Thinking Machines in talks for $1B round at $40B valuation

Accel is reportedly in talks to lead a $1 billion funding round for Thinking Machines at a $40 billion valuation. The startup's annual revenue run rate reportedly stands at over $100 million.

Why it matters: A $40 billion valuation against roughly $100 million in run-rate revenue shows investors are still pricing frontier AI labs on long-term model potential rather than near-term revenue, echoing the early valuation trajectories of OpenAI and Anthropic. Thinking Machines, founded by former OpenAI CTO Mira Murati, would become one of the highest-valued AI labs without a widely deployed consumer product.