Figure AI IPO: Timeline, Valuation, Investment Options

Figure AI, a Sunnyvale, California-based company developing general-purpose humanoid robots for warehouses, factories and eventually homes, remains private. As of November 3, 2026, it has announced no IPO date, and I found no public S-1 registration statement for the robotics company in SEC filings. Figure’s latest announced funding round valued it at $39 billion.¹ This article reviews what is known about its IPO prospects, valuation and possible routes to investment; figures can change and should be rechecked before publication.

A financial advisor can help you evaluate stocks an other investments as part of a broader portfolio management strategy.

When Figure AI Could Go Public

Figure CEO Brett Adcock has not announced an IPO timeline. The company continues to raise private capital and build its robot, AI and manufacturing operations. Its September 2025 Series C brought in more than $1 billion in committed capital, with participation from investors including NVIDIA, Intel Capital and Qualcomm Ventures. An earlier round included Microsoft, NVIDIA and Jeff Bezos’s investment firm.

Going public would require Figure to provide detailed financial and business information through SEC filings, including information about revenue, risks and operations. That disclosure could give investors a clearer picture of commercial deployments and manufacturing progress, which the company does not report publicly in the same way a listed company does. A public filing would mark a major step toward an IPO, but it would not guarantee that Figure will complete its offering.

Figure’s website also warned in July 2026 about unauthorized attempts to sell its stock. Because private-company share transfers may need company approval a listing on a marketplace does not establish that a seller has authorization or that their shares will transfer.

Figure AI Valuation History

Figure announced in September 2025 that its Series C had exceeded $1 billion in committed capital and valued the company at $39 billion post-money. That was a sharp increase from its February 2024 Series B, which raised $675 million at a $2.6 billion valuation. ² Earlier round valuations and amounts have not all been disclosed by the company.

Some private-market data providers estimated secondary pricing below the Series C valuation during 2026. One report put an implied valuation at $38 billion as of October 12, 2026, about 2.5% below the secondary market pricing from the previous round. ³ These are estimates based on limited private transactions, not exchange prices or a company-announced valuation. Secondary prices can differ from fundraising valuations because shares may have different terms, sellers may need liquidity, and transactions may face restrictions or infrequent timing.

Figure’s May 2023 Series A announcement confirmed the $70 million raise but did not state a valuation. ⁴

How Figure AI Compares With Other Humanoid Robot Companies

Figure AI remains private, and its latest announced valuation is $39 billion from its September 2025 Series C. Tesla, a publicly traded company, has its Optimus humanoid robot as one part of a much larger company, so buying Tesla shares gives investors exposure to its entire business rather than to Optimus alone.

Unitree Robotics, a Chinese maker of humanoid and quadruped robots, listed on Shanghai’s STAR Market in August 2026. Reuters reported that its IPO price valued the company at about $9 billion, though its market value can change as the shares trade. ⁵ 1X Technologies remains private; its latest publicly announced funding was a $100 million Series B in January 2024, and the company did not disclose a valuation with that announcement. ⁶

Publicly traded companies and robotics funds can offer indirect exposure to the industry, but their humanoid robot programs may represent only a small or undisclosed portion of their business. Figure’s Series C included investment from public companies such as NVIDIA, Intel, Qualcomm and Salesforce, but owning their shares does not give an investor direct ownership of Figure.

How to Invest in Figure AI Before an IPO

Figure shares are not available through ordinary stock-market orders in a standard brokerage account. Private secondary marketplaces may show interest in a company, but availability can depend on a willing shareholder, company transfer restrictions and required approvals. Figure has publicly cautioned about unauthorized offers, so investors should independently verify any proposed transaction with the company.

Some investors access private shares through a special purpose vehicle, or SPV, which pools capital to buy an interest in shares. These offerings often limit participation to accredited investors and may charge placement, management or performance fees. Minimum investments, fees and liquidity vary by offering; investors should review the actual documents rather than assume standard terms.

Public-market alternatives include shares of companies that have invested in Figure or robotics-focused funds. For example, the Roundhill Humanoid Robotics ETF trades publicly and lists a 0.75% gross expense ratio, but fund holdings change and it does not provide direct Figure ownership.

Risks of Investing in Figure AI

Humanoid robots are still in early commercial deployment, and Figure does not publicly disclose the revenue and profitability details investors would expect from a public company. Its $39 billion valuation came from a private funding round, so it may differ from what public-market investors would pay. Private shares can also be difficult to value or sell, and transfers may require company approval. Figure has warned about unauthorized attempts to sell its stock, so investors should verify any offer directly with the company.

Figure faces competition from well-funded companies such as Tesla and Unitree, while expanding robot manufacturing requires substantial investment. Customer demand, product reliability, competition and production costs could all affect its path to profitability.

There is also no guarantee Figure will go public; a listing could take years or never happen. Before considering an investment, ask what verified financial information is available, how the share price was set, whether the shares can be transferred and whether you can afford to keep the money invested without a clear exit date.

Bottom Line

Figure AI remains private, with no announced IPO date, and its $39 billion valuation reflects its September 2025 funding round rather than a public-market price. Private share access can be limited, costly and illiquid; public companies and robotics funds offer indirect exposure. A financial advisor can help weigh these options against your goals, liquidity needs and risk tolerance.

Tips for Investment Management

• A financial advisor can help you create a plan for managing your investments and even take care of them for you. Finding a financial doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
• Consider using an investment calculator if you’re wanting to estimate how your portfolio could grow over time.

Photo credit: ©iStock.com/Jacob Wackerhausen, ©iStock.com/WANAN YOSSINGKUM