Physical AI investment surges to $47.4B in H1 2026, led by Waymo and SpaceX; robotics and industrial automation become AI-first verticals; Fort Robotics nears $500M SPAC

VCs poured $47.4B into physical AI in H1 2026, nearly 4x H2 2025. Waymo raised $16B, SpaceX $75B IPO (includes Cursor acquisition). The trend signals AI moving beyond software into robotics, defense, and manufacturing. SpaceX's Cursor acquisition ($60B) and Morgan Stanley $600 bull case highlight convergence of AI coding and physical infrastructure. This is a major shift in enterprise AI investment and job opportunities. Fort Robotics (Mark Cuban-backed) nears $500M SPAC with 600 customers including Ocado, adding to physical AI deal flow.