Nvidia Takes Control: $40B Valuation for Thinking Machines Lab Amid Nvidia's Model-Space Push

Thinking Machines Lab, an AI startup founded by Mira Murati, is in talks to raise between $5 billion and $6 billion at a pre-money valuation of at least $40 billion. This represents a significant correction from the company's previous fundraise ambitions, which sought a $50-60 billion valuation.

Nvidia is separately in discussions to invest approximately $2.5 billion, while existing backer Accel is reportedly in talks to lead the round. The current talks price the lab at 3.3 times its July 2025 seed round, which raised $2 billion at a $12 billion valuation.

Nvidia's reported investment in Thinking Machines completes a five-week pattern of model-space capital deployment that has no historical precedent from a hardware company. This marks a shift for Nvidia, which is now becoming the capital allocator that determines which frontier labs survive and on what terms.