Sources: Mira Murati's Thinking Machines Lab is in talks to raise $1B+ at a $40B+ pre-money valuation, lower than the $50B+ valuation it sought last year
THE SO WHAT
A $1B raise at a $40B+ pre-money for a pre-launch AI lab—down from the $50B+ discussed last year—shows frontier model equity is repricing, but capital is still available at extreme scales. Enterprise buyers should expect more pressure to lock into multi-year, high-commit contracts as these labs convert valuation narratives into revenue.
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