Accel reportedly in talks to lead $1B round for Thinking Machines at $40B valuation

Thinking Machines, an AI lab founded by a former OpenAI CTO, is reportedly in talks with venture firm Accel to raise $1 billion at a valuation of at least $40 billion. This valuation would be lower than the $50 billion the company reportedly sought in a previous fundraising effort, though it reflects a significantly high multiple relative to the company's reported annual revenue run rate of over $100 million. The company previously raised $2 billion in what was described as one of the largest seed financings in history, valuing it at $12 billion. Thinking Machines has experienced several high-profile departures since its founding, with some co-founders returning to OpenAI.