R&D capitalized at scale answers the funding question — disclosure answers nothing about mix. Nvidia's FY2025 annual report, filed February 26, 2025 and surfaced via SEC filings against the SEC 10-K, describes automotive platforms, autonomous and electric-vehicle solutions, and Jetson for robotics among its offerings, and reports R&D expense of roughly $12.9 billion for the fiscal year.

Start with the funded-list read: at $12.9 billion of annual R&D, Nvidia can finance an autonomy and robotics roadmap out of operating spend many times over. Unlike a pure-play AV company budgeting against a venture runway, Nvidia's physical-AI ambitions are a rounding error against its own research budget. The roadmap is funded; that is not in question.

What is in question is how much of it is autonomy and robotics at all. The filing bundles automotive, autonomous-vehicle solutions, and Jetson robotics into one platform narrative, and the company's reported results are dominated by Data Center. An outside analyst cannot isolate autonomy-and-robotics R&D or revenue from the much larger AI-accelerator business.

That blending is strategically coherent — Nvidia genuinely treats autonomy, robotics, and data-center AI as one compute story — but it frustrates valuation. The arms-dealer thesis for physical AI rests on a business the filing deliberately does not size, so investors are asked to take the robotics-and-autonomy option on faith in the platform rather than on a disclosed line.

What to track: any move toward separate disclosure of robotics or autonomy as those businesses scale, and whether automotive's growth rate stays high enough to eventually demand its own detail. Until then, the $12.9 billion R&D figure tells you the bet is funded, not how big the autonomy piece of it is.

The honest limit: aggregate R&D and a blended platform description establish capacity and intent, not the size of the autonomy-and-robotics business. FY2025 confirms Nvidia can fund the bet many times over — and that it has chosen, so far, not to let outsiders measure it.