thinking_machines: valuation, funding, and the secondary tape

The short version

Claimed valuation: $12.00B.
Last priced round: $2.00B at $12.00B post-money.
New-money stake: 16.7%.

instrument	value	as of	source
Claimed valuation	$12.00B		source
Last priced round (filed/seeded)	$2.00B @ $12.00B post	2025-07-15	source
Napkin: new-money stake	16.7% ($2.00B of $12.00B)	2025-07-15	source

Recent milestones

2026-09-24 - Crusoe and Thinking Machines Lab announced a $65 million annual compute agreement to power inference for Thinking Machines Lab’s open models
2026-09-04 - Thinking Machines Lab is reportedly in talks to raise approximately $5–6 billion, up from the previously reported minimum of $1 billion. Acc
2026-09-03 - The Information reported that Thinking Machines Lab is in talks to raise at least $1 billion at a roughly $40 billion pre-money valuation. E

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Derived from the SOMEN graph at render time. The arithmetic cannot lobby you.