Accel in Talks to Lead $1B Funding Round for Thinking Machines at $40B Valuation

AI research lab Thinking Machines is in discussions to secure $1 billion in new funding at a valuation of at least $40 billion, according to a report by The Information. Existing investor Accel is reportedly in talks to lead the financing round. Founded early last year by former OpenAI Chief Technology Officer Mira Murati, Thinking Machines previously raised a historic $2 billion seed round at a $12 billion valuation, backed by Andreessen Horowitz, Nvidia, GV, Lightspeed, and Conviction Partners. The potential $40 billion valuation reflects a high revenue multiple, as the startup's annual revenue run rate currently sits at over $100 million. The startup recently released Inkling, an open-weight model that monetizes by charging compute fees when clients adapt models on proprietary data using its Tinker platform. Despite its fast financial growth, Thinking Machines has experienced notable executive turnover, with several co-founders—including Lilian Weng and Luke Metz—recently returning to OpenAI.