Thinking Machines eyes $40B valuation in new $1B funding round

Accel, an existing investor, is in talks to spearhead the round. The proposed valuation arrives against the backdrop of the company’s current revenue run rate, which sits above $100 million. This multiple remains exceptionally high, even by the aggressive standards of the current AI investment climate.

Since its inception, the startup has navigated a volatile growth trajectory. While a previous $2 billion seed round—led by Andreessen Horowitz—granted the firm a $12 billion valuation, the company has recently faced internal shifts. High-profile departures, including co-founders Lilian Weng and Luke Metz, marked a retreat of talent back to OpenAI. Despite these personnel changes, the firm continues to push its commercial strategy, specifically through its Inkling model and the Tinker platform, which generates revenue via usage-based fees for data adaptation.