Thinking Machines is in talks to raise $1 billion at a valuation of at least $40 billion. Accel, already an investor, is in discussions to lead the round. Mira Murati, formerly chief technology officer at OpenAI, founded the lab early last year. The figure sits below the $50 billion valuation the company reportedly sought late last year. Its annual revenue run rate is above $100 million, according to a source with knowledge of its finances. In July it introduced Inkling, an open-weight model that earns usage fees for adapting models to a customer's own data. Several co-founders have since left, with some returning to OpenAI. Accel and Thinking Machines did not immediately comment. The Information reported the talks first.

• $1B round at $40B+ valuation
• >$100M annual revenue run rate
• prior seed: $2B at $12B valuation