The startup's revenue run rate has crossed $100 million as investors bet big on its next funding round.
Accel is reportedly negotiating to lead a $1 billion round for Thinking Machines at a $40 billion valuation. The company's annual revenue run rate now exceeds $100 million, a figure that would put its valuation at roughly 400x current revenue.
The talks reflect continued investor appetite for frontier AI labs even as valuations detach further from near-term financials.
A 400x revenue multiple signals investors are pricing in future model dominance, not current business fundamentals — a bet that raises the bar for what 'proof of traction' means in this cycle. Operators should watch whether this valuation resets expectations for competing labs' next raises.
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