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The proposed financing would put a far higher price on Mira Murati’s AI lab than its last round, while leaving the final valuation, investor commitment and close unresolved.
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Thinking Machines Lab is reportedly negotiating a $1 billion financing at a valuation floor of $40 billion, with Accel discussing a lead role. That would more than triple the lab’s prior $12 billion valuation, though the financing, investor participation, and final price remain unsettled. An unconfirmed revenue run rate above $100 million and the commercial rollout of Inkling and Tinker provide a potential business case, while senior departures—including co-founders returning to OpenAI—add execution risk.
The reported $40 billion floor is 3.3 times Thinking Machines’ $12 billion valuation in its previous $2 billion round.
Accel’s participation and leadership role remain unannounced; the financing is still an ongoing negotiation.
A source puts annual revenue run rate above $100 million, but Thinking Machines has not confirmed the figure.
Thinking Machines Lab is reportedly in discussions to raise $1 billion at a valuation of at least $40 billion, with existing investor Accel in talks to lead. The figure would represent a sharp step up from the lab’s last financing, but it is only a floor in an unfinished negotiation. Neither the financing nor Accel’s role has been formally announced.
At the reported minimum, the new valuation would be at least 3.3 times the $12 billion price attached to Thinking Machines’ prior $2 billion round. Andreessen Horowitz led that financing, joined by Nvidia, GV, Lightspeed and Conviction Partners. The lab was founded by former OpenAI chief technology officer Mira Murati.
The reported $40 billion floor is also different from the $50 billion valuation the company reportedly sought late in 2025. The floor is $10 billion lower than that earlier target, though a final valuation above the minimum remains possible if a deal is reached.
A person with knowledge of the company’s finances put Thinking Machines’ annual revenue run rate above $100 million. That figure has not been confirmed by the company, and the open-ended revenue and valuation figures do not establish a precise valuation multiple.
The lab introduced Inkling in July, an open-weight model paired with its Tinker platform. Its stated business model charges usage-based compute fees when customers adapt models using proprietary data—one concrete route from model development to revenue.
The immediate test is narrower than the headline valuation: whether Accel and Thinking Machines can turn talks into a completed round. Until then, the $40 billion figure is a reported negotiating threshold rather than a new market valuation.
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