$39 billion. That's what investors think Figure is worth right now. Their only completed deployment so far: two robots loading metal parts at a BMW factory for 11 months. The robots came back from BMW covered in scratches and dents. Figure pulled the entire line out of service. And the CEO has admitted he doesn't leave the robots unsupervised around his own children. So what's actually behind this living room demo? Figure built its own factory in San Jose called BotQ. The plan is 12,000 robots a year, eventually scaling to 100,000. They don't sell the robots outright. Companies rent them for about $1,000 a month. That's the real business model: recurring revenue from industrial customers long before any robot shows up at your door. The home play is even more interesting. Figure partnered with Brookfield, one of the biggest real estate firms on the planet (they own over 100,000 apartments worldwide). Brookfield is allowing Figure to record how people move through its buildings, kitchens, hallways, and offices. That data trains Helix, the robot's AI brain. Without it, these robots can't generalize beyond a controlled demo room. That data collection just started. Here's the pricing problem. About 15,000 humanoid robots were shipped globally last year. China made 90% of them. Tesla is shutting down its Model S and Model X lines at Fremont to convert them into an Optimus robot factory. They already have over 1,000 units inside their own plants collecting training data. @elonmusk says Optimus will cost $20,000 to $30,000. Unitree sells one starting around $16,000. 1X has pre-orders open at $20,000. Figure 03? Estimated at $50,000 to $100,000. Three to five times pricier than everyone else going after the same living room. The demo is real progress. But Goldman Sachs doesn't expect consumer humanoid sales to ramp until the early 2030s. Between here and a robot tidying your apartment, there's a factory that hasn't scaled, a price tag most households can't touch, and training data that's still being collected.