Physical Intelligence in talks to raise $1B+ at ~$20B valuation, no revenue yet
lukas_m_ziegler · x · 2026-11-03
Per Bloomberg, Physical Intelligence is in talks to raise at least $1B at a $20B valuation, with existing backers Avenir and Lux Capital in talks to lead. Valuation path: $2.4B (Nov 2024) → $5.6B (Nov 2025) → $11.5B (early 2026) → $20B now. Two weeks before the report, PI opened its models to outside developers via a beta API, lifting investor interest — though sources note the company has no revenue yet.
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