Accel reportedly in talks to lead $1B round for Thinking Machines at $40B valuation

Thinking Machines is in talks to raise $1B at a $40B+ valuation, with existing backer Accel reportedly leading. That's below the $50B it sought late last year, but still an extreme multiple against its $100M+ annual revenue run rate. The AI lab, founded by ex-OpenAI CTO Mira Murati, previously raised a $2B seed round at a $12B valuation. Several co-founders have since returned to OpenAI.

Why it matters: Thinking Machines, founded by ex-OpenAI CTO Mira Murati, is reportedly raising $1B at a $40B valuation. The numbers are concrete and the valuation-to-revenue gap is striking — HKR all hit. Not scoring higher because it's a single-source report and the post doesn't disclose pro...