Infrastructure startup Fireworks AI is in early talks for new funding at a valuation between $30 billion and $40 billion
Fireworks AI, a startup founded by ex-Google and Meta engineers, is seeking funding at a valuation between $30 billion and $40 billion.
Infrastructure startup Fireworks AI is in early talks for new funding at a valuation between $30 billion and $40 billion, according to sources familiar with the matter. The AI-infrastructure company, founded in 2022 and led by former Google and Meta AI engineers, was last valued at nearly $18 billion in July. Fireworks AI is seeking fresh funding at the higher valuation, reflecting the appetite for companies providing the computing power and tools driving the AI boom.
The recent security incident, where unauthorized use of internal credentials allowed an intruder to access data from some customer accounts, is being addressed seriously by the company's CEO, Lin Qiao. The potential valuation jump comes months after Fireworks AI's last funding round valued the company at $17.5 billion. The company rents out computing infrastructure and software that enables businesses to run, fine-tune, and deploy open-weight and custom AI models.
Fireworks AI has surpassed $1 billion in annualized revenue and serves more than 40 trillion tokens per day, with 95% of those tokens coming from models tailored to customers. The company operates in a competitive layer of the AI stack, with rivals including Together AI, Baseten, and Replicate, as well as cloud giants like Amazon Web Services, Google Cloud, Microsoft Azure, and Oracle.
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