The former OpenAI CTO’s startup is discussing a new raise that would put Thinking Machines at a $40 billion valuation.
Accel is reportedly in talks to lead a $1 billion round for Thinking Machines, the AI lab founded by former OpenAI CTO Mira Murati. The deal, if completed, would value the company at at least $40 billion, according to The Information.
A steep step up from the last round
The new valuation would still come in below the $50 billion mark Thinking Machines reportedly sought late last year, but it would remain a sharp climb from the company’s prior financing. Thinking Machines raised a $2 billion seed round that valued the startup at $12 billion, one of the largest seed financings on record. Andreessen Horowitz led that round, with Nvidia, GV, Lightspeed and Conviction Partners also participating.
Accel and Thinking Machines did not immediately respond to requests for comment.
Revenue is already moving, but the multiple is extreme
The company’s annual revenue run rate is said to be above $100 million, according to a source familiar with its financials. At a $40 billion valuation, that would put the startup at an unusually high multiple for a business still early in its life cycle.
Thinking Machines introduced Inkling in July, an open-weight model that generates revenue through usage-based compute fees tied to adapting models on proprietary data on its Tinker platform. That gives the company a clear monetization path, even as the valuation discussion pushes far ahead of the revenue base.
Murati’s pedigree still carries weight
Investor interest in Thinking Machines has been driven in part by Murati’s profile and the former OpenAI researchers who joined her. That same draw helped power the earlier seed round. Since then, the company has also seen several high-profile departures, including co-founders Lilian Weng and Luke Metz, who returned to OpenAI.
For now, the headline is simple: Accel is in the mix for a massive new round, and Thinking Machines is back in the market at a valuation that would keep it among the most closely watched AI startups in the sector.
