Thinking Machines Lab is negotiating a new funding round of at least $1 billion.
The financing would value the AI startup, founded by former OpenAI CTO Mira Murati, at approximately $40 billion.
Existing investor Accel is reportedly in discussions to lead the round.
Nvidia has also held talks regarding participation in the financing.
The fundraising follows the July 2026 release of the company's first proprietary AI model, Inkling.
The firm previously raised $2 billion in July 2025 at a $12 billion valuation.