Fireworks AI in talks to raise at up to $40 billion valuation

Fireworks AI is in early talks to raise new funding at a valuation of between $30 billion and $40 billion, Business Insider reported. The round has not been finalized, and Fireworks declined to comment on the terms, according to coverage of the report.

The AI inference startup raised $1.5 billion in a Series D round in July 2026 at a $17.5 billion valuation, so the reported range would roughly double that figure within about three months.

Fireworks sells the infrastructure and tooling companies use to fine-tune and run AI models in production, rather than training frontier models of its own. Rivals in the same market, including Baseten and Together AI, have also raised large rounds at rising valuations.