Baseten funding: Every round, investor, and valuation (2026)

Baseten, a San Francisco company, runs AI models for app makers such as Cursor, Notion, Abridge, and OpenEvidence. It handles inference, the step where a trained model produces an answer each time a user sends a prompt, on graphics chips it rents from 18 different clouds.

Baseten has raised about $2.1 billion across seven rounds since its 2019 founding, all of it equity. Almost all of that money arrived in 2025 and 2026, including a $1.5 billion round in June 2026 that valued the company at $13 billion.

Greylock and a group of well-known angels first backed Baseten as a tool for data scientists. Growth funds, Nvidia, and Alphabet's CapitalG arrived once open-source models became good enough for companies to run their own. Let's dive into Baseten's funding history.

Baseten raised its first $20 million over three years, then more than $2 billion in the next 16 months. The shift came in early 2025, when cheap and capable open-source models sent companies looking for somewhere to run them.

Three of Baseten's founders met at Gumroad, the creator payments company. Tuhin Srivastava and Philip Howes worked there as data scientists and Amir Haghighat ran engineering, building models that caught fraud and moderated content. Pankaj Gupta, a former Uber engineer, joined them as the fourth co-founder.

Sarah Guo, then a partner at Greylock, co-led the 2019 seed with South Park Commons. The angels included OpenAI co-founder Greg Brockman, Figma CEO Dylan Field, and DeepMind co-founder Mustafa Suleyman.

Baseten ran a private beta for about a year and launched in April 2022, disclosing the seed and a Greylock-led Series A together. The product then helped data scientists turn a model into a full app, with APIs and drag-and-drop screens. Two years later, annual revenue was still in the mid single-digit millions, according to SiliconANGLE.

By the March 2024 Series B, Baseten had narrowed its focus to inference: running other companies' models in production. IVP and Spark Capital co-led the round, and Forbes reported a valuation above $200 million. Baseten planned to nearly double its 25-person sales and marketing team.

The Series C closed in February 2025, a few weeks after China's DeepSeek released its low-cost R1 model. Srivastava told CNBC that companies paying OpenAI and Anthropic millions of dollars a quarter wanted cheaper options, and many came to Baseten.

Those customers were buying from OpenAI's per-token API business and Anthropic's equivalent. Baseten's revenue for the fiscal year ended January 2025 was six times the prior year's, with about 60 employees.

Six months later, BOND led a $150 million Series D. Srivastava told Fortune that revenue had grown more than tenfold in 12 months. CapitalG, Alphabet's growth fund, and Premji Invest joined as new investors, and BOND's Jay Simons, an angel in the Series A, took a board seat.

The Series E in January 2026 was Baseten's third raise in 12 months. IVP and CapitalG led, and The Wall Street Journal reported that Nvidia supplied half of the money. Baseten said it had raised $585 million to date.

In May, The Information reported that Baseten's annualized revenue had tripled from $200 million to $600 million during the first quarter of 2026, and that the company was in talks to raise $1 billion at $11 billion. The round closed in June at $1.5 billion.

The Series F came in two tranches priced at $13 billion and $11 billion, a split TechCrunch described as a way to lift the headline valuation. Australia's Blackbird told Reuters its check was the largest in the firm's history, and Reuters noted that Baseten was co-founded by Australians.

No debt facility, tender offer, or employee share sale has been disclosed. Every dollar Baseten has raised came in through its seven priced rounds.

Baseten's valuation has risen two to four times per round, with gaps of just four to seven months since early 2025. Revenue grew even faster over the same stretch.

The Information put Baseten's annualized revenue at about $30 million in March 2025, a month after the Series C. By that math, investors paid about 27 times run-rate revenue then and about 22 times at the Series F, so the price rose slower than sales.

In September 2026, Axios reported that Baseten had been approached about a round at roughly $26 billion, three months after the Series F. Bloomberg confirmed the talks, and Baseten declined to comment. No round size or lead investor has been reported.

OpenAI's $122 billion funding round in March 2026 alone was more than 50 times Baseten's lifetime total, so even at $26 billion Baseten would sit far below the model labs whose paid APIs it competes with. Baseten has not disclosed how much of the company its founders still own.

Baseten's backers are mostly venture and growth funds, several of which have joined four or more rounds. Nvidia and Alphabet are the two corporate investors.

Sarah Guo led Greylock's seed and Series A checks. She later left to start her own firm, Conviction, which joined the Series B and co-led the Series F. Greylock itself has invested in all seven of Baseten's rounds.

IVP and Spark Capital co-led the Series B and Series C, the two rounds where Baseten's inference business took shape. IVP has invested in every round since.

IVP went on to co-lead the Series E with CapitalG. Spark sat out the Series E, then returned to co-lead the Series F.

BOND, the growth firm founded by Mary Meeker, led the Series D and put Jay Simons, the former Atlassian president, on the board. CapitalG joined in that round and co-led the Series E.

CapitalG invests money from Alphabet, a company still steered by its founders' voting control. Baseten rents chips from Google Cloud as well as Amazon and other providers, so Alphabet is both an investor and a supplier.

Nvidia put $150 million into the Series E, half of the round. Baseten runs its customers' models on Nvidia GPUs rented through cloud providers and serves Nvidia's own Nemotron open models. More inference on Baseten means more demand for the GPUs behind Nvidia's data center chip business.

The Series F included investors that also buy public stocks: Altimeter, Sands Capital, Wellington Management, D. E. Shaw Ventures, and Durable Capital Partners. Sands and Wellington co-led the round alongside the venture leads.

Altimeter partner Apoorv Agrawal said some of the most sophisticated AI companies are "standardizing on Baseten." Altimeter first joined in the Series E.

Beyond Brockman, Field, and Suleyman, Baseten's early angels include former US chief data scientist DJ Patil, MongoDB CEO Dev Ittycheria, and early Stripe executive Lachy Groom. Most came from the AI and developer tools industry.

Baseten owns no data centers. It rents GPUs from cloud providers and sells them back as a managed service, so its biggest cost and its product are the same thing.

Baseten ran more than 1 billion inference calls a day across 87 clusters by June 2026. Spreading work across 18 clouds lets it find chips in the right region and move traffic when a provider pulls GPUs for maintenance.

Customers pay by the minute of GPU time for dedicated deployments, or per token for ready-made open-source models through its Model APIs. Baseten's margin depends on getting more output from each rented chip than a customer could on its own.

Baseten had about 60 employees in early 2025. It said it would triple its headcount in 2026 across engineering, research, operations, and sales.

Much of that hiring aims at larger enterprise customers. In September 2026, Baseten named Sheila Vashee, Figma's chief marketing officer for the past three years, as its own CMO.

Baseten has announced two acquisitions, neither with a disclosed price. Parsed, bought in December 2025, specializes in reinforcement learning and post-training, the process of tuning an open-source model for a specific task.

Blaxel, bought in September 2026, builds secure sandboxes where AI agents can run code and use tools. Both deals push Baseten beyond serving models toward training them and running the agents built on top.

Baseten's growth focus is app makers moving spend away from closed models. It says leading app companies now send 30% to 50% of their model budgets to custom and post-trained models, and the Series F pays to chase that shift with a larger enterprise sales team. Its reference customers include Cursor, which is changing hands in SpaceX's deal for Cursor's parent, and Notion, which remains under Notion's founder-led ownership.

The product line is widening from inference into training, post-training through Parsed, and agent infrastructure through Blaxel. Bloomberg reported that part of the demand comes from cheap, capable open-source models, many of them from China.

Baseten has not filed to go public, though Srivastava has told Fox Business that his long-term goal is a generational public company. The talks at about $26 billion suggest another private round comes first. The main risks are GPU prices set by the largest AI labs, hyperscalers selling inference directly, rivals such as Modal, Together AI, and Fireworks AI (which closed a $1.5 billion Series D in July 2026), and the pull of closed models backed by Anthropic's enterprise-heavy revenue model.

Baseten has raised $2.085 billion across seven rounds since 2019, all of it equity. The largest was a $1.5 billion Series F in June 2026. No debt financing has been disclosed.

Baseten's lead investors include Greylock, IVP, Spark Capital, Conviction, BOND, CapitalG, Altimeter, Sands Capital, and Wellington Management. Nvidia invested $150 million in the Series E. Other backers include Battery Ventures, Blackbird, D. E. Shaw Ventures, Durable Capital Partners, Premji Invest, South Park Commons, and 01 Advisors.

Baseten was valued at $13 billion after its Series F in June 2026, though part of that round was priced at $11 billion. In September 2026, Axios and Bloomberg reported talks for a new round at about $26 billion, which had not closed.

No. Baseten is private and has not filed for an IPO. CEO Tuhin Srivastava has said his long-term goal is to build a public company.

Baseten is owned by its four co-founders, Tuhin Srivastava, Amir Haghighat, Philip Howes, and Pankaj Gupta, along with employees and its investors. The largest outside holders are likely the funds that led multiple rounds, such as Greylock, IVP, Spark Capital, and Conviction. Baseten has not disclosed individual stakes.