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Thinking Machines’ Reported $5 Billion Funding Round: What We Know
As of November 6, 2026, Thinking Machines Lab was reportedly nearing a $5 billion Accel led round at a $40 billion pre money valuation, but the available reporting did not confirm it had closed.
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- As of November 6, 2026, Thinking Machines Lab was reportedly nearing a $5 billion Accel led round at a $40 billion pre money valuation, but the available reporting did not confirm it had closed.
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Thinking Machines Lab, the AI startup founded by former OpenAI CTO Mira Murati, was reportedly nearing a $5 billion funding round led by Accel at a $40 billion pre-money valuation as of November 6, 2026. The key caveat: this was a reported fundraising deal, not a publicly confirmed closing. Business Insider attributed the terms to multiple people familiar with the matter. 10
What the November report said
Business Insider reported that the startup was raising $5 billion at a $40 billion pre-money valuation, with Accel leading, and that the round could close as soon as that week. The report cited multiple sources familiar with the matter; the available account does not present an official funding announcement or confirmed closing. 10
A separate report said a Thinking Machines representative declined to comment and Accel did not respond to a request for comment. Those responses do not confirm or refute the reported terms. 12
If the full reported $5 billion were new equity investment, adding it to the $40 billion pre-money valuation would imply a $45 billion post-money valuation. That is a calculation from the reported figures, not a separately reported or confirmed valuation. 10
How the reported financing changed
In September, TechCrunch reported that Thinking Machines was discussing a $1 billion raise at a valuation of at least $40 billion. Its account attributed the fundraising report to The Information and said Accel was in talks to lead, citing both The Information and its own source. 30
The available reporting does not establish a definitive sequence of revised terms between that September report and the November report. One later secondary compilation describes a $5 billion to $6 billion round and a possible Nvidia contribution of roughly $2.5 billion to $3 billion. Separately, a headline for a September Information report says Nvidia was in talks to invest around $2.5 billion. These reports do not establish Nvidia’s final participation or the round’s final size. 25
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The earlier valuation history also needs qualification. The startup’s prior financing was reported as a $2 billion seed round, with a valuation reported at about $12 billion in one account. Against that figure, $40 billion is roughly 3.3 times higher; this compares reported valuations, not confirmed cash proceeds from the new round. 12 Another report says an earlier fundraising attempt at a $50 billion valuation ended in broken negotiations.
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The company behind the valuation
Thinking Machines has shipped Tinker, described by TechCrunch as an API for fine-tuning open-source AI models, and released its first open model, Inkling, in July 2026. 39
37 The company also released Inkling 2 Small in early November, according to reporting published alongside the funding news.
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September reporting put the company’s annualized revenue run rate above $100 million. That figure was reported, not published company financials, and a run rate is not the same as verified full-year revenue or profitability. 18
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For scale, $40 billion divided by $100 million is 400. Since the reported run rate was above $100 million, this is only a rough reference point—not an exact revenue multiple. It does, however, show why the valuation attracts attention relative to the revenue figure available in the reporting. 18
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The company also announced a multiyear strategic partnership with Nvidia that includes deploying at least one gigawatt of Nvidia Vera Rubin systems. The cited report does not establish the deployment start date. 36
Founder departures and what the deal may signal
Several co-founders have reportedly left: Andrew Tulloch moved to Meta in October 2025, while Barret Zoph and Luke Metz moved to OpenAI in January 2026. 3 The available sources do not substantiate a precise claim that roughly a third of the founding team had departed by May, nor do they verify the reported compensation offers or the recruitment of Neal Wu.
If completed on the reported terms, an Accel-led round would indicate continued investor interest in a prominent AI lab despite those departures. But a reported deal is not proof that the financing closed, that the valuation has been tested in a completed transaction, or that the company is profitable. The clearest conclusion as of November 6 is narrower: the $5 billion raise and $40 billion pre-money valuation were reported, while key terms and closing remained unconfirmed. 10
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As of November 6, 2026, Thinking Machines Lab was reportedly nearing a $5 billion Accel led round at a $40 billion pre money valuation, but the available reporting did not confirm it had closed.