How to Invest in Figure AI Before the IPO

How to Invest in Figure AI Before the IPO

Figure AI is the cleanest public-market proxy that does not exist yet. Humanoid robotics has no listed pure play of consequence, which means every investor who wants the theme has to solve an access problem first.

Figure is also the most interesting valuation case among the major private AI names — because its secondary market has been trading below its last primary round, not above it.

Where Figure AI stands in 2026

Figure's last confirmed priced round was a Series C of more than $1 billion at a $39 billion post-money valuation, announced 16 September 2025, led by Parkway Venture Capital with participation from Brookfield, NVIDIA, Macquarie Capital, Intel Capital, Qualcomm Ventures, Salesforce, LG Technology Ventures and T-Mobile Ventures. That was a substantial step up from the $2.6 billion valuation of its February 2024 Series B.

No 2026 primary round has been confirmed: coverage citing "$39 billion in 2026" is re-reporting the 2025 round.

Meanwhile, on the operating side, 2026 has been strong. Figure released Helix 02 in January, bringing full-body autonomy. Figure 03 units have been deployed at BMW's U.S. plant, contributing to production of tens of thousands of vehicles in an initial run, and a livestreamed endurance run showed the robot sorting more than 204,000 packages across 163-plus hours. Production at the company's BotQ facility has been reported at roughly one robot per hour. Figure entered the top 20 most-traded names on at least one secondary platform in the second quarter of 2026.

Figure does not publicly report revenue. That absence is important and we will come back to it.

Reading the valuation picture

Here is the detail that separates informed buyers from headline readers. In May 2026, pricing data published by one large private secondary platform implied a Figure AI valuation of roughly $34.2 billion — below the $39 billion primary mark from eight months earlier.

That pattern was not unique to Figure. Across the private secondary market in the second quarter of 2026, the average trade priced at a substantial discount to last round, and sector dispersion was severe: most AI/ML names traded at a premium, while fintech, healthcare and media names traded almost entirely at discounts. Figure sits awkwardly across those buckets — an AI company whose economics are hardware economics.

For an investor, a below-round secondary price is not automatically a bargain. It can mean the last round was priced generously, that supply from early holders exceeds demand, or that the market is discounting the capital intensity of manufacturing. It can also mean the market is wrong. But it does mean you should never treat the last primary round as the "true" value and the discount as free money.

Why Figure AI has been out of reach

Figure's Series C investors were Parkway, Brookfield, NVIDIA, Macquarie, Intel Capital, Qualcomm Ventures, Salesforce, LG and T-Mobile Ventures. That is the access tier.

Conventional workarounds carry the usual barrier list: accredited-investor verification with documentary proof since January 2026, direct minimums commonly around $100,000, company consent requirements on any transfer, and settlement measured in weeks. Pooled structures advertise a lower entry point while handing you a fund interest rather than stock.

For a company with no filing and no announced listing timeline, that combination is especially limiting: a large minimum, an approval that sits with someone else, and no defined exit. Our guide to how to buy pre-IPO shares sets out why those barriers are structural rather than negotiable — and what replaces them.

How OpenStocks gives you Figure AI exposure

Figure AI is one of four products live in the OpenStocks app, as oFIGUREAI, a source-verified BEP-20 token on BNB Chain, and it is one of two companies given a featured slot on the OpenStocks front page, described there as the world's leading humanoid robotics company.

OpenStocks issues the token; it is not the exchange. The Trade action routes you to PancakeSwap, 0x, 1inch, ParaSwap or an in-wallet swap on Bitget, Binance, OKX or Gate, funded with USDT on BNB Chain. The price shown in the app is the live USDT-quoted price from PancakeSwap Infinity.

Note the framing carefully: what trades is a token providing economic exposure, not a share in Figure AI. That distinction is set out in full in our guide to what tokenized pre-IPO stocks are.

What the product page gives you:

• Token price against mark price, so the venue's premium or discount is visible rather than implied

• Implied valuation and mark valuation, which let you compare directly against the $39 billion primary mark

• 30-day change, 24-hour volume, pool liquidity and trade count — published openly on the page

• Contract address on BscScan, with the audit reports in the Security Center — including an independent QuillAudits review — and all high findings listed as resolved

And practically: fractional position sizes rather than six-figure tickets, and no dependence on a listing date that has not been announced. Every figure on the page — pool liquidity, volume, trade count — is published and verifiable on BscScan, so you can size a position on your own reading of the data.

A practical checklist

1. Confirm eligibility: OpenStocks is not available in the United States, to U.S. persons, or to other ineligible individuals.

2. Connect a supported wallet on BNB Chain: add BSC Mainnet if prompted.

3. Open the Figure AI product page: read implied valuation and premium alongside price.

4. Compare implied valuation against your reference points — the $39 billion September 2025 round and the roughly $34 billion May 2026 secondary-platform mark.

5. Review the published pool liquidity and volume, and confirm the contract on BscScan.

6. Execute on PancakeSwap or another routed venue, funding with USDT.

7. Size the position to suit your own strategy.

For the other hard-technology name in the roster, see Neuralink; for the defense-technology position, see Anduril.

For a company on the opposite end of the disclosure spectrum — filed, revenue-reporting, listing imminent — compare Anthropic's pre-IPO situation.

FAQ

What is Figure AI's valuation?

$39 billion post-money from the September 2025 Series C. No 2026 primary round has been confirmed; secondary-platform pricing in May 2026 implied roughly $34.2 billion.

Is Figure AI going public?

No filing and no announced timeline.

Does Figure AI have revenue?

Not publicly reported.

Can I buy Figure AI shares as a retail investor?

Not the shares. Fractional tokenized exposure is available to eligible non-U.S. users; direct secondaries require accreditation.