Physical Intelligence

Amount: USD 600M; Post-money valuation: USD 5.6B (pre-money USD 5B); Led by: CapitalG (Alphabet) | CapitalG, Alphabet's growth fund, led the round, with NVIDIA and T. Rowe Price joining as new investors. Pre-money USD 5B → Post-money USD 5.6B; valuation rose from USD 2.4B to USD 5.6B in one year. Strategic implication: Both Alphabet (cloud compute) and NVIDIA (GPU), major players in the AI infrastructure layer, appeared on the shareholder list simultaneously, highly similar to Skild AI's shareholder structure—capital is betting on both the robot model layer and the compute layer supporting it. | Source: Physical Intelligence Announcement (2025-11-20)