Artificial intelligence startup Thinking Machines Lab is in advanced talks to raise at least $1 billion at a pre-money valuation of roughly $40 billion, according to a report published Thursday.
The company, founded in late 2024 by former OpenAI chief technology officer Mira Murati, is engaging existing backer Accel to lead the funding round. Nvidia has also held exploratory discussions regarding participation, the report stated.
The proposed valuation represents a decline from late 2025, when Thinking Machines explored a $4 billion to $5 billion raise at a valuation exceeding $50 billion. The company released its first AI model, Inkling, in July.
Fundraising talks follow a period of rapid expansion for the AI sector, marked by significant capital deployment and consolidation. Earlier this week, Nvidia announced plans to acquire AI platform Hugging Face in a deal valued at $12.93 billion.
