BOT-03: Strategic Allocation in Figure AI

TLDR

A proposal to allocate 350,000 USDC from the DAO’s treasury to acquire shares in Figure AI, a leading company in humanoid robotics with early commercial deployments and backing from OpenAI, Microsoft, and NVIDIA. The shares are being acquired through a secondary transaction with an existing shareholder at a price below the company’s recent 39.5 billion USD primary valuation, offering a strategic opportunity to gain exposure to a high-conviction Physical AI company at a critical point in its trajectory.

Exec Summary

Figure AI ranks among the top three leaders in humanoid robotics, driven by exceptional execution speed and a world-class team from Boston Dynamics, Tesla, and Google DeepMind. The company is deploying its advanced Figure 02 robot in industrial settings, such as BMW’s manufacturing facility, with future plans for household applications.

Powered by its proprietary Helix VLA neural network, the Figure 02 demonstrates remarkable endurance, performing complex triage tasks for hours in demonstrations and collaborating seamlessly with other robots to complete workflows.

Figure’s vertical integration, through in-house development of both AI and hardware, enables rapid iteration and optimization.

The company is backed by major investors including Microsoft, NVIDIA, OpenAI, Intel Capital, and Jeff Bezos, and is currently closing a 1.5 billion USD Series C funding round at a 39.5 billion USD valuation.

Overview

Figure AI was founded in 2022 by Brett Adcock, a generational entrepreneur who brought Archer Aviation to IPO. Based in Sunnyvale, California, Figure AI develops autonomous humanoid robots to address labor shortages in manufacturing, logistics, and beyond.

In February 2024, the company raised 675 million USD in a Series B round led by Parkway Venture Capital, with participation from Microsoft, NVIDIA, OpenAI, Amazon Industrial Innovation Fund, and Jeff Bezos. This followed a 70 million USD Series A in May 2023, bringing total funding to 754 million USD. In February 2025, the company began discussions for a 1.5 billion USD Series C round at a 39.5 billion USD valuation, led by Align Ventures and Parkway Venture Capital.

Its flagship Figure 02 robot features 35 degrees of freedom and human-like dexterity, powered by the proprietary Helix VLA neural network for advanced task execution. The Figure 02 has demonstrated extended operational endurance and collaborative capabilities, working seamlessly with other units in complex tasks. With 16 degrees of freedom per hand, it delivers exceptional dexterity for precise, task-specific performance across diverse applications. Its five-hour battery runtime supports demanding workloads, with scalable design enhancements planned for future iterations. A next-generation model, Figure 03, is slated for imminent release.

Figure AI’s vertical integration, through in-house development of both AI and hardware, ensures seamless optimization and accelerates innovation. The company is currently building its own humanoid factory, called BotQ.

Figure AI has secured a commercial contract with BMW, with robots deployed at BMW’s South Carolina facility since December 2024. Strategic partnerships with Microsoft (for Azure AI infrastructure) and NVIDIA (for AI hardware) further enhance its technological capabilities.

Strategic Rationale

Figure AI’s focus on industrial automation, with proven deployments at BMW, and its pivot to proprietary AI models position it as a U.S. leader alongside Tesla and Apptronik.

The company is currently closing a primary round at a 39.5 billion USD valuation, with shares priced at $194.00. The DAO has access to common shares priced at 180 USD through a secondary transaction with an existing shareholder. This reflects a lower entry price compared to the ongoing primary round.

While the valuation remains high, Figure AI’s scale of execution, market positioning, and institutional backing reflect strong investor confidence. Exposure at this stage provides the DAO with asymmetric upside potential if the company captures even a modest share of the humanoid robotics market by 2030.

Figure AI is vertically integrated and not dependent on external parties to deliver its humanoid robot, providing a competitive advantage and operational flexibility.

The Deal

We currently have access to an allocation of $350,000 in common shares of Figure AI at an all-in price of $180.88 per share after fees. The shares will be acquired via a single-layer SPV (Special Purpose Vehicle) facilitated by a licensed broker, through a secondary transaction with an existing shareholder.

At this pricing, the DAO will acquire approximately 1,935 common shares. Figure AI recently announced a $1.5 billion primary funding round at $194 per share, implying a $39.5 billion valuation. This secondary offer provides the DAO with entry at a lower cost than the most recent primary round, offering immediate value relative to current market pricing.

There is no carried interest associated with this transaction.

Transaction Details

-Allocation: $350,000 USDC -Share Class: Common Stock -Shares to Acquire: ~1,935 -Price per Share: $180.88 (all-in after fees) -Carried Interest: None -Additional Transaction Costs: USDC–USD swap, off-ramping, and international wire transfer fees, expected to remain under $2,000 total

Potential Liquidity Events

Figure AI’s commercial traction and strategic partnerships suggest two likely paths to liquidity:

1. Initial Public Offering (IPO): Growing investor interest in robotics, demonstrated by Figure AI’s 15x valuation increase, positions the company as a strong IPO candidate within the next 2 to 5 years.

2. Strategic Acquisition: Tech giants such as Microsoft, NVIDIA, or Amazon, who are existing investors, may consider acquiring Figure AI to strengthen their position in humanoid robotics and AI infrastructure.

While no liquidity event is guaranteed, Figure AI’s enterprise contracts with companies like BMW and UPS, combined with its investor base, increase the likelihood of a successful exit scenario.

Note: Limited secondary liquidity may become available after a 12-month holding period, depending on the company's performance and market conditions. Any potential exit or liquidation would require a DAO proposal and governance vote.

Key Risks & Considerations

-Execution Risk: Scaling production to 100,000 robots and integrating proprietary AI systems presents significant challenges, even with Figure AI’s funding and technical expertise.

-Competition: Tesla’s Optimus, Apptronik’s Apollo, and 1X’s NEO compete in similar markets with substantial resources. However, the scale of the labor market allows room for multiple successful platforms, and Figure AI’s commercial contracts provide a competitive edge.

-Regulatory & Adoption Hurdles: Public concerns around job displacement or safety incidents could lead to regulatory delays, which may slow mass adoption.

Despite these risks, Figure AI’s technological leadership and market traction support the rationale for a mission-aligned allocation by the DAO.holders.

Governance Execution

If approved, the DAO’s Execution Engine will:

1. Finalize terms and compliance with the intermediary.
2. Coordinate legal and treasury operations for the transaction.
3. Document the full transaction flow with a transparent paper trail for auditability.

All treasury activity and asset positions will be tracked and documented for DAO-wide visibility and auditability on the DAO portal: dao.xmaquina.io

– The Northstar Council