Fireworks AI is in early discussions for a new funding round, with a valuation target of up to $40 billion.

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Fireworks AI is in early discussions for a new funding round, targeting a valuation of $30 billion to $40 billion, up from $17.5 billion in July. This AI and crypto news emerges as the startup—founded in 2022 by former Meta and Google AI employees—faces a recent security breach involving customer data. Fireworks AI has not commented. The company has also been connected to discussions around new token listings as it expands its infrastructure reach.
ME AI message, on October 22, AI infrastructure startup Fireworks AI is in early discussions for a new funding round, targeting a valuation of approximately $30 to $40 billion—a significant increase from its $17.5 billion valuation during its D-round in July this year. Sources indicate the negotiations are still in early stages and the valuation target may change; Fireworks declined to comment. Fireworks AI was founded in 2022 by former members of Meta and Google’s AI teams, with CEO Lin Qiao having previously led Meta’s PyTorch team. The company specializes in leasing computing power and software to enable enterprises to run, fine-tune, and deploy open-source weights and custom models. When it announced the completion of its $1.5 billion D-round in July, it stated that its annualized revenue had already exceeded $1 billion and that it processed over 40 trillion tokens daily, with approximately 95% coming from models customized to client needs. Amid these funding discussions, the company recently disclosed a security incident in which internal credentials were used without authorization and some customer account data was accessed. (Source: MLion)
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