Observed Signal · Sep 3, 2026 · Funding · Source: techcrunch · Impact: 4/5 · Sentiment: Positive
Accel in Talks to Lead $1B Round for Thinking Machines
TechCrunch reports, citing The Information and its own source, that Thinking Machines Lab, the AI startup founded by former OpenAI CTO Mira Murati, is in talks to raise $1 billion at a valuation of at least $40 billion. Existing backer Accel is reportedly in discussions to lead the round. If completed, the valuation would fall below the roughly $50 billion the company reportedly sought late last year. Thinking Machines' annual revenue run rate exceeds $100 million, implying a very high revenue multiple at a $40 billion valuation. The company previously raised a $2 billion seed round at a $12 billion valuation, led by Andreessen Horowitz with participation from Nvidia, GV, Lightspeed, and Conviction Partners. In July, Thinking Machines launched Inkling, an open-weight model that generates revenue through usage-based compute fees for adapting models on its Tinker platform. Neither Accel nor Thinking Machines responded to requests for comment.
This is one of the largest AI startup funding rounds reported, signaling sustained capital intensity in AI model development and infrastructure; AI technologies are foundational to the future of marketing and advertising technology.
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Key Takeaways & Evidence Grounding
- Accel is reportedly in talks to lead a $1 billion funding round for Thinking Machines at a valuation of at least $40 billion.
- Thinking Machines' annual revenue run rate is over $100 million.
- The $40 billion valuation would be below the $50 billion the company reportedly sought last year.
- Thinking Machines previously raised a $2 billion seed round at a $12 billion valuation, led by Andreessen Horowitz.
- In July, Thinking Machines launched its open-weight model Inkling, monetized via usage-based compute fees on its Tinker platform.
Connected Companies & Entities
9 Entities mapped“Existing backer Accel is in talks to lead the fundraise, according to our source and The Information's reporting....”
“Thinking Machines, the AI lab founded early last year by former OpenAI CTO Mira Murati, is in discussions to raise $1 billion at a valuation...”
“Thinking Machines, the AI lab founded early last year by former OpenAI CTO Mira Murati, is in discussions to raise $1 billion....”
“Andreessen Horowitz led the investment, joined by Nvidia, GV, Lightspeed, and Conviction Partners....”
“Andreessen Horowitz led the investment, joined by Nvidia, GV, Lightspeed, and Conviction Partners....”
“The Information reported Thursday....”
“Andreessen Horowitz led the investment, joined by Nvidia, GV, Lightspeed, and Conviction Partners....”
“Andreessen Horowitz led the investment, joined by Nvidia, GV, Lightspeed, and Conviction Partners....”
“Andreessen Horowitz led the investment, joined by Nvidia, GV, Lightspeed, and Conviction Partners....”
Ontology Mapping & Concepts
Related Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
Thinking Machines Lab Partners with Nvidia for AI Revolution
Thinking Machines Lab, the AI research startup co-founded by OpenAI alum Mira Murati, announced a multi-year strategic partnership with Nvidia. The agreement — terms not disclosed — includes deployment of at least one gigawatt of Nvidia’s Vera Rubin systems beginning in 2027 and a commitment to jointly develop training and serving systems for Nvidia architecture. Nvidia is also making a strategic investment in the lab. Thinking Machines Lab has raised more than $2 billion since its February 2025 founding from investors including Andreessen Horowitz, Accel and Nvidia (and interest from AMD’s venture arm), and is valued at over $12 billion. The company released its first product, the Tinker API, in October. The piece notes several co‑founder departures (including Andrew Tulloch to Meta and three returning to OpenAI) and places the deal in the context of surging demand for AI compute.
Nvidia Invests Big in Mira Murati's AI Venture
Nvidia has made a "significant investment" in Thinking Machines Lab and entered a multiyear strategic partnership with the AI startup founded by former OpenAI CTO Mira Murati. As part of the deal, Thinking Machines Lab agreed to deploy at least one gigawatt of Nvidia's Vera Rubin systems — Nvidia's most advanced offering, which the company says is expected to ship in the second half of the year. The startup launched a developer-facing product called Tinker in October and previously raised $2 billion from investors in July. Nvidia has previously invested in and supplied compute to other prominent AI firms, including OpenAI and Anthropic.
Modal Labs closing in on $750M round at $15.75B valuation
AI inference infrastructure provider Modal Labs is nearing a $750 million funding round led by Accel at a $15.75 billion valuation, according to a source. This would more than triple its valuation from $4.65 billion in May. The round comes amid surging demand for inference services, with other startups like Baseten, Fireworks, and Fal also raising at higher valuations. Modal Labs, founded in 2021 by Erik Bernhardsson and Akshat Bubna, provides infrastructure for training and running AI models without managing servers. The company has surpassed $300 million in annualized revenue as of May. The funding talks follow a security incident in July where a customer's data was compromised, but Modal's platform was not breached.
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