.

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Figure AI has secured a commercial contract with BMW, with robots deployed at BMW’s South Carolina facility since December 2024. Strategic partnerships with Microsoft (for Azure AI infrastructure) and NVIDIA (for AI hardware) further enhance its technological capabilities.

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Figure 02

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Figure 02’s human-like design enables it to thrive in environments built for people, leveraging advanced AI and precision engineering.

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• High dexterity: With 16 degrees of freedom per hand, Figure 02 delivers exceptional dexterity, enabling precise, task-specific performance across diverse applications.
• Extended Operation: A 5-hour battery runtime supports demanding workloads, with scalable design enhancements planned for future iterations.
• Advanced AI: The proprietary Helix AI model drives autonomy and decision-making, positioning Figure 02 as a leader in intelligent robotics.
• Vertical Integration: In-house development of AI and hardware ensures seamless optimization which helps them move very fast.

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‍Strategic Rationale

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Humanoid robotics represents one of the most transformative opportunities of the coming decade. It is positioned to surpass digital AI in impact by directly addressing the global labor crisis through physical automation. As demographics shift and labor shortages intensify, humanoid robots offer tangible workforce solutions across industries.

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The global humanoid robotics market is projected to reach $218 billion by 2030, driven by aging populations, shrinking workforces, and advances in AI, hardware, and scalable manufacturing. These machines will be central to sectors from manufacturing and logistics to healthcare and elder care.

Figure AI has emerged as one of the leading humanoid robotics innovators in the United States alongside Tesla and Apptronik.

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The company is:

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• Well funded: Raised $1.5 billion in its Series C following $675 million in Series B, providing significant resources to scale research and development and production.
  
• Strongly differentiated: Figure 02 was developed in just 38 months. Its vertically integrated AI and hardware model enables unmatched scalability and efficiency.
  
• Competitively positioned: Holds a BMW partnership, proprietary Helix AI, and a world class engineering team.
  

At a valuation of $39.5 billion, up from $2.6 billion less than 18 months ago, Figure AI’s rapid rise reflects its ability to launch new robot generations with unprecedented speed and capability. While high risk, capturing even a modest share of the multi trillion dollar labor replacement market could deliver substantial returns.

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Share Class

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The DAO holds common stock in Figure AI, providing direct equity ownership and full participation in the company’s growth.

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Potential Liquidation Events

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Figure AI’s commercial traction and strategic partnerships suggest two likely paths to liquidity:

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1. Initial Public Offering (IPO): Growing investor interest in robotics, demonstrated by Figure AI’s 15x valuation increase, positions the company as a strong IPO candidate within the next 2 to 5 years.

2. Strategic Acquisition: Tech giants such as Microsoft, NVIDIA, or Amazon, who are existing investors, may consider acquiring Figure AI to strengthen their position in humanoid robotics and AI infrastructure.

While no liquidity event is guaranteed, Figure AI’s enterprise contracts with companies like BMW and UPS, combined with its investor base, increase the likelihood of a successful exit scenario.

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Key Risks & Considerations

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Despite its potential, Figure AI faces several risks inherent to the humanoid robotics sector:

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• Execution risk: Scaling production to 100,000 units will require overcoming challenges in hardware reliability, AI integration, and cost reduction. These are ambitious goals even with substantial funding and top-tier talent.
  
• Competition: Tesla and Apptronik are targeting the same U.S. markets such as manufacturing and logistics. The market’s large size suggests there is room for multiple winners, with competition likely to drive innovation rather than monopolistic control.
  
• Regulatory and adoption hurdles: Evolving regulations on workplace safety, data privacy, and job displacement could slow adoption. Public backlash or safety incidents may also delay large-scale deployment.

These risks are significant but are outweighed by the transformative potential of the sector, making Figure AI a high-conviction position for the XMAQUINA DAO.

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