Robotics Startup Discusses $2 Billion Valuation Months After Founding

The race to develop physical robots powered by artificial intelligence is on again, despite the industry’s track record of failures—and the threat that OpenAI, which has dominated advances in conversational AI, will become a bigger rival.

Physical Intelligence, a startup developing software for robots that could work in a range of industries, has told investors it wants to raise $300 million at a valuation around $2 billion, according to two people with direct knowledge of the talks. The San Francisco company, which hasn’t unveiled its first product yet, has told investors it’s received several offers, according to one of those people.