Just weeks after Brett Adcock, the founder of humanoid robotics startup Figure AI, declared on X that his company had become the most in-demand private stock on secondary markets, the company is now pushing back against that very attention.
Figure AI has issued cease-and-desist letters to at least two brokers running secondary marketplaces, according to those familiar with the matter. These letters ordered the firms to stop promoting or facilitating trades of Figure AI stock without proper authorization. The timing is telling—both brokers reported receiving the letters shortly after a Bloomberg story revealed Figure is eyeing a massive $1.5 billion funding round that would catapult its valuation to $39.5 billion. That would be a staggering leap from its $2.6 billion valuation just a year earlier.
A spokesperson for Figure confirmed the company’s action, saying the startup routinely sends such letters whenever it discovers unauthorized activity. “This year, we identified an unauthorized broker promoting Figure shares without approval from our board. As we’ve done in the past, we issued a cease-and-desist,” the company explained in a written statement. “We do not permit any secondary stock transactions without board consent, and we’ll continue taking action to stop unapproved activity.”
For investors holding equity in private firms like Figure, offloading shares before an IPO can be difficult. That’s where secondary marketplaces come in. These platforms offer liquidity options, such as direct stock sales or share-backed loans repayable once the company goes public. But Figure’s recent crackdown suggests the startup is wary of such avenues—especially when they bypass board oversight.
Insiders believe there’s more to the resistance. The brokers targeted by the cease-and-desist letters claim that some shareholders were looking to sell at prices well below the company’s rumored new valuation. That creates a potential tension point: If older shares trade at a discount, it could undercut momentum for the upcoming primary round. And for companies like Figure seeking multi-billion-dollar raises, perception matters.
Secondary share platform operators, however, see things differently. Sim Desai, CEO of the trading platform Hiive, believes some startup founders misunderstand the value of active secondary trading. Without naming Figure specifically, Desai argued that strong secondary activity could actually increase interest in new equity rounds rather than diminish it. “It’s not always a zero-sum game,” he said. “If people are struggling to sell, it’s usually about valuation, not capital availability.”
Meanwhile, Figure has found itself in the headlines for other reasons too—some of which the company disputes. A recent report spotlighted its partnership with BMW, but Figure fired back, claiming the article was riddled with inaccuracies and even hinted at legal action.
Whether Figure AI hits its $39.5 billion target valuation in the next funding round is still uncertain. And so is the fate of investors hoping to cash out early. For now, one thing is clear: Figure is taking control of its cap table narrative, one cease-and-desist at a time.
