Nvidia Has Discussed Another $1 Billion Bet on Figure as the Humanoid Startup Raises at a $38 Billion Pre-Money Valuation

Nvidia has discussed putting another $1 billion into Figure, the humanoid robotics company founded by Brett Adcock, according to a report published Tuesday by The Information. The outlet, citing a person familiar with the matter, said the discussions are ongoing and that no deal has been agreed.

The talks come as Figure seeks additional financing at a pre-money valuation of roughly $38 billion, per the report, which names reporters Valida Pau and Phoebe Liu and does not specify a closing date or final terms. The company raised more than $1 billion in committed Series C capital in September 2025 at a $39 billion post-money valuation, a round led by Parkway Venture Capital with Nvidia, Intel Capital and LG Technology Ventures among the participants. Nvidia's earlier involvement dates to February 2024, when it put about $50 million into Figure's $675 million Series B.

The financing chatter follows two substantial Figure initiatives. In September, the company announced a compute agreement with Nscale that starts at a $3.5 billion commitment with stated intentions to scale beyond $6 billion, giving Figure access to as many as 100,000 Nvidia Vera Rubin GPUs with initial deployment scheduled for the second half of 2027 in Barstow, Texas. Nscale also took an undisclosed equity stake in Figure. Separately, Figure launched Index, a platform that pays contributors to record first-person video of everyday physical tasks, feeding training data to its Helix models.

Within Nvidia, the reported interest fits a documented capital strategy. The Information reported that the chipmaker's next phase of investment focuses on humanoid robots, autonomous driving technology and AI models that run locally on devices, and that Nvidia holds roughly $99 billion in cash and securities. The company has also agreed to spend $6 billion on a Poolside software licensing and hiring arrangement, part of an effort to advance its Nemotron open models.

The motivation, per the report, is concentration risk. Nvidia disclosed that three customers accounted for 44% of its sales in the six months through July, and chief executive Jensen Huang has said publicly that he wants thousands of AI models serving thousands of applications rather than a handful of winners, a positioning that spreads Nvidia's financial exposure across the ecosystem rather than leaving it tied to a few buyers.

Neither Nvidia nor Figure has confirmed an investment, and the report is careful to frame the $1 billion figure as a discussion rather than a commitment. An August 6 post from Adcock describing Nvidia as a close partner, alongside a photograph with Huang, provides background on the relationship but stops short of confirming any new round.

If the deal does land, it would reinforce an emerging pattern in which Nvidia is no longer just a chip supplier to the robotics industry but its financing layer, using balance-sheet investments to shape which humanoid developers get preferential access to the GPUs their training pipelines depend on. For competitors without a Nvidia check, that is becoming a harder gap to close than the hardware itself.