SAN FRANCISCO, Sept. 4, 2026 — 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 of at least $40 billion, The Information reported Thursday. Existing backer Accel is in talks to lead the fundraise, according to The Information’s reporting and a source familiar with the matter.

If completed, the new round would value Thinking Machines below the $50 billion valuation the company reportedly sought to secure late last year. The proposed financing comes as the startup’s annual revenue run rate has passed $100 million, according to a source with knowledge of the company’s financials.

Fundraise Would Set New Valuation

Thinking Machines’ previous fundraise was a $2 billion round that valued the company at $12 billion. The financing ranks among the largest seed financings in history, with Andreessen Horowitz leading the investment alongside Nvidia, GV, Lightspeed and Conviction Partners.

The new financing would place Thinking Machines at a valuation of at least $40 billion if completed. That would represent a substantial increase from the $12 billion valuation established in the company’s previous round, although it would remain below the $50 billion valuation reportedly sought late last year.

Revenue Passes $100 Million

Thinking Machines’ annual revenue run rate stands at more than $100 million, according to a source with knowledge of the company’s financials. At that revenue figure, a $40 billion valuation represents an extraordinarily high revenue multiple.

The reported valuation therefore stands far above the company’s current annual revenue run rate. Accel and Thinking Machines did not immediately respond to a request for comment on the reported fundraise.

Inkling Introduces Usage-Based Fees

In July, Thinking Machines introduced Inkling, an open-weight model that generates revenue by charging usage-based compute fees for adapting models on proprietary data through its Tinker platform.

The product gives Thinking Machines a revenue stream based on compute fees tied to model adaptation. The company introduced Inkling as it continues to build its business around its Tinker platform and open-weight models.

Departures Follow Major Financing

Investors backed Thinking Machines’ $2 billion financing largely on the pedigree of Murati and the former OpenAI researchers who joined her. The round gave the company a $12 billion valuation and brought several prominent technology investors into its shareholder base.

Since that financing, Thinking Machines has experienced several high-profile departures. Some of the company’s co-founders, including Lilian Weng and Luke Metz, have gone back to OpenAI, adding another development to the company’s story as it discusses a potential $1 billion fundraise at a valuation of at least $40 billion.