Luma AI funding: Every round, investor, and valuation (2026)

Luma AI builds models that turn text, images, and video prompts into video clips and images. It sells them through Dream Machine, a subscription app for creators and ad agencies, and through an API that developers and companies such as Adobe plug into their own tools.

Luma has raised about $1.06 billion across five rounds since 2021, all of it equity. Almost all of that came from one deal: a $900 million Series C in November 2025, led by HUMAIN, the artificial intelligence company owned by Saudi Arabia's Public Investment Fund (PIF).

Its early backers were venture funds betting on 3D graphics. Its later ones are chipmakers, a cloud provider, and a sovereign wealth fund that sell Luma the computing power it trains on. Let's dive into Luma AI's funding history.

Luma raised about $157 million in its first three years, then almost six times that amount in a single round. The jump followed its move from 3D capture into video generation, which needs far more computing power to train and run.

Amit Jain, Alex Yu, and Alberto Taiuti founded Luma in 2021 to make 3D capture as easy as taking a phone video. Its first app used neural radiance fields, an AI technique that rebuilds a 3D scene from ordinary 2D footage, so shoppers, game developers, and filmmakers could scan real objects and places.

Matrix Partners led a $4.3 million seed in October 2021, TechCrunch reported. South Park Commons, Amplify Partners, and Context Ventures joined, along with angels such as Andreas Klinger.

Amplify led the $20 million Series A in March 2023. Nvidia's venture arm, NVentures, and General Catalyst came in as new investors. A Form D filing for that offering shows about $25.5 million sold, a figure that includes earlier SAFEs converted in the round.

Andreessen Horowitz was the only new investor in the $43 million Series B in January 2024, led by general partner Anjney Midha. TechCrunch put the valuation between $200 million and $300 million, citing a person familiar with the deal. Luma used the money to train Genie, a model that generates 3D objects from a text prompt.

Six months later, Luma launched Dream Machine, a text-to-video app, and the product pulled the company away from 3D. Dream Machine passed 25 million registered users by late 2024, when Luma started charging for it.

In December 2024, Amazon announced that AWS had become Luma's preferred compute partner. Funding databases and the Chinese outlet 36Kr report a $90 million round from Amazon, AMD Ventures, and others around the same time. Luma never announced that round itself, and no valuation was reported.

In August 2025, The Information reported that Luma was in talks to raise at least $1.1 billion at a valuation of about $3.2 billion, mostly from investors in the Middle East. The round closed in November at $900 million, announced at the US-Saudi Investment Forum in Washington.

HUMAIN led, and Luma said AMD took a "significant" part. CNBC confirmed a valuation above $4 billion. HUMAIN's release says the round included SAFEs, a form of convertible equity, and came in two tranches, without giving their size.

The deal came bundled with a compute agreement. Luma became the anchor customer of Project Halo, a 2-gigawatt cluster HUMAIN is building in Saudi Arabia, which starts deploying in 2026 and finishes by 2028 or 2029.

No debt facility, tender offer, or employee share sale has been disclosed. In August 2026, Forbes wrote that Luma raised another round in March 2026 at a $9 billion valuation. Luma has not announced it, and no amount or investor has been reported.

Luma's valuation has risen at least 13-fold since its Series B. Most of that gain came in one step, when video models turned AI video into a contest for computing power.

The Series B and Series C were 22 months apart. Over that time, Luma went from a 3D tool with no paying customers to a video subscription business with enterprise ad clients. Sacra estimated Luma's annualized revenue at about $8 million in December 2024, the month after paid plans launched, and no later figure has been disclosed.

The $9 billion figure appears in one Forbes report and has not been confirmed elsewhere. CNBC's Disruptor 50 list in May 2026 and Semafor in June 2026 both still cited $4 billion, so this article treats $4 billion as the latest confirmed mark.

Even at $9 billion, Luma would be a fraction of the model labs it competes with. OpenAI's $122 billion funding round in March 2026 was more than 100 times Luma's lifetime total. A useful contrast in AI imagery is Midjourney's investor-free ownership: the image generator never raised venture capital and pays for its models from subscriptions.

Luma's cap table moved from 3D and developer tools specialists to the suppliers of its computing power. Three of its biggest backers sell it chips, cloud capacity, or data center space.

HUMAIN, launched by PIF in May 2025 and run by former Aramco Digital chief Tareq Amin, led the Series C. Its stake has not been disclosed.

HUMAIN is also Luma's landlord and a sales channel. Besides Project Halo, the two run HUMAIN Create, a project to build Arabic-language video models, and in February 2026 they signed a joint deal with Publicis Groupe Middle East. Luma opened a regional headquarters in Riyadh the same month.

Andreessen Horowitz (a16z) led the Series B, then returned in the December 2024 round and the Series C. General partner Anjney Midha led the deal.

AMD Ventures entered in the December 2024 round and took a significant part in the Series C. Luma now runs much of its production inference, the work of generating each clip for a user, on thousands of AMD Instinct MI325X chips rented through TensorWave, a cloud built only on AMD hardware.

That makes Luma a showcase for AMD's push against Nvidia in AI chips. AMD is a public company, and AMD's index-fund-heavy shareholder base gives it no single controlling owner.

Amazon's investment came with a cloud deal. Luma trains models on AWS, and its video models are sold through Amazon Bedrock, the AWS marketplace for AI models.

Every Bedrock call adds to Amazon's cloud profit engine. In April 2026, AWS also backed Innovative Dreams, a production company Luma launched with the studio Wonder Project.

Nvidia's NVentures invested in the Series A and Series B. A video startup is a heavy buyer of GPU time, so the stake ties back to Nvidia's data center chip business. Nvidia does not appear in the Series C announcement.

Matrix Partners led the seed and Amplify Partners led the Series A. Both returned in every later round Luma announced.

South Park Commons, General Catalyst, and Context Ventures round out the early investors. Databases also list Hanwha, Factorial Funds, LDV Capital, and Omniva, which Luma named as a Series C participant.

Luma's spending goes mostly to computing power. Video models need far more compute than text models to train, and every clip a user generates costs GPU time to produce.

Luma's compute comes from three suppliers, each of them an investor. AWS trains models on SageMaker HyperPod, AMD chips through TensorWave handle inference, and Project Halo is meant to carry both jobs as it comes online.

Semafor reported in February 2026 that Luma would start moving work to Saudi Arabia within weeks. HUMAIN had received US approval to import Nvidia Blackwell chips, and Luma plans to use the country as a hub for serving customers worldwide.

Luma had more than 130 employees at the Series C. Two weeks later, it opened a London office for Europe, the Middle East, and Africa, led by former WPP executive Jason Day, and said it planned about 200 hires there.

It also runs Dream Lab LA, a Los Angeles studio opened in July 2025 to work with filmmakers and ad agencies. Luma has not announced any acquisitions.

Luma makes money from Dream Machine subscriptions, API usage, and enterprise contracts. Plans run from $30 to $300 a month, with credits that buy video and image generations.

The app also sells access to rival models, including Google's Veo and ByteDance's Seedance, alongside Luma's own Ray models. Enterprise customers include ad groups Publicis and Serviceplan, and brands such as Adidas and Mazda, according to TechCrunch. Luma has not disclosed revenue.

Luma's growth focus is advertising and entertainment. Its Luma Agents product, launched in March 2026, builds ad campaigns from a brief, and the London and Riyadh offices push it into Europe and the Middle East. Most of the Series C is paying for the compute to run those models at scale, with Project Halo coming online through 2029.

The product line is widening from video into what Luma calls world models, systems trained on video, audio, images, and text that can simulate the physical world. It released its first unified model, Uni-1, in March 2026, shipped Ray3.2 in June, and opened a robotics research lab the same month.

Luma has no public IPO plans, and a confirmed new round would likely come before any listing. The main risks are rivals with deeper pockets, such as the ad business that funds Google, Runway, Kling, and ByteDance, and copyright claims, including a lawsuit Carl Sagan's estate filed in August 2026 over an ad that allegedly used his voice. The other risk is concentration: one Saudi state-backed company is Luma's lead investor, compute provider, and regional partner, at a time when AI takes a growing share of startup funding.

Luma AI has raised about $1.06 billion across five rounds since 2021, all of it equity. The largest was a $900 million Series C in November 2025, led by HUMAIN. No debt financing has been disclosed.

Luma AI's lead investors are HUMAIN, Andreessen Horowitz, Amplify Partners, and Matrix Partners. Other backers include AMD Ventures, Amazon, Nvidia, General Catalyst, South Park Commons, Omniva, Hanwha, Factorial Funds, and LDV Capital.

Luma AI was valued at more than $4 billion after its Series C in November 2025, according to CNBC. Forbes reported in August 2026 that a March 2026 round valued Luma at $9 billion, but the company has not confirmed that round.

No. Luma AI is private and has not filed for an IPO. Its shares are not traded on any stock exchange.

Luma AI is owned by its co-founders, Amit Jain, Alex Yu, and Alberto Taiuti, along with employees and investors. The largest outside holders are likely HUMAIN, which led the $900 million Series C, and the funds that joined several rounds, such as Andreessen Horowitz, Amplify Partners, and Matrix Partners. Individual stakes have not been disclosed.