Figure AI, a robotics startup based in Silicon Valley, is reportedly in discussions to secure a substantial funding round of $1.5 billion, which would value the company at $39.5 billion, according to a report by Bloomberg.

This represents a significant increase of 15 times from Figure’s previous post-money valuation of $2.6 billion, which was established after its $675 million Series B funding round last year. As reported by Bloomberg, the current funding round is expected to be led by Align Ventures and Parkway Venture Capital.

Figure specializes in the development of humanoid robots for both commercial and residential applications. The demand for humanoid robots has been fueled by the current AI boom, with other companies such as Austin-based Apptronik recently raising $350 million in funding, and Meta reportedly exploring opportunities in robotics as well.

Figure has already secured a deal with BMW to supply some of its robots. The company’s founder, Brett Adcock, announced last month that Figure has signed a second commercial customer, and the company is poised to ship up to 100,000 humanoid robots.

Figure has declined to comment on the matter.