Thinking Machines is in discussions to raise $1 billion at a valuation of at least $40 billion, according to The Information. Accel is reportedly set to lead the round for the AI lab founded by former OpenAI CTO Mira Murati. This new figure values the company below the $50 billion target sought late last year, despite an annual revenue run rate exceeding $100 million. Such a multiple remains extraordinarily high for a business at this stage. The startup previously secured a $2 billion seed round led by Andreessen Horowitz, which valued the firm at $12 billion. That earlier investment relied heavily on the pedigree of Murati and her team of ex-OpenAI researchers. Since then, several co-founders including Lilian Weng and Luke Metz have returned to OpenAI. The company introduced Inkling in July, an open-weight model that charges fees for adapting models on proprietary data via its Tinker platform. Accel and Thinking Machines did not immediately respond to requests for comment.
The primary significance lies in the market’s continued appetite for high valuations despite recent departures within the team. Investors appear willing to pay a premium for access to specific talent and technology stacks even as revenue multiples stretch thin. This move suggests confidence in the commercial viability of the Tinker platform and the Inkling model. It also highlights the intense competition for capital in the artificial intelligence sector. The outcome will depend on whether the company can convert its technical capabilities into sustained profitability.
- Accel leads the proposed $1 billion funding round
- Valuation stands at $40 billion, below the previous $50 billion target
- Annual revenue run rate exceeds $100 million
