# Thinking Machines Targets $40B Valuation in $1B Accel Deal

> Former OpenAI CTO Mira Murati’s AI startup is negotiating a $1 billion mega-round despite high executive turnover and high revenue multiples.
- Title: Thinking Machines Targets $40B Valuation in $1B Accel Deal
- Summary: Former OpenAI CTO Mira Murati’s AI startup is negotiating a $1 billion mega-round despite high executive turnover and high revenue multiples. Even top-tier…
- Keywords: venture capital, thinking machines, mira murati, startups, Thinking, Machines, Targets, 40B, Valuation, Accel, Deal, TechCrunch
- Source: TechCrunch — https://techcrunch.com/2026/09/03/accel-reportedly-in-talks-to-lead-1b-round-for-thinking-machines-at-40b-valuation
- Author: Marina Temkin
- Published: 2026-09-03T19:36:29+00:00
- Read time: 1 min
- Topics: ai, venture capital, thinking machines, mira murati, startups
## 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.
## Key takeaway

Even top-tier AI startups are facing tighter valuation bounds as investors weigh founder pedigree against high revenue multiples and talent churn.