Thinking Machines seeks $1B at $40B valuation, down from $50B goal

thinking machines, founded by former openai cto mira murati, is in discussions to raise $1 billion at a valuation of at least $40 billion, with accel in talks to lead the fundraise. the company's annual revenue run rate stands at over $100 million, which at a $40 billion valuation reflects an extraordinarily high revenue multiple. thinking machines previously raised $2 billion at a $12 billion valuation, led by andreessen horowitz, nvidia, gv, lightspeed, and conviction partners. the company has seen high-profile departures, including co-founders lilian weng and luke metz returning to openai. thinking machines recently introduced inkling, an open-weight model generating revenue through usage-based compute fees.