Robotics and physical AI investment hit a record $16.3 billion across 492 deals in Q1 2026, building on years of overlap with existing AI infrastructure in chips, sensing, and power. Agility Robotics’ SPAC merger and Unitree’s Shanghai IPO mark the start of a public-market pipeline for humanoid robotics, while upstream suppliers and Big Tech remain the most accessible exposure today. Real risks persist — dexterity, capital intensity, China’s manufacturing lead, and valuation discipline among the...