Thinking Machines, the artificial intelligence lab launched early last year by former OpenAI CTO Mira Murati, is reportedly in discussions to raise EUR 1 billion at a valuation of at least EUR 34 billion. Existing investor Accel is said to be in talks to lead the new fundraise.
If completed, the deal would represent significant growth for the young company, though the figure sits below the EUR 43 billion valuation the startup reportedly targeted late last year. The negotiations underscore the continued appetite among venture firms for high-profile AI startups founded by proven talent.
A Steep Revenue Multiple
According to a source with knowledge of the company’s financials, Thinking Machines currently operates with an annual revenue run rate exceeding EUR 86 million. At that level, a EUR 34 billion valuation reflects an extraordinarily high revenue multiple, highlighting the premium investors are willing to pay for leading AI labs.
Both Accel and Thinking Machines have not responded to requests for comment on the reported discussions.
Product Strategy and Earlier Funding
In July, the company introduced Inkling, an open-weight model that generates revenue through usage-based compute fees. The model allows customers to adapt AI systems on proprietary data using the company’s Tinker platform.
The startup’s earlier fundraise was among the largest seed rounds in history, a EUR 2 billion investment that valued the company at EUR 10 billion. Andreessen Horowitz led that round, joined by Nvidia, GV, Lightspeed, and Conviction Partners. Investors largely backed the deal based on the reputation of Murati and the group of former OpenAI researchers who joined her venture.
Notable Departures
Since that initial raise, Thinking Machines has experienced several high-profile exits. Some co-founders, including Lilian Weng and Luke Metz, have returned to OpenAI, reshaping the leadership team as the company pursues its latest financing.
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