FieldAI Has a Term Sheet at $10 Billion, Not a Closed Round

FieldAI, a robot-software company founded in 2023, has signed a term sheet to raise $700 million at a $10 billion valuation, Business Insider reported Oct. 2, citing a person familiar with the deal. The round has not closed, the lead investor is unnamed and FieldAI did not respond to a request for comment, per the Dealroom summary of the report.

Some aggregators have since written that FieldAI "raised" the money. That is a different claim from a signed term sheet, and until FieldAI or a filing confirms the amount as closed, the defensible statement is that a deal has been agreed in principle. The sources do not say whether the $10 billion is pre-money or post-money.

The step from $2 billion to $10 billion

FieldAI was valued at about $2 billion a year ago after raising more than $400 million from Bezos Expeditions, Emerson Collective and Khosla Ventures, per the same summary. A $10 billion price is more than five times that mark.

The company sells what it calls a "universal general-purpose brain" for humanoids, robot dogs, drones and industrial rovers. The Next Web reports that FieldAI builds no hardware, so its customers supply the machines. Those customers include construction firms, data-centre operators and defence companies, and The Next Web counts more than 30 of them.

What $135 million of revenue and contracts means

The report says FieldAI has added at least $35 million in revenue and contracts since June, bringing the total to more than $135 million. The figure blends recognised revenue with signed work, and nothing in the report splits the two. Chief Executive Ali Agha told Business Insider in June: "We have seen very, very fast growth in the last several months."

Taking the figure at face value, $10 billion is about 74 times $135 million. If part of the $135 million is contracted but not delivered, the multiple on revenue actually booked is higher.

Company	Reported valuation	Revenue figure given
FieldAI	$10 billion (term sheet)	$135 million, revenue plus contracts
Skild AI	$14 billion	$100 million run-rate, per The Next Web
Physical Intelligence	About $11 billion	None in the sources

The Next Web says Skild's $100 million was reported last month on a stricter measure than FieldAI's, so the two rows are not like for like. On those figures Skild is priced at about 140 times run-rate.

The European comparables

The Next Web sets the round against European robotics financings. NEURA Robotics raised up to $1.4 billion in June at about $7 billion, with Nvidia, Amazon, Bosch and the European Investment Bank among its backers. Humanoid raised $152 million in July at $1.35 billion. Genesis AI was reported in July to be raising $500 million at about $3 billion, which is a report, not a signed deal.

The EU Machinery Regulation takes effect on Jan. 20, 2027, and covers machinery with self-evolving behaviour. The Next Web says no model of FieldAI's kind has been assessed under it.

The Terminal has covered the other side of this market, where Mecka AI's $60 million Series B funds the training data, and where a 99 percent per-step success rate works out to 36.6 percent for a 100-step workflow, assuming each step succeeds independently. A software layer sold across many robot bodies has to beat that arithmetic at customer sites. The next confirmable event is the closing announcement, which would name the lead investor and say whether the amount is $700 million.