Thinking Machines in talks to raise $1 billion at $40 billion valuation led by Accel

Sep 3, 2026

Thinking Machines, the AI lab founded in early 2025 by former OpenAI CTO Mira Murati, is in talks to raise $1 billion in a funding round led by Accel. The deal would value the startup at over $40 billion, up from its prior $12 billion valuation but below the $50 billion target once expected. While the firm boasts an annual revenue run rate exceeding $100 million from its Inkling model and Tinker platform, the valuation represents a steep multiple amid high-profile co-founder departures back to OpenAI.

Thinking Machines $1 billion fundraise

▪The proposed $1 billion funding round would value Thinking Machines at a pre-money valuation of at least $40 billion.
▪Thinking Machines is in talks to raise $1 billion in a funding round that could be led by investment firm Accel.
▪Thinking Machines was founded in early 2025 by former OpenAI Chief Technology Officer Mira Murati.

Valuation trajectory from $12B to $40B

▪NVIDIA, GV, Lightspeed, and Conviction Partners participated as investors in Thinking Machines' prior $2 billion funding round.
▪The proposed $40 billion valuation is below the $50 billion valuation that Thinking Machines was previously expected to seek by the end of 2025.
▪Thinking Machines previously raised a $2 billion funding round at a $12 billion valuation, which was led by Andreessen Horowitz.

Revenue metrics exceeding $100M annually

▪A $40 billion valuation for Thinking Machines would represent an extraordinarily high ratio of company value relative to its estimated $100 million annual revenue.
▪Thinking Machines' annual revenue run rate is estimated to be over $100 million, according to a source familiar with the company's financials.

Inkling model with Tinker platform

▪Thinking Machines generates revenue by charging customers usage-based fees for computing resources used to adapt models on its Tinker platform.
▪Thinking Machines released an open-weight artificial intelligence model named Inkling in July 2026.

Co-founder departures to OpenAI

▪Investors were drawn to Thinking Machines' prior funding round largely due to the professional pedigree of Mira Murati and the former OpenAI researchers who joined the lab.
▪Thinking Machines co-founders Lilian Weng and Luke Metz departed the startup to return to OpenAI.