Infrastructure startup Fireworks AI is in early talks for new funding at a valuation between $30 billion and $40 billion

Founded in 2022 by veterans of Meta and Google’s AI teams, the startup rents computing infrastructure and software for running, fine‑tuning and deploying open‑weight and custom models. In July it announced a $1.5 billion Series D at a $17.5 billion valuation, led by Atreides Management, Index Ventures and TCV, with Nvidia, Lightspeed Venture Partners, Bessemer Venture Partners and Menlo Ventures participating. Earlier, a $250 million Series C at a $4 billion valuation closed in late 2025.

Fireworks said it had passed $1 billion in annualized revenue and was processing more than 40 trillion tokens a day, 95% of which came from customer‑tailored models. The fundraising comes after a security incident in which an intruder accessed some customer data using stolen internal credentials, which CEO Lin Qiao pledged to turn into a stronger security response.