# Which robot companies are running out of cash?

**The venture-funded humanoid startups (Figure, Agility, 1X, Apptronik, Sanctuary AI) have finite runways measured in years, while the public companies (Tesla, Amazon, Alphabet) fund robotics from revenue with effectively indefinite runways.** Figure AI's $675M Series B gives it the longest runway among the venture-funded humanoid startups, estimated at 2-3 years. Agility Robotics, 1X, and Sanctuary AI have shorter runways from smaller raises, while Apptronik's $350M 2025 Series A (reported toward ~$900M total) puts it among the better-funded startups alongside Figure. On the other side, Tesla, Amazon, and Alphabet fund their robotics programs from operating revenue with tens of billions in cash on hand. Every runway estimate is attributed to its source and scoped to the disclosed raise, not an audited financial statement.

Last verified Feb 6, 2025. 8 sources.

## Short answer

The robotics companies at risk of running out of cash are the venture-funded humanoid startups, not the public companies. Figure AI raised $675M in its Series B in February 2024, giving it an estimated 2-3 year runway, the longest among the private humanoid companies. Agility Robotics has raised approximately $200M and is extending its runway with Digit deployment revenue. 1X raised $100M and is dependent on the NEO production timeline. Apptronik raised a $350M Series A in February 2025 (reported toward ~$900M total), one of the larger humanoid raises, and is developing the Apollo humanoid for factory deployment with Mercedes-Benz. Sanctuary AI has raised less than the leading Bay Area startups and is dependent on Phoenix adoption.\n\nOn the other side, the public companies fund robotics from operating revenue. Tesla has over $30B in cash, Amazon approximately $80B, and Alphabet over $100B. These companies have effectively indefinite runways for their robotics programs. The financial risk in robotics is concentrated in the private startups, not the public incumbents.\n\nEvery runway estimate on this page is attributed to its source (Crunchbase, SEC filings, press releases) and scoped to the disclosed raise and estimated burn rate. DEPLOY does not audit financial statements, and the runway estimates are attributed calculations, not verified facts.

## The cash runway ledger

| Company | Cash position | Runway estimate | Type | Date | Source |\n| --- | --- | --- | --- | --- | --- |\n| Amazon | Amazon has tens of billions in cash on hand and funds Amazon Robotics from its retail revenue. Amazon's Q4 2024 earnings report disclosed approximately $80B in cash, cash equivalents, and marketable securities. Amazon Robotics (formerly Kiva Systems) is funded entirely from Amazon's retail and AWS revenue, not from external venture funding. Amazon's balance sheet dwarfs every venture-funded robotics startup. | Indefinite (funded by retail and AWS revenue) | Public company | Feb 6, 2025 (as reported) | [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001018724&type=10-K) (2025-02-06) |\n| Google/Alphabet | Alphabet has over $100B in cash and marketable securities, funding Waymo and DeepMind. Alphabet's Q4 2024 earnings report disclosed over $100B in cash, cash equivalents, and marketable securities. Waymo (autonomous driving) and Google DeepMind (AI research) are funded from Alphabet's advertising and cloud revenue. Alphabet's balance sheet is the largest in the AI and robotics ecosystem. | Indefinite (funded by advertising and cloud revenue) | Public company | Feb 4, 2025 (as reported) | [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001652044&type=10-K) (2025-02-04) |\n| Apptronik | Apptronik raised a $350M Series A in February 2025 (later extended, reported toward ~$900M total) and is developing Apollo for factory deployment with Mercedes-Benz. Apptronik, the Austin-based humanoid startup, closed a $350M Series A in February 2025 co-led by B Capital and Capital Factory with participation from Google, and later extended the round; total disclosed funding is reported to approach $900M. The company is developing the Apollo humanoid for factory deployment with Mercedes-Benz and has a partnership with NASA. Its large 2025 raise puts Apptronik among the better-funded humanoid startups, so near-term cash runway is not the binding constraint a pilot-stage balance sheet would imply. | Well-funded after the 2025 Series A | Venture-funded startup | Feb 1, 2025 (as reported) | [Crunchbase](https://crunchbase.com/organization/apptronik) (2025-02-01) |\n| Tesla | Tesla has over $30B in cash and short-term investments, the deepest balance sheet in robotics. Tesla's Q4 2024 earnings report disclosed over $30B in cash, cash equivalents, and short-term investments. Tesla funds its Optimus humanoid program, Autopilot and FSD development, and manufacturing expansion from its automotive revenue, not from venture funding. It is the most cash-rich company in robotics by a wide margin. | Indefinite (funded by automotive revenue) | Public company | Jan 29, 2025 (as reported) | [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001318605&type=10-K) (2025-01-29) |\n| Agility Robotics | Agility Robotics has raised approximately $200M in total funding, with a runway dependent on deployment revenue. Agility Robotics, maker of the Digit bipedal warehouse robot, has raised approximately $200M across multiple rounds, including a $30M Series B in 2022 and subsequent rounds from Amazon Industrial Innovation Fund and others. The company is generating revenue from Digit deployments at GXO and other partners, which extends its runway beyond its venture raise alone. | Runway extended by deployment revenue | Venture-funded startup | Oct 1, 2024 (as reported) | [Crunchbase](https://crunchbase.com/organization/agility-robotics) (2024-10-01) |\n| Sanctuary AI | Sanctuary AI has raised venture funding and is developing the Phoenix humanoid, with runway dependent on commercial adoption. Sanctuary AI, the Canadian humanoid startup based in Vancouver, has raised venture funding and is developing the Phoenix humanoid with its Carbon AI control system. The company has demonstrated tasks including retail and warehouse work and has a partnership with Microsoft. Its runway is dependent on commercial adoption of Phoenix, and it has raised less than the leading Bay Area startups. | Runway dependent on Phoenix adoption | Venture-funded startup | Jun 1, 2024 (as reported) | [Crunchbase](https://crunchbase.com/organization/sanctuary-cognitive-systems-corporation) (2024-06-01) |\n| Figure AI | Figure AI raised $675M in its Series B, giving it an estimated 2-3 year runway. Figure AI raised a $675M Series B in February 2024 at a $2.6B valuation, with investors including Microsoft, OpenAI Startup Fund, Nvidia, and Jeff Bezos. The runway estimate assumes a burn rate consistent with a 200-300 person engineering team scaling toward production, attributed to the disclosed raise and headcount. | Estimated 2-3 year runway | Venture-funded startup | Feb 29, 2024 (as reported) | [TechCrunch](https://techcrunch.com/2024/02/29/figure-ai-raises-675m-at-2-6b-valuation/) (2024-02-29) |\n| 1X | 1X raised a $100M Series B in January 2024 (led by EQT Ventures, with OpenAI) and is scaling toward NEO production. 1X (formerly Halodi), the Norwegian-American humanoid startup backed by OpenAI, raised a $100M Series B in January 2024 led by EQT Ventures, with participation from OpenAI, Tiger Global, and Samsung NEXT (an earlier March 2023 round had raised $23.5M). The company is developing the NEO humanoid home robot and the EVE service robot, with runway dependent on how quickly NEO reaches production and deployment revenue. | Runway dependent on NEO timeline | Venture-funded startup | Jan 1, 2024 (as reported) | [1X](https://www.1x.tech/) (2024-01-01) |\n\n## How we know this

- [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001018724&type=10-K) (2025-02-06)
- [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001652044&type=10-K) (2025-02-04)
- [Crunchbase](https://crunchbase.com/organization/apptronik) (2025-02-01)
- [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001318605&type=10-K) (2025-01-29)
- [Crunchbase](https://crunchbase.com/organization/agility-robotics) (2024-10-01)
- [Crunchbase](https://crunchbase.com/organization/sanctuary-cognitive-systems-corporation) (2024-06-01)
- [TechCrunch](https://techcrunch.com/2024/02/29/figure-ai-raises-675m-at-2-6b-valuation/) (2024-02-29)
- [1X](https://www.1x.tech/) (2024-01-01)

## Common questions

### Which robotics startup will run out of cash first?

Among the tracked venture-funded humanoid startups, Sanctuary AI (which has raised less than the leading startups) has among the shortest runways, dependent on pilot deployments converting to revenue. Apptronik, by contrast, is well-funded after its $350M 2025 Series A (reported toward ~$900M total). Figure AI has the longest disclosed runway from its $675M Series B. Every estimate is attributed to its source and scoped to the disclosed raise, not an audited statement.

### How much runway does Figure AI have?

Figure AI raised $675M in its Series B in February 2024 at a $2.6B valuation, with investors including Microsoft, OpenAI Startup Fund, Nvidia, and Jeff Bezos. Based on the disclosed raise and estimated burn rate for a 200-300 person engineering team, the runway is estimated at 2-3 years, attributed to the disclosed funding and headcount, not an audited financial statement.

### Is Tesla running out of cash?

No. Tesla reported over $30B in cash, cash equivalents, and short-term investments in its Q4 2024 earnings, from its SEC 10-K filing. Tesla funds its Optimus humanoid program, Autopilot and FSD development, and manufacturing expansion from its automotive revenue, not from venture funding. It is the most cash-rich company in humanoid robotics.

### How is the robotics startup cash runway calculated?

The runway estimates on this page are attributed calculations, not audited figures. They divide the total disclosed venture funding by an estimated burn rate based on the company's headcount and growth stage. A 200-300 person engineering team scaling toward production typically burns $50-100M per year. The actual burn rate is not disclosed, so the runway is an estimate, attributed to the disclosed raise and headcount, not a verified fact.

## Keep reading

- [Which physical-AI companies are worth the most? Valuations ranked.](/valuations.md): Comparisons
- [What AI actually drives each robot? AI stacks compared](/ai-stacks.md): Comparisons
- [Which company is the leader in humanoid robotics?](/which-company-leads-humanoid-robotics.md): Comparisons
- [Which country is no. 1 in robotics?](/which-country-is-number-1-in-robotics.md): Comparisons
- [All verified answers](/answers.md): Every standing question DEPLOY tracks.

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