Thinking Machines Lab

Who is betting on what in AI, and against whom.

Post-training and fine-tuning as the product.

HQ: San Francisco
Founded: Feb 2025
Web: thinkingmachines.ai
Camps: LLM scaling

What it does

Mira Murati's lab raised the largest seed round on record, $2B at $12B, in July 2025, and sells post-training tooling (Tinker) rather than a chatbot. A $50B round it sought in late 2025 fell through; as of September 2026 it is in talks at about $40B.

Camp membership over time

dates not recorded

Scale next-token prediction
Post-training and fine-tuning as the product. $2B seed at $12B; seeking ~$40B in September 2026.

Sources Mira Murati's Thinking Machines Lab is worth $12B in seed round TechCrunch 2025-07-15 · Thinking Machines Lab seeks $1 billion at $40 billion valuation PYMNTS 2026-09-03

Capital

Amount	Kind	Valuation	Date	Investors	Source
$2B	seed	$12B post-money	Jul 2025	Andreessen Horowitz, Nvidia, Accel, ServiceNow, Cisco, AMD, Jane Street	TechCrunch
$2.5B reported	talks	$40B reported	Sep 2026	NVIDIA, Accel Reports differ: at least $1B led by Accel at $40B, or $5B to $6B with NVIDIA providing about $2.5B. Nothing announced.	Investing.com, Inc.

People

Mira MuratiFounder and CEO

JSJohn SchulmanChief scientist

BZBarret ZophCo-founder (until Jan 2026)

General sources

Mira Murati's Thinking Machines Lab is worth $12B in seed round TechCrunch 2025-07-15 · Thinking Machines Lab seeks $1 billion at $40 billion valuation PYMNTS 2026-09-03