Business

Thinking Machines Reportedly Targets $1B Round at $40B Valuation

Vishal Pratap Singh

Sep 4, 2026 12:01 PM IST

Category Business

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Synopsis

Thinking Machines is reportedly in talks to raise $1 billion at a valuation of at least $40 billion, more than tripling its previous valuation as Mira Murati’s AI startup seeks capital to expand its technology and commercial operations.

Thinking Machines, the artificial intelligence startup founded by former OpenAI CTO Mira Murati, is reportedly in talks to raise $1 billion at a valuation of at least $40 billion, marking another major test of investor appetite for high-growth AI companies.

Existing investor Accel is in discussions to lead the proposed funding round, according to The Information.

If completed, the deal would more than triple Thinking Machines’ valuation from the $12 billion it secured in its previous $2 billion financing round.

However, the reported $40 billion valuation would still fall below the $50 billion valuation the company was seeking late last year.

The discussions have not been finalised and the terms could change. Thinking Machines and Accel did not immediately comment on the reported fundraising.

AI Startup Commands Huge Valuation

Thinking Machines was launched in 2025 by Murati, who spent more than six years at OpenAI and served as its CTO before leaving the company in 2024.

The startup’s previous $2 billion financing ranked among the largest seed rounds in history. Andreessen Horowitz led the investment, with Nvidia, GV, Lightspeed and Conviction Partners also participating. Much of the early investor interest centred on Murati and a team that included several former OpenAI researchers.

The latest discussions would value the company at roughly 400 times its reported annual revenue run rate of more than $100 million, highlighting the extraordinary expectations surrounding its future growth.

Inkling Adds a Commercial Focus

Thinking Machines has been building its business around AI models and infrastructure designed to give users greater control over how models are adapted to their needs.

In July, the company introduced Inkling, an open-weight model that generates revenue through usage-based computing fees for adapting models to proprietary data through its Tinker platform.

The startup has also experienced notable changes to its leadership ranks. Several high-profile employees and co-founders, including Lilian Weng and Luke Metz, have returned to OpenAI.

If completed, the new financing would give Thinking Machines substantial capital to expand its technology and infrastructure while investors place another sizeable bet on Murati’s vision in an increasingly crowded AI market.

Source: TechCrunch