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Accel in talks to lead $1 billion funding round for Thinking Machines
Sep 07, 2026
📍 Phliadelphia,PA, USA
# Mira Murati’s Thinking Machines Reportedly Targets $40 Billion Valuation in New Funding Round
Thinking Machines, the artificial intelligence startup founded by former OpenAI chief technology officer **Mira Murati**, is reportedly in discussions to raise approximately **$1 billion** in fresh funding at a valuation of at least **$40 billion**.
According to a report by The Information, existing investor **Accel** is in talks to lead the potential financing round.
If completed, the deal would make Thinking Machines one of the most highly valued young AI companies in the world, despite the company being founded only last year.
The proposed valuation would also represent a step below the approximately **$50 billion valuation** that Thinking Machines was reportedly seeking toward the end of last year.
Even at $40 billion, however, the proposed valuation would place the company at an extraordinary level compared with its current revenue.
A source familiar with the company’s financials said Thinking Machines has an annual revenue run rate of more than **$100 million**.
That figure would mean investors are valuing the company at hundreds of times its current annualized revenue, highlighting the enormous expectations surrounding the startup and its future AI technology.
Thinking Machines has been building its business around advanced AI systems and tools designed to give developers greater control over how models are adapted and deployed.
In July, the company introduced **Inklings**, an open-weight model that generates revenue through usage-based computing fees.
The model is connected to the company’s **Tinker** platform, which allows users to adapt AI models using their own proprietary data.
The business model gives Thinking Machines a potential path toward generating recurring revenue from developers and organizations that need customized AI systems without building everything from scratch.
The company’s fundraising ambitions come after it secured one of the largest seed financing rounds ever recorded for an AI startup.
Thinking Machines previously raised approximately **$2 billion**, with **Andreessen Horowitz** leading the investment.
The financing also attracted major technology and venture investors, including **Nvidia, GV, Lightspeed and Conviction Partners**.
The enormous amount of capital raised at such an early stage reflected the confidence investors placed in Murati and the team she assembled after leaving OpenAI.
Murati founded Thinking Machines after departing OpenAI in 2024 following six years at the company.
During her time at OpenAI, she became one of the most prominent figures in the development of its artificial intelligence products.
She was promoted to chief technology officer in 2022 and played a major role in the company’s work involving **ChatGPT, DALL-E and Codex**.
Codex, in particular, became an important foundation for early versions of GitHub’s Copilot, helping demonstrate the potential of generative AI for software development.
Murati also briefly served as OpenAI’s interim chief executive during the leadership crisis in 2024, when the company’s board temporarily removed CEO Sam Altman.
Her reputation and network within the AI industry helped Thinking Machines quickly attract several experienced researchers and engineers.
The startup initially brought in a number of Murati’s former OpenAI colleagues, including co-founders **John Schulman, Barret Zoph and Luke Metz**.
However, the company has experienced significant changes within its founding team since its launch.
Several prominent members have departed, including four of the six original co-founders.
Barret Zoph, Luke Metz and Andrew Tullock have all left the company, while Zoph and Metz subsequently returned to OpenAI.
Another major departure involved researcher and co-founder **Lilian Weng**.
Weng stepped down from Thinking Machines after facing serious health problems that she attributed to the intense demands of building a new company.
Shortly after announcing her departure, reports emerged that Weng was returning to OpenAI to lead an internal research group focused on recursive self-improvement.
Her departure highlighted the intense pace and competitive environment surrounding AI startups, where companies are racing to recruit top researchers while attempting to develop increasingly advanced systems.
Despite the departures, Thinking Machines continues to pursue an ambitious strategy under Murati’s leadership.
The potential $1 billion funding round would provide the company with significant additional capital at a time when AI startups are competing for computing resources, research talent and customers.
The proposed valuation also illustrates the extraordinary investor enthusiasm surrounding artificial intelligence.
Traditional valuation measures are becoming increasingly difficult to apply to some frontier AI companies because investors are placing substantial bets on future technological capabilities and market opportunities.
Thinking Machines’ reported revenue run rate of more than $100 million is significant for a relatively young company, but it remains small compared with the proposed $40 billion valuation.
That gap underscores how much investors appear to be betting on the company’s future growth rather than its current financial performance.
The startup’s ability to convert its AI technology into sustainable revenue will therefore be closely watched as it expands.
Its Tinker platform and open-weight models could become important components of that strategy if developers and businesses increasingly seek flexible AI systems that can be customized using proprietary information.
At the same time, Thinking Machines faces intense competition from established AI companies and other well-funded startups.
The company’s leadership team, research capabilities and access to capital will be critical as it attempts to establish a lasting position in an industry that is evolving at extraordinary speed.
For Murati, the fundraising discussions represent another major milestone in her post-OpenAI career.
From helping lead some of OpenAI’s most important products to building a new AI laboratory from the ground up, she has remained one of the most closely watched executives in the artificial intelligence sector.
If the reported financing is completed, Thinking Machines would gain another substantial financial boost to pursue its long-term ambitions.
The potential $40 billion valuation would also place the startup among the elite group of AI companies that have attracted enormous investor expectations despite having relatively short operating histories.
Whether the company can justify that valuation will ultimately depend on its ability to turn advanced AI research into scalable products, growing revenue and durable business value.
For now, the reported funding talks underline the extraordinary level of investor confidence surrounding Murati’s startup — and the enormous financial stakes involved in the race to build the next generation of artificial intelligence.
Thinking Machines, the artificial intelligence startup founded by former OpenAI chief technology officer **Mira Murati**, is reportedly in discussions to raise approximately **$1 billion** in fresh funding at a valuation of at least **$40 billion**.
According to a report by The Information, existing investor **Accel** is in talks to lead the potential financing round.
If completed, the deal would make Thinking Machines one of the most highly valued young AI companies in the world, despite the company being founded only last year.
The proposed valuation would also represent a step below the approximately **$50 billion valuation** that Thinking Machines was reportedly seeking toward the end of last year.
Even at $40 billion, however, the proposed valuation would place the company at an extraordinary level compared with its current revenue.
A source familiar with the company’s financials said Thinking Machines has an annual revenue run rate of more than **$100 million**.
That figure would mean investors are valuing the company at hundreds of times its current annualized revenue, highlighting the enormous expectations surrounding the startup and its future AI technology.
Thinking Machines has been building its business around advanced AI systems and tools designed to give developers greater control over how models are adapted and deployed.
In July, the company introduced **Inklings**, an open-weight model that generates revenue through usage-based computing fees.
The model is connected to the company’s **Tinker** platform, which allows users to adapt AI models using their own proprietary data.
The business model gives Thinking Machines a potential path toward generating recurring revenue from developers and organizations that need customized AI systems without building everything from scratch.
The company’s fundraising ambitions come after it secured one of the largest seed financing rounds ever recorded for an AI startup.
Thinking Machines previously raised approximately **$2 billion**, with **Andreessen Horowitz** leading the investment.
The financing also attracted major technology and venture investors, including **Nvidia, GV, Lightspeed and Conviction Partners**.
The enormous amount of capital raised at such an early stage reflected the confidence investors placed in Murati and the team she assembled after leaving OpenAI.
Murati founded Thinking Machines after departing OpenAI in 2024 following six years at the company.
During her time at OpenAI, she became one of the most prominent figures in the development of its artificial intelligence products.
She was promoted to chief technology officer in 2022 and played a major role in the company’s work involving **ChatGPT, DALL-E and Codex**.
Codex, in particular, became an important foundation for early versions of GitHub’s Copilot, helping demonstrate the potential of generative AI for software development.
Murati also briefly served as OpenAI’s interim chief executive during the leadership crisis in 2024, when the company’s board temporarily removed CEO Sam Altman.
Her reputation and network within the AI industry helped Thinking Machines quickly attract several experienced researchers and engineers.
The startup initially brought in a number of Murati’s former OpenAI colleagues, including co-founders **John Schulman, Barret Zoph and Luke Metz**.
However, the company has experienced significant changes within its founding team since its launch.
Several prominent members have departed, including four of the six original co-founders.
Barret Zoph, Luke Metz and Andrew Tullock have all left the company, while Zoph and Metz subsequently returned to OpenAI.
Another major departure involved researcher and co-founder **Lilian Weng**.
Weng stepped down from Thinking Machines after facing serious health problems that she attributed to the intense demands of building a new company.
Shortly after announcing her departure, reports emerged that Weng was returning to OpenAI to lead an internal research group focused on recursive self-improvement.
Her departure highlighted the intense pace and competitive environment surrounding AI startups, where companies are racing to recruit top researchers while attempting to develop increasingly advanced systems.
Despite the departures, Thinking Machines continues to pursue an ambitious strategy under Murati’s leadership.
The potential $1 billion funding round would provide the company with significant additional capital at a time when AI startups are competing for computing resources, research talent and customers.
The proposed valuation also illustrates the extraordinary investor enthusiasm surrounding artificial intelligence.
Traditional valuation measures are becoming increasingly difficult to apply to some frontier AI companies because investors are placing substantial bets on future technological capabilities and market opportunities.
Thinking Machines’ reported revenue run rate of more than $100 million is significant for a relatively young company, but it remains small compared with the proposed $40 billion valuation.
That gap underscores how much investors appear to be betting on the company’s future growth rather than its current financial performance.
The startup’s ability to convert its AI technology into sustainable revenue will therefore be closely watched as it expands.
Its Tinker platform and open-weight models could become important components of that strategy if developers and businesses increasingly seek flexible AI systems that can be customized using proprietary information.
At the same time, Thinking Machines faces intense competition from established AI companies and other well-funded startups.
The company’s leadership team, research capabilities and access to capital will be critical as it attempts to establish a lasting position in an industry that is evolving at extraordinary speed.
For Murati, the fundraising discussions represent another major milestone in her post-OpenAI career.
From helping lead some of OpenAI’s most important products to building a new AI laboratory from the ground up, she has remained one of the most closely watched executives in the artificial intelligence sector.
If the reported financing is completed, Thinking Machines would gain another substantial financial boost to pursue its long-term ambitions.
The potential $40 billion valuation would also place the startup among the elite group of AI companies that have attracted enormous investor expectations despite having relatively short operating histories.
Whether the company can justify that valuation will ultimately depend on its ability to turn advanced AI research into scalable products, growing revenue and durable business value.
For now, the reported funding talks underline the extraordinary level of investor confidence surrounding Murati’s startup — and the enormous financial stakes involved in the race to build the next generation of artificial intelligence.
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