Accel is in talks to lead a new funding round for Thinking Machines Lab that would value the company at about $40 billion, TechCrunch and PYMNTS reported Sept. 3, both citing The Information.
Nvidia, already an investor, is discussing participating again, according to both outlets. Thinking Machines raised $2 billion at a $10 billion valuation in July 2025 in a round led by Andreessen Horowitz with Nvidia's participation.
The company, founded in early 2025 by former OpenAI Chief Technology Officer Mira Murati, has an annualized revenue run rate of more than $100 million, largely from usage-based fees on its Tinker platform and an open-weight model called Inkling launched in July, according to TechCrunch.
The new valuation would land below the $50 billion Thinking Machines reportedly sought late last year, and comes after departures including co-founders Lilian Weng and Luke Metz, who returned to OpenAI, TechCrunch reported.
A fourfold valuation jump in about a year is a bet that Murati's lab can grow revenue fast enough to justify it, even as the same investors reportedly walked the number down from the $50 billion figure that circulated last year.