London-based PhysicsX has closed an oversubscribed $300 million Series C round at a $2.4 billion valuation — more than double its valuation from just 12 months ago, when it raised a $170M Series B at roughly $1 billion.

The round was led by Temasek, the Singaporean sovereign wealth fund, with participation from new investors M&G Investments and Intrepid Growth Partners, alongside returning backers including NVIDIA, Siemens, General Catalyst, Atomico, and Applied Materials.

Founded by two former Formula 1 engineers, PhysicsX builds AI-native engineering software that compresses physics simulations from days or weeks down to seconds. The platform is already deployed across aerospace & defense, semiconductors, automotive, energy, and industrial manufacturing — sectors where design and simulation bottlenecks have long constrained innovation.

The company has seen sharp growth over the past year, doubling recognized revenue, tripling booked revenue, and more than doubling its customer count. It now employs around 350 people.

Funds will go toward expanding its platform, deepening AI research — including the development of so-called Large Physics Models — and growing its footprint in the US and Singapore.