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Humanoid robots used to live in science fiction. Now they live in VC portfolios, and the money flowing into them is growing quickly.
The idea of robots that look, move and operate like us has captured imaginations for years, dating back to Leonardo da Vinci's 1495 designs for a mechanical knight. Today's robots have come a long way: they do backflips, fold laundry, and even hold a conversation.
As humanoids become more of a reality, investment has flooded into the space. More than $5 billion has been invested in humanoid startups this year, according to PitchBook data, surpassing last year's record total.
With one in every four dollars invested in robotics going to humanoids, deals in the hundreds of millions have become the norm. China's Robotera raised more than $200 million just over a week ago, while University of Texas spinout Apptronik pulled in $520 million earlier in the year, tripling its valuation in 12 months.
I'm Leah Hodgson, and this is The Weekend Pitch. You can reach me at leah.hodgson@pitchbook.com or on LinkedIn.
Behind the buzz, though, questions about use cases, deployment and the path to returns are proving harder to answer.
"There's no strong, rational reason [behind current investment levels]," Fady Saad, GP at robotics-focused VC firm Cybernetix Ventures, said. "They're cool, but there's a psychological attachment or obsession with them that just isn't practical." |
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So why are checks being written? Beyond the novelty of humanoids, economic factors are also spurring investment, according to Sam Baker, a deep tech investor at VC firm Planet A.
According to Goldman Sachs research, the cost of manufacturing a unit fell 40% from 2023 to 2024, well ahead of the 15-20% decline expected. Cheaper components, such as motors and sensors, along with improvements in design and manufacturing processes, have brought costs down. |
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See important disclaimers |
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PE activity in aerospace and defense has surged this year, with an estimated $11.3 billion spent over 143 deals, according to PitchBook data. Defense was the standout subsector in Q1, with 53 deals recorded, a massive jump from a year ago. What percentage represents the difference in defense PE deal count between Q1 2026 and Q1 2025?
A) 82%
B) 182%
C) 282%
D) 382%
Find your answer at the bottom of The Weekend Pitch! |
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A selection from our most-read articles of the past few days.
- LP return expectations for PE are coming down, but placement agents say that's not translating into easier fundraising anytime soon. Read on
- Investors just paid $28 billion for an aircraft lessor, yet they wouldn’t write struggling US airline Spirit a $500 million rescue check. Find out why
- Secondary software assets aren't the bargain bin buyers hoped for. PE firms are holding the line on markdowns even as public comps crater. Read more
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| (Samuel Boivin/NurPhoto via Getty Images)) |
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“I think of IPOs like draft day—very few college athletes get to go be professionals, and this is the company equivalent. You can have good draft days and bad draft days, and that’s not necessarily indicative of a good career or bad career.”
—Eric Vishria, general partner at Benchmark, which invested in chipmaker Cerebras in 2016. The Nvidia challenger listed on Nasdaq on Thursday, opening at $350 a share. The enthusiasm for Cerebras on its opening day of trading could be just the beginning of an upcoming storm of blockbuster AI IPOs. Read more here |
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Answer: D
PE deals in the defense subsegment jumped 382% year over year from Q1 2025 to Q1 2026. Geopolitical factors are a major driver of this increase in deal count, with rising US and European defense budgets and the war in Iran contributing significantly. Read more in our Q1 2026 Aerospace & Defense report |
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This edition of The Weekend Pitch was written by Leah Hodgson and Nadine Manske. It was edited by Andrew Woodman and Michael Bruning.
Were you forwarded The Weekend Pitch? Sign up at pitchbook.com/subscribe. |
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