FieldAI has signed a term sheet for a $700 million round at a $10 billion valuation, quintupling the price tag from its $2 billion mark just over a year ago. The deal has not closed, and the lead investor remains undisclosed. FieldAI did not comment.
The numbers and the step-up
The previous round brought in more than $400 million from Jeff Bezos’ family office, Laurene Powell Jobs’ Emerson Collective, and Khosla Ventures. The new financing implies a 400 percent valuation increase on paper, though the source does not specify whether the $700 million is primary capital, secondary, or a mix, nor does it disclose any break fee, ratchet, or other structural terms that would show where leverage actually sits.
Revenue trajectory
Since June the company has added at least $35 million in revenue and customer contracts, pushing the total above $135 million across more than 30 customers, according to the person familiar with the deal. Business Insider had earlier reported the $100 million threshold. The contracts span construction firms, data center operators, and defense companies, a customer mix that suggests the software is being tested in environments where failure is expensive.
The physical AI cohort
The round slots FieldAI alongside Physical Intelligence at roughly $11 billion and Skild AI above $14 billion. All three are betting that a single software stack can drive humanoids, quadrupeds, drones, and industrial rovers in unpredictable settings. That claim remains unproven at scale; robotics history is littered with demos that work in the lab and stall on the loading dock.
What to watch
The term sheet is not a close. The identity of the lead, the split between primary and secondary, and any downside protection will clarify whether the $10 billion is a conviction price or a headline number with structural cushions. Until the money moves, the valuation is a negotiation, not a fact.