Thinking Machines reportedly raising $5B at $40B valuation, betting on near-frontier open weights
teortaxesTex · x · 2026-11-07
Analysis of Thinking Machines' reported new round: raising $5B at a $40B valuation, with a commitment to deploy over 1GW of Vera Rubin compute (costing $50B+), implying NVIDIA involvement. The lab just released Inkling 2, seen as the best open-weights model outside China, and reportedly has $100M+ ARR. The author reads the deal as the end of Chinese-origin enterprise open weights dominance and contrasts it with Reflection's $2.5B raise at $25B six months ago with no revenue. Details are unconfirmed leaks.
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