This set of data from a16z further confirms my judgment on the robotics track

First, let's look at a set of data
a16z released a set of data a few days ago (based on Pitchbook statistics as of March 31, 2026, Figure 1). In Q1 2026, both the VC financing amount and the number of transactions in the robotics field hit record highs, with single-quarter financing scale reaching about $16.3 billion, and the number of transactions approaching 500. Compared with the previous quarters where it generally hovered in the range of $4 billion to $6 billion, this time it was almost a leap forward.
What is more noteworthy is that the curve of transaction volume has been steeply rising since 2025, indicating that this is not an isolated data point supported by a single super large financing, but a systematic increase in the financing activity of the entire track.
In the past few years, companies such as Figure AI, Apptronik, Skild AI, Physical Intelligence, 1X, and Agility Robotics have continuously received large financings, indicating that capital has actually been laying out the Physical AI main line in advance.
Old rule of the capital market: it takes many years for an industry to mature, but stock prices often start pricing in expectations half a year to a year in advance.
The robotics industry may still need many years to truly mature, but the stock market never waits for the industry to mature before pricing. It usually reflects future expectations into stock prices in advance. I believe the robotics sector will likely go through a similar process in the future. As the IPO expectations of leading companies such as Figure AI, Agility Robotics, and Unitree gradually heat up, the market will likely turn its attention to the entire robotics industry chain in advance, starting to dig for potential beneficiary companies.
This reminds me of the first wave of speculation on SpaceX's IPO at the end of 2025.
At that time, as SpaceX's valuation continued to hit new highs, the entire space sector underwent a round of valuation revaluation. Companies like DXYZ, which hold SpaceX's private equity (corresponding to BOT in robotics now), as well as satellite communications, aerospace manufacturing and other related industry chain companies, all received a lot of capital attention. I believe that robotics will likely see a similar capital evolution path in the future. Now I will continue to track the financing progress and valuation changes of Figure AI. In my view, it is likely to become an important valuation anchor for the robotics industry in the future, just like SpaceX is to the entire space industry, continuously influencing the market sentiment of the sector.
My judgment: Q4 is a key window.
If the IPO expectations continue to heat up, I personally judge that starting from Q4 this year, the robotics sector has the opportunity to gradually enter the mainstream vision of the market. If the broader market experiences a periodic correction from August to October, in addition to continuing to focus on the AI infrastructure main line, I will also start to gradually deploy in Physical AI and the robotics industry chain. Currently, the most relevant holding is only Tesla, but I want to allocate more to shovel-selling robotics companies.
In fact, the market has already started to show some reaction.
Recently, the discussion heat of robotics-related companies like AMBA and OUST has significantly increased. I think this is a beginning.
Tomorrow I will write a dedicated in-depth analysis of the robotics supply chain, fully laying out the companies I focus on and the investment logic, including which ones are truly the "shovel sellers" with technical barriers, and which companies have a better chance to benefit first. If you are interested, you can follow up.