Thinking Machines, the AI lab founded by former OpenAI CTO Mira Murati, is in talks to raise $1 billion at a valuation of at least $40 billion, according to The Information.
The company, which was launched earlier this year, is seeking a valuation significantly lower than the $50 billion it aimed for last year. The new round, if completed, would value the company below the $50 billion target it previously sought.
The startup’s annual revenue run rate stands at over $100 million, according to a source with knowledge of its financials. At that revenue figure, a $40 billion valuation reflects an extraordinarily high revenue multiple. Accel, an existing backer, is reportedly leading the fundraise, though the deal is still in discussion.
In July, Thinking Machines introduced Inkling, an open-weight model that generates revenue through usage-based compute fees for adapting models on its Tinker platform. The company previously raised $2 billion in a seed round that valued it at $12 billion. Andreessen Horowitz led that investment, joined by Nvidia, GV, Lightspeed, and Conviction Partners.
"The team is focused on building a sustainable business model for the AI era," said Mira Murati, former CTO of OpenAI. The company’s strategy includes leveraging proprietary data on its platform to create value for users.
The announcement follows several high-profile departures from the company, including co-founders Lilian Weng and Luke Metz, who returned to OpenAI. Thinking Machines has faced challenges in retaining key talent, which has impacted its growth trajectory.
Accel and Thinking Machines did not immediately respond to a request for comment. The company’s next steps remain unclear, with uncertainty surrounding its ability to maintain its valuation and attract further investment.
Source: techcrunch
