Fireworks AI, a startup backed by Nvidia, is reportedly in early discussions to raise capital at a valuation between $30 billion and $40 billion. This potential figure would represent a significant increase from the company's valuation of $17.5 billion during its Series D round in July 2026.
The company, founded in 2022 by former Meta and Google engineers, provides a platform for businesses to train and serve custom open-source AI models. Its current client base includes companies such as Uber, Shopify, Doximity, Geico, and Revolut, while developers like Cursor and Harvey utilize the platform for specialized model creation.
As of July 2026, Fireworks AI reported an annualized revenue exceeding $1 billion, marking a fivefold increase since its previous funding round. The platform also noted that its daily token volume has grown from 15 trillion to over 40 trillion, with 95% of these tokens originating from models customized on proprietary customer data.
The startup's total funding reached $327 million following a Series C round in October 2025. By July 2026, the company secured $1.505 billion in Series D funding led by Atreides Management, Index Ventures, and TCV, with participation from existing investors including Nvidia, Lightspeed Venture Partners, and Evantic.
