Updated October 202670+ pagesPDF

Humanoid Robots Report

Funding, valuations and who’s ahead

Cover of NewMarketPitch's Humanoid Robots report: funding, valuations and who's ahead, 2026 edition
Is Figure, a robot startup, really worth $39 billion? Not on sales, mostly on promise. Figure builds robots for real, ~1,000 so far, but publishes no sales. Its value is ~20 times the cash investors put in. Chart from NewMarketPitch's Humanoid Robots report.
How many robot demos are really a person with a headset? Nobody publishes it. 1X sells remote operators as a feature, and Tesla’s 2024 party robots were steered by people. Figure says its robots work alone. Chart from NewMarketPitch's Humanoid Robots report.
Tesla Optimus or Figure: who is closer to real production? Figure, by two steps: ~1,000 robots built and an 11-month test at BMW. Tesla’s first production-quality Optimus only came off its line in October 2026. Chart from NewMarketPitch's Humanoid Robots report.
Are humanoid robots actually at work, or still in labs and demos? Mostly in labs and demos. Only 18% of the humanoids shipped in early 2026 went to work in factories and warehouses. Chart from NewMarketPitch's Humanoid Robots report.
How expensive are humanoid stocks and startups? Tesla and UBTech trade at 12 to 15 times their sales, like big tech, and Unitree at 100 times. Private prices go further: Agility’s deal is ~1,400 times its sales. Chart from NewMarketPitch's Humanoid Robots report.
How far are humanoid robot makers’ promises from reality? Far, on volume: Tesla promised ~10,000 Optimus robots in 2025 and built “hundreds”. UBTech is the exception, with its 500 Walker S2 delivered. Chart from NewMarketPitch's Humanoid Robots report.
Do a few humanoid startups take most of the money? Yes, ten of them take more than half. Skild AI, Figure and Neura alone took a quarter of the $22.0B raised by humanoid robot startups recently. Chart from NewMarketPitch's Humanoid Robots report.
Skild AI or Physical Intelligence: whose robot brain leads? Skild, on business: ~$100M of yearly sales on its run rate, 60+ customers, valued above $14B. Physical Intelligence leads in open research and publishes no sales. Chart from NewMarketPitch's Humanoid Robots report.
Is humanoid money still exploding, or already peaking? Still exploding: $13.2B in the first nine months of 2026, ~1.5 times 2024 and 2025 together. The summer dip is partly late reporting from China. Chart from NewMarketPitch's Humanoid Robots report.

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Inside the report

  • Who are the top companies today
  • Who’s ahead, and who’s falling behind
  • What are their valuations
  • Who’s getting funded, and by whom
  • Who’s growing the fastest
  • Which investors are making the biggest bets
  • Which business models are winning
  • What are the biggest unsolved problems
  • What technologies are gaining traction
  • What has changed in the last 12 months
  • Where are the biggest opportunities
  • Who are the likely future winners
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Verified data with sourcesUpdated in October 2026