Seeking $1B at a $40B valuation

Former OpenAI CTO Mira Murati's AI lab, Thinking Machines, is in talks to raise $1 billion in new funding. Existing investor Accel is reportedly slated to lead the massive round.

“Thinking Machines, the AI lab founded early last year by former OpenAI CTO Mira Murati, is in discussions to raise $1 billion at a valuation of at least $40 billion”

Valuation down from $50B goal

If finalized, the $40 billion price tag falls below the ambitious $50 billion target the startup sought late last year, though it still represents a major step-up from prior rounds.

“The new round, if it is completed, would value the company below the $50 billion valuation that Thinking Machines reportedly sought to secure late last year.”

Sky-high revenue multiple

Thinking Machines has surpassed $100 million in annual revenue run rate. At a $40 billion valuation, that financial benchmark translates to an extraordinarily high 400x revenue multiple.

“At that revenue figure, a $40 billion valuation reflects an extraordinarily high revenue multiple.”

Commercializing open-weight AI

In July, the startup launched Inkling, an open-weight AI model. The company generates revenue by charging usage-based compute fees to adapt models on proprietary data via its Tinker platform.

Co-founders return to OpenAI

After raising a record $2 billion seed round at a $12 billion valuation, Thinking Machines has suffered key talent losses, with co-founders like Lilian Weng and Luke Metz returning to OpenAI.

“Thinking Machines has since had several high-profile departures, with some of the co-founders, including Lilian Weng and Luke Metz , going back to OpenAI.”