Thinking Machines Lab
Venture-funded, compute-intensive AI research lab monetizing via developer infrastructure (Tinker, a managed LoRA fine-tuning API for open-weight models, with published per-token pricing but undisclosed revenue) plus a planned move up the stack to proprietary multimodal 'interaction models'
Only the Jul 2025 seed is a completed priced round. The Feb 2025 ~$9B figure was reported pre-close talk, the Nov 2025 ~$50B was an attempted markup that collapsed by Jan 2026, and the Mar 2026 NVIDIA investment has no disclosed valuation - the trail therefore has one hard mark ($12B) bracketed by reported negotiation levels.
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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