Fireworks AI in Talks for New Funding Round, Targeting Up to $40 Billion Valuation

PANews reported on October 22, citing Business Insider, that AI infrastructure firm Fireworks AI is in early-stage talks for a new funding round, targeting a valuation of $30 billion to $40 billion, which would be up to 10 times its $4 billion valuation in its Series C round in October 2025. The talks are still at an early stage, and the target valuation could change. The company declined to comment, and the report did not disclose the size of the funding round.

Fireworks AI was founded in 2022 by engineers from Meta's open-source AI framework PyTorch team, offering enterprises services to customize and deploy open-source models based on their own data. In July 2026, the company announced the completion of a $1.505 billion Series D round at a $17.5 billion valuation, stating that its annualized revenue had surpassed $1 billion, with daily token processing increasing from 15 trillion at the time of the previous round to over 40 trillion.