Physical Intelligence, a startup developing large artificial intelligence models to power robots, is in talks with investors to raise additional venture capital at a valuation of about $5 billion, according to two people who have recently spoken to the company.

A financing at that valuation would more than double the price investors awarded the San Francisco startup in November. The company, founded in early 2024, is one of several startups focused on developing the AI that acts as the brains inside a variety of robots. Investors have poured billions of dollars into robotics startups in the last year as tech luminaries like Elon Musk have drawn interest to the technology by setting aggressive goals for the development of human-like robots.