Accel in talks to lead $1B Thinking Machines round at $40B valuation

September 4, 2026 at 12:36 AM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Thinking Machines, the AI lab founded by former OpenAI CTO Mira Murati, is in discussions to raise $1 billion at a valuation of at least $40 billion, The Information reported Thursday. Existing backer Accel is in talks to lead the fundraise, according to a source and The Information's reporting. The new round, if completed, would value the company below the $50 billion valuation it reportedly sought late last year.

Key Facts

Thinking Machines is in talks to raise $1 billion at a valuation of at least $40 billion, according to The Information.
Accel, an existing backer, is in talks to lead the round, according to a source and The Information.
The company's annual revenue run rate stands at over $100 million, according to a source with knowledge of its financials.
Thinking Machines' prior $2 billion round, led by Andreessen Horowitz, valued the company at $12 billion.
Co-founders Lilian Weng and Luke Metz have left Thinking Machines and returned to OpenAI.

Fundraising Talks

Thinking Machines, founded in early 2025 by former OpenAI CTO Mira Murati, is in discussions to raise $1 billion at a valuation of at least $40 billion. The Information first reported the talks on Thursday, and a source confirmed the details to TechCrunch. Existing investor Accel is in talks to lead the round, according to the source and The Information's reporting. If completed, the round would value the company below the $50 billion valuation it reportedly sought in late 2025.

Revenue and Valuation

Thinking Machines' annual revenue run rate exceeds $100 million, according to a source with knowledge of the company's financials. At that revenue figure, a $40 billion valuation represents an extraordinarily high revenue multiple. In July 2026, the company introduced Inkling, an open-weight model that generates revenue through usage-based compute fees on its Tinker platform.

Investor History and Departures

The startup's previous $2 billion round, among the largest seed financings in history, valued the company at $12 billion. Andreessen Horowitz led that investment, with participation from Nvidia, GV, Lightspeed, and Conviction Partners. Investors backed the round largely on the pedigree of Murati and the former OpenAI researchers who joined her. Several high-profile departures have since occurred, including co-founders Lilian Weng and Luke Metz returning to OpenAI.