Thinking Machines Lab raises about $2 billion at a $12 billion valuation

Background

Thinking Machines Lab was founded by Mira Murati in February 2025.^[1] When the financing described here took place, the company had not yet released a product.^[1] That timing is central to the event: the round was not financing the expansion of an existing product line, but an early-stage company still before its first public release. In venture financing, an early-stage round is money raised before a company has mature revenue or a full product in the market; investors are buying into the team and the plan rather than into current sales. The company's public status at the time was therefore that of a newly founded company without a released product.^[1]

The round

In July 2025, Thinking Machines Lab raised about $2 billion in an early-stage round.^[1] Andreessen Horowitz led the round.^[1][2] TechCrunch reported that the seed round closed on 15 July 2025.^[2] A company spokesperson gave the valuation of the round as $12 billion.^[2] The round valued the company at $12 billion.^[1] In a financing round, the amount raised and the valuation are different numbers. The amount raised is the money the company receives from investors; the valuation is the price at which the company's equity is valued in the deal. A $2 billion raise at a $12 billion valuation therefore describes a large amount of new money going in at a high price for the company.^[1][2] The ownership percentage that investors received would depend on the terms of the deal.

Investors

Andreessen Horowitz led the round.^[1][2] Nvidia, AMD, Cisco and Jane Street were reported among the investors.^[1] Another account listed Nvidia, Accel, ServiceNow, Cisco, AMD and Jane Street among the other investors.^[2] The two lists overlap on Nvidia, Cisco, AMD and Jane Street; the second also names Accel and ServiceNow. The round therefore brought together a lead investor and a group of additional backers. In an early-stage round, the lead investor typically negotiates the terms and often takes a significant position, while other investors join the same financing. The identified investors thus span the lead and the additional participants.

Albania's investment

The government of Albania invested $10 million in the round.^[1] The investment required an amendment to Albania's 2025 budget.^[1] A budget amendment is a formal change to spending plans that have already been set for the year; the need for one means the investment had not been provided for in the original budget. The Albanian investment is a distinct detail: a national government took part alongside the other investors. The amount was $10 million, while the round raised about $2 billion.^[1]

What the round changed

For Thinking Machines Lab, the round supplied about $2 billion of capital and set a $12 billion valuation.^[1][2] The company had been founded in February 2025 and had not released a product.^[1] The financing therefore became a public marker of how investors valued a young company before a product release. It also connected the company with a group of investors including Andreessen Horowitz, Nvidia, AMD, Cisco, Jane Street, Accel and ServiceNow.^[1][2] The seed round closed in July 2025.^[2] The combination was a large early-stage round and a high valuation for a company that had not yet released a product.^[1] That combination is the core of the event: a newly founded company raised about $2 billion and was valued at $12 billion before it had a product on the market.^[1][2]