Skild AI and Figure top the largest humanoid and embodied-AI funding rounds of 2025-2026, as money moves from robot bodies to robot brains

For founders and boards setting a raise, this dataset gives a disclosed benchmark rather than a rumoured one. The median verified humanoid or embodied-AI round since January 2025 is $151 million, but the mean of $266 million is pulled up by two rounds of $1 billion or more, so a company comparing itself with "the market" should look at the median and at its own segment. In 2026 the median model-developer round in our data is $320 million, against $200 million for humanoid makers.

The share of the company sold in each round is a second benchmark. Dividing the round by its disclosed post-money gives Figure AI 2.6%, Skild AI 10.0%, SiMa.ai 10.3%, Humanoid 11.3% and Walden Robotics 27.3%, assuming the rounds were entirely new shares. Late-stage leaders now sell thin slices at high prices, while Walden's seed sold more than a quarter of the company at a $1.1 billion post-money, a structure that leaves less room for the next round to step up.

For corporate investors the pattern matters because participation without a lead has become the default way to buy access. NVIDIA, LG, Samsung, Bosch, Schaeffler and Mercedes-Benz all joined rounds in this window, and of that group only LG Electronics led one, at AgiBot. Toyota, Luxshare Precision and CATL are the other industrial leads in our records. A strategic that wants board influence or supply terms will increasingly have to lead, which in 2026 means writing nine-figure cheques.

Among model developers, the funded companies are betting on different data sources, which is the main way to tell them apart. Skild AI describes a single Skild Brain meant to run on many robot types; Generalist AI trains on human physical interaction captured with wearable devices; General Intuition trains action and world models on action-labelled gameplay clips; Genesis AI trains on in-house simulation data; FieldAI targets unstructured industrial sites with quadrupeds, humanoids and vehicles; Dyna Robotics runs its own model on commercial robots; Walden Robotics builds factory robots on large behaviour models from Toyota Research Institute. Skild has raised $1,700 million across the two rounds in our data, more than any rival except Figure AI.

Among humanoid makers, Figure AI stands apart on valuation at $39 billion post-money, and it has disclosed $1,745 million across three rounds. Apptronik is the volume challenger in capital terms, with three Series A closes totalling $923 million in our records and Google and Mercedes-Benz in each later close. EngineAI's $200 million is the only Chinese humanoid round with a disclosed dollar amount, and Humanoid's $152 million at $1.35 billion made it the European reference point. Generative Bionics, an Istituto Italiano di Tecnologia spinout, raised $81 million in seed money led by CDP Venture Capital.

The notable absences are as telling. Physical Intelligence has a verified Series B led by CapitalG with no disclosed amount, and NEURA Robotics announced up to $1.4 billion in a Series C that we hold as undisclosed under our rule on ceilings. Either, once disclosed, would change the top five.

Five rounds in the window disclosed a post-money valuation. Dividing each by the total disclosed capital the company has raised in our records gives a rough measure of how much value investors assign per dollar put in: Figure AI 22.3 times ($39,000 million / $1,745 million), Humanoid 8.9 times ($1,350 million / $152 million), Skild AI 8.2 times ($14,000 million / $1,700 million) and Walden Robotics 3.7 times ($1,100 million / $300 million). SiMa.ai is left out because our records hold only its Series C.

Skild AI's 9.3-fold step-up between July 2024 and January 2026 is the steepest verified step-up in the dataset. Set against the company's statement in September 2026 that it had passed $100 million in annual recurring revenue, the January price implies a multiple of no more than 140 times that run-rate, since revenue above $100 million lowers the ratio. That is a software-style multiple applied to a business that still depends on other makers shipping robots.

These ratios are only as good as the disclosures. Figure AI's earlier Series B valuation is not stored as a verified post-money, so we do not compute its step-up, and none of the Chinese rounds disclose a post-money in dollar terms.

The lead and strategic investors map closely onto the hardware supply chain. Luxshare Precision, a contract manufacturer, co-led EngineAI's Series B; CATL, the battery maker, co-led Galbot's 2025 round; Schaeffler and Bosch, which make bearings, drives and actuators, joined both NEURA Robotics and Humanoid; Mercedes-Benz joined two Apptronik closes; LG and Samsung affiliates appear in rounds of Figure AI, Skild AI, Dyna Robotics and Walden Robotics. The pattern suggests component makers want early design-in positions in the humanoid bill of materials.

Compute is the other supply chain. NVIDIA joined seven rounds, and Figure AI said in September 2026 that it had committed $3.5 billion to Nscale for up to 100,000 NVIDIA Vera Rubin GPUs. That commitment is twice the $1,745 million in equity Figure has disclosed, which means the largest humanoid round of 2025 is already smaller than the company's announced compute bill.

Country exposure follows. US model developers depend on US accelerators and on Asian component chains for any robot their models run on, while Chinese humanoid makers fund themselves largely through local capital and listings that our dollar totals barely capture.

Disclosure events would change this ranking most. NEURA Robotics converting its "up to $1.4 billion" Series C into a closed figure, Physical Intelligence disclosing the size of its Series B, and Persona AI filing a final Form D amount would each add to the 2025-2026 totals; NEURA alone could move Germany from zero to second place by disclosed money.

Public-market events are next. Agility Robotics filed an S-4 on September 4, 2026 for a Nasdaq listing through Churchill Capital XI; completion would give a US humanoid maker a daily share price to compare with the private valuations in our table. Unitree's first annual report as a STAR Market company is due by April 30, 2027.

Inside the private market, watch whether model developers keep raising at intervals of three to six months, as General Intuition and Dyna Robotics did. A lengthening of that interval in our fourth-quarter refresh, due in early January 2027, would be the first sign of fatigue.

Thesis: the 2025-2026 funding record shows capital rotating from humanoid hardware to embodied-AI models, with NVIDIA and other strategics participating broadly but leading rarely. Confidence: medium.

Why not high: the sample is 22 disclosed rounds, two of which carry 41% of the money, so a single large hardware round in the fourth quarter could change the 2026 split. Coverage is weighted to companies that announce in dollars and in English, which understates Chinese hardware funding. Segment labels are our classification of each company's main product, and several humanoid makers also build models.

Why not low: the direction is consistent across several measures, including the dollar split, the number of model rounds above $200 million in 2026 (five against one hardware round, Apptronik's extension) and the valuation step-ups. What would change our view is a fourth-quarter round above $500 million for a humanoid maker, or disclosure of NEURA Robotics' Series C close.

For Skild AI: what share of the annual recurring revenue reported in September 2026 comes from robots built by other manufacturers rather than from pilots, and how much of the $1.4 billion Series C is committed to compute?

For Apptronik and FieldAI: why did the 2026 extension and the combined 2025 rounds go out without a designated lead, and does any single investor hold board rights from them?

For NVIDIA: does its participation in seven rounds carry information rights or preferred access to hardware, and does it intend to lead a round in the category?

For Toyota and LG: are the Walden Robotics lead and the LG stakes in Figure AI, Skild AI and Dyna Robotics linked to supply or deployment agreements, and on what timetable?