Mira Murati’s AI startup raises $2B at $12B valuation

Mira Murati’s AI startup Thinking Machines has raised approximately $2 billion at a $12 billion valuation in an early-stage funding round led by Andreessen Horowitz, a prominent venture capital firm. The massive investment in a company launched just five months ago with no revenue or products yet highlights the intense competition for top AI talent and the continued investor enthusiasm for AI startups from former OpenAI executives.

The big picture: This funding round exemplifies the extraordinary valuations being assigned to AI startups led by high-profile executives, even in pre-revenue stages.

• The company was founded in February 2025 by Murati after her abrupt departure from OpenAI in September 2024.
• Nearly two-thirds of Thinking Machines’ team at launch comprised former OpenAI employees, demonstrating the talent exodus from the ChatGPT maker.

Who else is involved: The funding round attracted major technology companies and investors beyond the lead investor.

• Participants included AI chip giant Nvidia, Accel, ServiceNow, Cisco, AMD, and Jane Street.
• Reuters had reported in April that Andreessen Horowitz was in talks to lead an outsized early-stage funding round.

What’s coming next: Murati announced the company will unveil its first product in the coming months.

• “We’re excited that in the next couple months we will be able to share our first product, which will include a significant open source component and be useful for researchers and startups developing custom model,” CEO Murati said in a post on X.
• The company aims to build AI systems that are safer, more reliable, and applicable to a broader range of use cases than competitors.

Competitive landscape: Thinking Machines joins a growing list of AI startups founded by former OpenAI executives who have successfully raised billions in funding.

• Dario Amodei’s Anthropic and Ilya Sutskever’s Safe Superintelligence have both attracted former OpenAI researchers and secured substantial funding rounds.
• This trend reflects the escalating talent war in AI, where top executives have become coveted targets for investors.

Market context: The funding comes amid sustained investor enthusiasm for AI startups despite broader questions about tech industry spending.

• U.S. startup funding surged nearly 76% to $162.8 billion in the first half of 2025, according to a Pitchbook report.
• AI accounted for about 64.1% of the total deal value during this period, underscoring the sector’s dominance in venture capital.