TOGETHER·AI infrastructurePre-IPO · Private

Together AI

ConvictionModerate

GPU "neocloud" + open-model inference & training platform · usage-based API + dedicated-capacity rental

Revenue

~$1.0B annualized run-rateFeb 2026, Sacra est.); ~$618M (end-2025 est.); $130M (FY2024 est.

Rev growth

~3x year-over-year into early 2026~$300M summer 2025 → ~$1B Feb 2026); ~400% in 2024 — figures are private-market estimates, not company-audited

Gross margin

~45%Sacra est., not disclosed by company) — capped today by reselling rented GPU capacity; mix-shift toward API inference is the margin lever

Op margin

Not disclosed

Capex intensity

Not disclosed

Valuation

~$7.5B pre-moneySeries C, reportedly closed ~Apr 2026; private trackers cite $7.5–8.5B) — up from $3.3B (Series B, Feb 2025) and $1.25B (2024

Valuation trail

$7.5B (reported; range $7.5–8.5B)6.0× since Mar 2024

3 marks · Mar 2024–Apr 2026

private — no public price

Priced round

Seed (May 2023, $20M) and Nov 2023 Series A ($102.5M) had no disclosed valuation — omitted per honesty gate. Series C ($7.5B) is reported by The Information / private-market trackers, not company-confirmed.

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Together 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 Q2 2026 (Jun 2026)· sign in (free) for the analyst summary; Pro unlocks full intelligence