Faraday Future is preparing for another major reinvention, this time shifting the centre of its automotive strategy away from simply building electric vehicles and toward robotaxi operations, intelligent cabins and shared mobility. The California-based company announced the strategy alongside a proposed transaction that would move its robotics business into AIxCrypto Holdings at an expected valuation of approximately US$200 million.
The two moves are closely connected. Faraday Future wants its robotics operation to gain a more independent public-market platform while the parent company pursues what it describes as a lighter-asset mobility model. The plan is ambitious, but important pieces remain unfinished. The robotics transaction is based on a non-binding term sheet, definitive agreements have not yet been signed, and the robotaxi strategy remains much closer to a roadmap than a mature operating business.
A US$200 Million Deal That Is Still Only a Proposal
Faraday Future signed the non-binding term sheet with AIxCrypto Holdings, or AIxC, on September 25, 2026. Under the proposed structure, AIxC would acquire the business containing Faraday Future’s robotics assets for an expected aggregate purchase price of US$200 million. The consideration would not arrive as a US$200-million cash payment. Instead, Faraday Future would receive a combination of AIxC common shares and non-voting convertible preferred shares, leaving the automaker economically tied to whatever happens to the robotics operation after the transaction.
The number of shares ultimately issued would depend partly on AIxC’s market price. The term sheet sets the reference price at the lower of US$2.246 or the average Nasdaq closing price during the five trading days immediately before definitive agreements are signed. Faraday Future would also face an 18-month restriction on selling most of the securities it receives. The parties are targeting a fourth-quarter 2026 closing, but the document explicitly remains non-binding, meaning the transaction can still change substantially or fail to close.
The Related-Party Structure Will Be Closely Watched
The proposed combination is unusual because the buyer and seller are already closely connected. Faraday Future is AIxC’s controlling shareholder, and an August regulatory filing showed it holding approximately 63.28% of AIxC’s voting power at that time. Faraday Future Global Executive Chairman Jerry Wang simultaneously serves as chief executive of AIxC. Those overlapping relationships make the planned sale a related-party transaction rather than a conventional acquisition negotiated between independent companies.
That structure is why both sides have established special committees made up of independent directors to evaluate the proposed combination. Faraday Future’s board approved signing the term sheet after its special committee recommended doing so, but regulators filings stress an important distinction: approving the term sheet was not the same as approving the eventual transaction. Final agreements remain subject to continued committee review, satisfactory fairness opinions and additional board approvals. Those safeguards will matter because the transaction effectively asks one Faraday-controlled company to establish a price for assets being transferred from another company within the same corporate ecosystem.
Robotaxis Become the New Centre of Faraday Future’s Automotive Strategy
Faraday Future’s announcement goes well beyond the robotics transaction. Management says the automotive side of the company is being repositioned from an electric-vehicle manufacturer toward a robotaxi and intelligent-cabin shared-mobility operator. The new strategy has three main elements: entering robotaxi operations, making Faraday’s “3rd aiSpace” intelligent-cabin technology available for other vehicles, and eventually allowing Faraday-branded vehicles to participate in robotaxi networks.
One detail requires particular care. Faraday Future specifically mentioned potential connectivity with Tesla’s Cybercab network, but its filings do not announce a partnership with Tesla. The wording describes a planned or potential connection rather than a signed commercial relationship. That distinction matters because Tesla has already started limited commercial Cybercab deployment in Austin, Texas. Faraday Future, meanwhile, has not disclosed a comparable fleet size, operating territory or commercial robotaxi launch date. For now, the strategic pivot signals the direction management wants to travel rather than proof that a large-scale autonomous ride-hailing operation has already been built.
RoboShare Could Become the Bridge Between Robots and Shared Mobility
One reason Faraday Future sees a path into shared mobility is RoboShare, the marketplace developed within AIxC. Launched publicly in June 2026, RoboShare is designed around an asset-light model in which robot owners can make machines available to businesses, schools and other customers without AIxC necessarily owning the equipment itself. An AIxC regulatory filing said 82 robots were listed on the platform as of September 1 and that the company itself owned none of those machines.
Commercial activity is still extremely young. RoboShare completed two paid orders during August with combined gross order values of approximately US$5,000, while AIxC warned that such limited activity does not yet establish whether the business can generate significant or recurring revenue. Faraday Future has since said RoboShare signed a memorandum of understanding with U.S. robot-rental platform Hifivebot and was evaluating expansion into autonomous shared mobility. That makes RoboShare strategically useful to the robotaxi plan: its existing marketplace concept could potentially be extended from renting physical robots to coordinating fleets of autonomous mobility assets.
Robotics Has Begun Producing Real Revenue — From a Small Base
The robotics operation is no longer purely experimental. Faraday Future’s second-quarter regulatory filing reported US$1.141 million in robotics segment revenue during the first six months of 2026, compared with US$1.348 million in total company revenue. The robotics segment also produced US$353,000 in gross profit over that period. By the end of August, Faraday said cumulative EAI device sales and shipments had reached 552 units after deliveries began earlier in the year.
Management subsequently said cumulative robotics revenue had reached approximately US$1.52 million and described product-level margins as positive. Those figures help explain why Faraday Future is attempting to establish a separate valuation for the operation: unlike many early robotics projects built largely around prototypes and development programs, this business has already recorded commercial sales. The scale nevertheless remains modest beside the proposed US$200-million transaction value. The case for that valuation therefore rests less on existing revenue than on expectations that robot sales, software, data services and industry solutions can expand quickly over the next several years.
The Valuation Depends on Aggressive Growth Assumptions
Faraday Future’s projections illustrate how much future expansion is embedded in the robotics strategy. Management estimates that the business could generate approximately US$7.1 million in revenue during 2026 and US$45.17 million in 2027. Its longer-term plan projects more than 130,000 cumulative device sales through 2030, roughly US$1.98 billion in cumulative five-year revenue and gross margins rising to about 54% by 2030. Quarterly operating cash flow is projected to become positive during the third quarter of 2028.
The company’s investor presentation places the proposed US$200-million valuation at roughly 4.4 times its own projected 2027 revenue and compares that multiple with publicly traded robotics peers. There is an important limitation: these are management projections, not independently verified outcomes. AIxC explicitly says it has not independently validated the forecasts or adopted them as formal guidance. The presentation also estimates that approximately US$150 million in cumulative funding could be needed before reaching the projected cash-flow break-even point. The valuation therefore represents a bet on scaling the business, not merely a reflection of today’s sales.
AIxCrypto Is Being Rebuilt as a Robotics Company
The proposed transaction also represents a dramatic transformation for AIxCrypto. The company plans to change its name to FF EAI Robotics Ecosystem Inc. and move from the Nasdaq ticker AIXC to FFR, effective September 30. AIxC had already announced plans in August to wind down its digital-asset treasury strategy and concentrate resources on robotics commercialization. Acquiring Faraday Future’s robotics operation would accelerate that shift by placing robot hardware, software, data operations and RoboShare under one publicly traded corporate structure.
At the US$2.246 reference share price used in the term sheet, AIxC’s illustrative pre-transaction fully diluted equity valuation is approximately US$54.87 million. Adding an asset valued near US$200 million would therefore represent a substantial change in the company’s scale and identity. Faraday Future expects to remain the largest controlling shareholder after the deal and says it may continue consolidating FFR’s results depending on its resulting ownership and applicable accounting rules. The parent company’s stated objective is to give mature businesses independent financing and valuation channels without completely surrendering their potential upside.
Faraday Future’s Balance Sheet Explains the Search for a Lighter Model
The broader financial position gives the strategy additional context. At June 30, 2026, Faraday Future reported only US$11.2 million in unrestricted cash, alongside US$42.7 million of restricted cash that was generally unavailable for ordinary operating needs. Its working-capital deficit stood at US$83.8 million, total liabilities were approximately US$278.4 million, and the accumulated deficit had reached nearly US$4.78 billion. The company recorded an US$81.3-million net loss for the first six months of the year.
Faraday Future’s own regulatory filing concluded that substantial doubt existed about its ability to continue as a going concern during the following year without additional financing. The company has continued reducing certain obligations since June and reported preliminary balance-sheet improvements during July and August, but third-quarter results remain subject to normal financial reporting and review. Against that backdrop, a robotaxi strategy built around outside vehicle assets and a separately financed robotics company could reduce the amount of capital the parent needs to deploy directly. Whether it actually does so will depend on execution and financing terms.
The Robotaxi Market Is Already Crowded and Heavily Scrutinized
Faraday Future is entering autonomous mobility at a time when established competitors are rapidly expanding. Alphabet’s Waymo announced public robotaxi expansion into Denver, San Diego and Tampa in September, taking its fully autonomous service footprint to 14 U.S. cities. Amazon-owned Zoox began paid Las Vegas rides in August, while Volkswagen’s MOIA America launched passenger operations with partner Beep in Orlando in late September. Tesla is also widening its robotaxi ambitions after beginning limited commercial Cybercab deployment in Austin.
The regulatory environment remains challenging as well. The U.S. National Highway Traffic Safety Administration opened an inquiry into Tesla’s Cybercab certification after the steering-wheel-and-pedal-free vehicle entered service, illustrating how unconventional autonomous vehicles can generate additional compliance questions even after deployment begins. Faraday Future has not yet disclosed comparable operational details for its own robotaxi business, including a launch city, fleet size or firm rollout timetable. That means the opportunity may be significant, but management still needs to demonstrate how platform partnerships, vehicle access, autonomous technology, regulation and fleet economics will come together in a commercially workable service.
Definitive Agreements and Execution Now Matter Most
The next major milestone is not another strategic declaration but a binding transaction agreement. Before the robotics deal can close, the parties must complete due diligence and internal restructuring, negotiate definitive documents, secure approval from their respective special committees and boards, obtain satisfactory fairness opinions and meet applicable Nasdaq, regulatory and third-party requirements. The term sheet also calls for arrangements with important robotics employees and requires that no material adverse change disrupt the business before completion.
If the transaction closes, Faraday Future would generally be restricted from disposing of the AIxC securities received for 18 months and would accept two-year non-competition and non-solicitation provisions covering robotics, with specified exceptions for its automotive and related software businesses. A concurrent AIxC equity financing of as much as US$30 million is contemplated, although the term sheet specifically says the robotics deal is not conditional on that financing. Faraday Future also scheduled a September 29 investor call to discuss the proposed transaction. The coming agreements should provide a clearer test of how quickly the company’s latest reinvention can move from ambition to operating reality.
