Thinking Machines is in discussions to raise $1 bn at a valuation of at least $40 bn, a price that works out to a revenue multiple of more than 400× its disclosed annual run‑rate of over $100 m, TechCrunch reported on 3 September 2026.
Deal terms and valuation
The proposed financing round, if completed, would bring in $1 bn of new capital. The round is being led by Accel, an existing backer, according to the TechCrunch story that cites The Information. The valuation ceiling of $40 bn is described as a "minimum" figure – the source says the company is seeking at least that amount. The same source notes that the $40 bn figure is below the $50 bn valuation that Thinking Machines reportedly pursued in late 2025.
Revenue run‑rate and implied multiple
TechCrunch also disclosed that Thinking Machines’ annual revenue run‑rate stands at over $100 million. Because the valuation is expressed in billions of U.S. dollars and the revenue figure in millions of U.S. dollars, the simple division yields a multiple of 400× (40 bn ÷ 100 m = 400). Since the revenue figure is quoted as "over $100 m", the resulting multiple is "greater than 400×".
Key financial figures disclosed for Thinking Machines (2026)
Metric
Value
Unit
Period
Source
Valuation (minimum)
40
billion USD
2026 (proposed round)
TechCrunch
Funding round size
1
billion USD
2026 (discussion)
TechCrunch
Revenue run‑rate
100
million USD
2026 (latest disclosed)
TechCrunch
Revenue multiple
>400
times
2026 (based on disclosed figures)
TechCrunch
The table makes clear the relationship between the three core numbers that underpin the headline claim.
Founder, backers and market positioning
The AI lab was founded early in 2025 by Mira Murati, who previously served as chief technology officer at OpenAI. The TechCrunch excerpt explicitly identifies Murati as the founder and notes that Accel is already a backer and is in talks to lead the new $1 bn round. No other investors are named in the source.
Timeline and market context
The key event in the timeline is the TechCrunch report dated 3 September 2026, which states that the $1 bn raise and $40 bn valuation are under discussion. The report also references an earlier, higher valuation target of $50 bn that the company allegedly pursued in late 2025. The shift from a $50 bn target to a $40 bn minimum suggests a recalibration of expectations, though the source does not explain the rationale.
What remains unknown
The packet does not provide details on Thinking Machines’ headquarters, employee headcount, industry classification, or any audited financial statements beyond the disclosed revenue run‑rate. The exact amount of capital that would be raised, the final valuation ceiling, and the terms of the financing (such as equity percentage or preferred‑stock features) have not been confirmed. Likewise, the impact of the proposed valuation on the broader AI‑startup funding environment is not addressed in the source material.
Investors and market observers will be watching how the $40 bn valuation, the $1 bn raise, and the implied >400× revenue multiple play out as the round moves toward closure. The figures provide a concrete benchmark for comparing future AI‑lab financing rounds that may emerge later in 2026.