XPeng Inc. (NYSE: XPEV; HKEX: 9868-W) (XPeng), a leading smart electric vehicle company and physical AI company in China, announced that it has entered into a share purchase agreement with multiple investors to raise over $900 million for its robotics business at a post-money valuation of approximately $6.3 billion, setting a new record for a single private equity financing round in China’s embodied AI sector.
The financing round will accelerate the mass production of XPeng IRON, an advanced humanoid robot combining highly human-like form and movement with AI-driven intelligence, as well as research and development relating to the iteration of XPeng’s physical AI models, propelling high-end general-purpose humanoid robots towards a new stage of global commercial application.
The financing round was initiated by leading global investors, led by IDG Capital, with participation from Gaorong Ventures and support from Tencent and Alibaba as strategic investors.
The S&C team advising XPeng includes Kay Ian Ng, Ching-Yang Lin, Jordan Oreck, Hanzhi Wang, Runtong Gong and Yang Liu. Mehdi Ansari, Elizabeth Levin and Patrick Ronan are advising on intellectual property matters. Tessa Lee is advising on tax matters. Heather Coleman and Tiffany Wooley are advising on executive compensation and benefits matters. Charles Capito is advising on regulatory matters.