Mira Murati's AI Lab Is in Talks to Raise $1 Billion at a $40 Billion Valuation
Thinking Machines, the startup founded by former OpenAI chief technology officer Mira Murati, is reportedly seeking fresh funding at a valuation more than three times higher than its last round, even as some co-founders have left.
Key points
- Thinking Machines is in talks to raise $1 billion at a valuation of at least $40 billion, according to TechCrunch AI.
- Venture firm Accel is reportedly in discussions to lead the round.
- The company's most recent prior round, a $2 billion seed raise, valued it at $12 billion in early 2025.
- Annual revenue is running above $100 million, but a $40 billion valuation still implies a very high price relative to income.
- Several co-founders, including Lilian Weng and Luke Metz, have since left and returned to OpenAI.
Thinking Machines, the AI lab that Mira Murati, the former chief technology officer of OpenAI, founded in early 2025, is in talks to raise $1 billion at a valuation of at least $40 billion. That figure would mark a steep climb from the $12 billion valuation the company carried after its last funding round.
Venture capital firm Accel is reportedly in discussions to lead the new investment. Neither Accel nor Thinking Machines responded to requests for comment.
How does the valuation stack up?
The $40 billion figure is lower than the $50 billion Thinking Machines was said to be targeting late last year. Still, the gap between the company's revenue and its price tag is striking.
The company's annual revenue run rate, meaning the pace of income if current earnings continued for a full year, sits above $100 million. A $40 billion price tag on $100 million of annual revenue means investors are paying roughly 400 times yearly income. That multiple is very high even by the standards of a fast-growing AI startup.
| Funding round | Amount raised | Valuation | Lead investor |
|---|---|---|---|
| Seed (2025) | $2 billion | $12 billion | Andreessen Horowitz |
| Current talks | $1 billion | $40 billion+ | Accel (reported) |
The earlier $2 billion seed raise, one of the largest of its kind on record, drew in investors including Nvidia, GV, Lightspeed, and Conviction Partners. Backers were largely betting on the reputations of Murati and the senior researchers who left OpenAI alongside her.
Since then, the startup has lost some of those names. Co-founders Lilian Weng and Luke Metz have both returned to OpenAI.
What does Thinking Machines actually make?
The company sells access to AI models, software systems trained on large amounts of data to perform tasks like writing, coding, and analysis. In July 2026, it launched Inkling, an open-weight model, meaning one whose underlying code is publicly available for others to build on. Thinking Machines charges fees based on how much computing power customers use to adapt Inkling to their own private data through its Tinker platform.
For businesses considering AI tools, that usage-based pricing model means costs scale with how much you actually use the product rather than a flat subscription.
Common questions
What does a high revenue multiple mean for ordinary people?
It means investors are paying a large sum today in the hope the company grows much bigger. It does not directly affect customers, but it does signal how much confidence, or speculation, is flowing into AI startups right now.
Is this funding confirmed?
No. These are reported discussions, not a completed deal. Until both sides sign and announce, the terms could change or the round could fall apart entirely.
Who is Mira Murati?
She served as chief technology officer at OpenAI, the company behind ChatGPT, before leaving in late 2024 to start Thinking Machines.
