Thinking Machines, the AI startup led by former OpenAI CTO Mira Murati, is reportedly negotiating to raise $1 billion in a new funding round that values the company at about $40 billion. Existing investor Accel is said to be in discussions to lead the investment. This would mark a significant downshift from the $50 billion valuation the firm was targeting at the end of last year.
Revenue, Products, & Recent Moves
The company’s annualized revenue run-rate exceeds $100 million, a figure that makes the proposed $40 billion valuation notably rich in terms of revenue multiples. One of its products, Inkling, is an “open-weight” model launched in July. Inkling operates under a usage-based pricing structure tied to compute, enabling clients to fine-tune AI models using their own proprietary data through the startup’s proprietary Tinker platform.
Thinking Machines’ last major funding occurred during a seed round that raised $2 billion—the backing came from established names such as Andreessen Horowitz, Nvidia, GV, Lightspeed, and Conviction Partners. That last round pegged the company’s valuation at $12 billion, drawing investments largely because of its team’s credentials and the cachet of its leadership.
Organizational Shifts and Market Context
Despite the strong start, the startup has seen key talent departures: several co-founders, including Lilian Weng and Luke Metz, have reportedly left to return to OpenAI. These changes suggest internal shifts even as growth and hiring continue in many areas.
The timing of this funding push comes amid a cooling in AI valuation expectations. Companies that once projected loftier targets are now recalibrating expectations, balancing between high growth and financial discipline. For Thinking Machines, securing $1 billion at $40 billion versus holding out for $50 billion reflects this backdrop.
Accel and Thinking Machines have not publicly confirmed the deal yet.
