FIREWORKS·AI model inference & fine-tuning platform (GPU-as-a-service / model-serving API)Pre-IPO · Private

Fireworks AI

ConvictionContext

Usage-based, developer-first API. Revenue across serverless per-token inference, fine-tuning (per training token), reinforcement fine-tuning (per GPU-hour), and dedicated GPU deployments (per GPU-second/hour). Bottoms-up developer entry, top-down enterprise expansion.

Revenue

~$800M annualized run-rateMay 2026, per Sacra); ~$280M annualized at Series C close (Oct 2025), ~$305M by end-2025

Rev growth

~416% YoY reported at Feb 2026ARR ~$315M); run-rate then ~2.5-3x again to the reported ~$800M by May 2026

Gross margin

~50%with a stated path toward ~60% via GPU utilization and hardware-efficiency gains (Sacra) — not audited

Op margin

not disclosed

Capex intensity

not disclosed as a ratioCOGS is GPU-heavy (procurement, capacity planning, regional infra) — capital-intensity is the core margin constraint

Valuation

~$4B post-moneySeries C, Oct 2025); reportedly in talks to raise at ~$15B post-money (Bloomberg, May 2026, NOT closed as of Jul 2026) — private, no public listing

Valuation trail

Reported in-progress round (NOT closed)150.0× since 2023

4 marks · 2023–May 2026

private — no public price

Priced round

Chronological priced primary rounds. The Series A ~$0.1B post-money is an estimate (round size $25M disclosed; post-money not officially published). The 2026-05 ~$15B point is a reported, still-open round (not closed as of the Jul 2026 asOf) and terms remain subject to change; a stray 'nears $100B' headline (Tiger Brokers) is an unsupported outlier and is excluded. Implied step-up from Series C to the rumored round is ~3.75x in ~7 months.

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for Fireworks AI

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence