Thinking Machines Reportedly Seeks $1B at a $40B Valuation

Thinking Machines is reportedly in talks to raise about $1 billion at a valuation of at least $40 billion, according to reporting from The Information cited by TechCrunch. Existing investor Accel is said to be discussing a lead role in the round. The financing has not been completed, and its size, valuation, and investor lineup could still change.

Founded in early 2025 by former OpenAI chief technology officer Mira Murati, Thinking Machines has attracted unusually strong investor attention for a young AI company. A source familiar with its finances told TechCrunch that the startup’s annual revenue run rate is now above $100 million. Even so, a $40 billion valuation would represent an exceptionally large multiple of current annualized revenue. The proposed deal therefore reflects expectations about future model capabilities, platform adoption, and the strength of the company’s research team as much as present-day sales.

Key points

• Potential financing: Thinking Machines is reportedly discussing a $1 billion round at a valuation of at least $40 billion.
• Possible lead investor: Accel, an existing backer, is in talks to lead the round, although neither side immediately commented.
• Commercial signal: The company’s annual revenue run rate is reported to exceed $100 million.
• Product direction: In July, the startup introduced Inkling, an open-weight model, and said its Tinker platform charges usage-based compute fees for adapting models to proprietary data.
• Previous round: Its earlier $2 billion financing valued the company at $12 billion. Andreessen Horowitz led that round, with participation from Nvidia, GV, Lightspeed, and Conviction Partners.

Why it matters

A completed transaction would reinforce the premium that venture investors place on elite AI teams and on companies positioned close to the frontier-model ecosystem. Thinking Machines’ previous financing was backed largely by the reputation of Murati and the former OpenAI researchers who joined her. The next test is whether that pedigree can translate into repeatable product usage and durable revenue.

The reported $40 billion target is also below the $50 billion valuation the company was said to have pursued late last year. That comparison should not be treated as a formal markdown, since the earlier figure was only a reported fundraising objective and the new deal remains unclosed. Still, it suggests that valuation expectations are being recalibrated as investors weigh a fast-moving market against the company’s still-early revenue base.

The company has also experienced notable personnel changes. Several co-founders, including Lilian Weng and Luke Metz, later returned to OpenAI. For investors, maintaining a stable research organization will matter alongside product execution. Inkling and Tinker point to a monetization model built around model adaptation and compute usage rather than a single model release. Whether that approach can support the proposed valuation will depend on sustained customer demand and evidence that platform revenue can scale.

来源：TechCrunch AI