Overview
- Reports on Thursday said Thinking Machines is in talks to raise about $1 billion at a roughly $40 billion valuation with existing backer Accel in discussions to lead and Nvidia weighing participation.
- The company’s reported annualized revenue now tops $100 million, which would imply an unusually high valuation multiple of roughly 400 times revenue if the round closes at $40 billion.
- Thinking Machines has shipped developer tools and models that drive that revenue, including Tinker for fine-tuning open-weight models and Inkling, a 975-billion-parameter multimodal model launched in July that the firm monetizes through usage-based compute fees.
- The company struck a multiyear Nvidia partnership in March that guarantees access to at least one gigawatt of compute and included an undisclosed Nvidia investment, a key justification for the capital ask.
- Earlier leadership departures in early 2026 forced prior valuation talks to collapse and reset private marks to the seed price, meaning investors must weigh product and infrastructure progress against governance and execution risks.