Applying foundation models to the radio frequency (RF) domain presents unique challenges due to the intrinsic physical complexity of raw I/Q signals and the extreme heterogeneity of spectral data. In this paper, we present Radio-FM, a scalable family of foundation models designed for universal radio signal representation learning. Unlike standard architectures, Radio-FM employs dual-channel processing specifically optimized for I/Q independence while capturing cross-channel interactions through a lightweight attention mechanism. To scale pretraining across heterogeneous multi-source corpora with highly variable sequence lengths, we propose a token-budgeted dynamic batching strategy coupled with channel-independent masked reconstruction. We pretrain Radio-FM on a diverse collection of 15 datasets spanning modulation, radar, and communication domains, and rigorously evaluate it on 15 downstream benchmarks. Experimental results show Radio-FM achieves state-of-the-art performance on 13 of 15 benchmarks, consistently improving across modulation, radar, emitter identification, wireless technology recognition, and wireless interference identification. Notably, it exhibits superior few-shot transferability, significantly outperforming existing baselines in data-scarce regimes, validating its potential as a general-purpose backbone for radio signal understanding.