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

Together AI rents out the computing power to run open-source AI models. Developers send requests to models such as DeepSeek, Kimi, and GLM through its cloud, fine-tune those models on their own data, or rent whole clusters of Nvidia chips to train their own. The San Francisco company calls itself an "AI Native Cloud" and counts Cursor, Cognition, and Decagon among its customers.

Together AI has raised about $1.33 billion across five equity rounds since 2023. Its latest, an $800 million Series C led by Aramco Ventures in July 2026, valued it at $8.3 billion.

The money has followed revenue. Annual bookings passed $1.15 billion in the second quarter of 2026, and most of the new capital pays for more chips and the data centers to hold them. Let's dive into Together AI's funding history.

Together AI raised its first $228.5 million in under a year, while open-source models were still a research curiosity. The two rounds since then were larger and priced on revenue, as inference demand from AI apps grew.

Vipul Ved Prakash founded Together in June 2022 with three academics: Ce Zhang, now chief technology officer, and Stanford professors Percy Liang and Chris Ré. Prakash had already sold two companies, the anti-spam firm Cloudmark to Proofpoint and the social search engine Topsy to Apple. Tri Dao, who created FlashAttention, a widely used technique that makes AI models run faster, later joined as chief scientist.

The team first made its name with open projects. GPT-JT, OpenChatKit, and the RedPajama dataset drew hundreds of thousands of developers before the company had much of a product. Lux Capital led the seed in May 2023, alongside a long list of angels that included PayPal co-founder Scott Banister and Cadence founder Lip-Bu Tan.

Six months later, Kleiner Perkins led the Series A, and partner Bucky Moore joined the board. Nvidia invested in the same round, and so did Prosperity7, the venture fund of Saudi Aramco's investment arm. Together then ran about 20 exaflops of computing power across US and European data centers, serving startups such as Pika Labs, Voyage AI, and Cartesia.

Salesforce Ventures led the next round in March 2024, which the company announced as a new round and investors often call a Series A2. SiliconANGLE reported that it doubled the company's value from the fall. Together had more than 45,000 registered developers, and annualized revenue stood at about $30 million, according to Bloomberg.

General Catalyst led the Series B in February 2025, with Prosperity7 as co-lead. By then, annualized revenue had passed $100 million and more than 450,000 developers used the platform. The company had about 160 employees and planned to double that by year-end.

The round paid for a shift in strategy. Together had mostly rented Nvidia servers from other clouds and resold the capacity, but the Series B funded its own Blackwell deployments, backed by 200 megawatts of secured power in North America. Three months earlier, it had agreed to co-build a cluster of 36,000 Nvidia GB200 chips with the Canadian data center firm Hypertec.

In March 2026, The Information reported that Together was in talks to raise about $1 billion, with annualized revenue near the same figure. The round closed in July at the pre-money price reported in March, but $200 million smaller than the target.

Aramco Ventures led, through the same Prosperity7 program that had joined the Series A. New investors included Vista Equity Partners, DTCP Growth, PSP Partners, and the Taiwanese server maker Pegatron, which builds racks for Together's data centers. Schneider Electric invested through SE Ventures, and SentinelOne through S Ventures.

The Series C also came with something that was not equity. New investors committed more than 500 megawatts of computing capacity that they will finance themselves, so the chips do not sit on Together's balance sheet as debt. Recent AI startup funding statistics show five AI companies alone took 20% of all venture funding in 2025.

Together AI's valuation rose about 6.6 times in the 28 months from March 2024 to July 2026. Revenue rose faster, so each new round was priced at a lower multiple of sales.

The March 2024 round set the price at roughly 40 times Together's revenue run rate at the time. The Series B more than doubled the valuation while revenue more than tripled, which brought the multiple down to about 33 times.

The Series C raised the valuation about 2.5 times, but revenue grew roughly tenfold over the same 17 months. That left Together valued at about 8 times its annualized revenue, far below the multiples of its closest rivals. Fireworks AI closed a $17.5 billion Series D in July 2026 at about 17 times its run rate.

The gap comes from what Together sells. Research firm Sacra estimates that 60% to 70% of its revenue comes from renting out GPU servers rather than from per-token API calls, and puts the blended gross margin near 45%. Investors pay less for a dollar of chip rental than for a dollar of software.

Together AI's investors fall into three groups: the venture firms that backed the research team early, a Saudi investor that has joined almost every round, and the chip and hardware companies whose products it buys.

Prosperity7 Ventures is the diversified venture program of Aramco Ventures, the investment arm of the Saudi state oil company. It joined the Series A, invested again in March 2024, co-led the Series B, and led the Series C through Aramco Ventures. Abhishek Shukla, who runs Prosperity7 in the US, said the firm would partner with Together "on scaling compute and capacity globally."

That tie runs through the rest of Together's Saudi business. In August 2026, Together signed a partnership with HUMAIN, the AI company owned by Saudi Arabia's Public Investment Fund, to build a 250-megawatt data center in the kingdom.

Lux Capital led the seed and has invested in every round since. Kleiner Perkins led the Series A and returned for the next two. Emergence Capital has invested in every round since the Series A, and at the Series C general partner Joe Floyd said open source is "becoming the default for any company that wants to scale AI without losing its margin."

General Catalyst led the Series B and invested again in the Series C. Salesforce Ventures led the March 2024 round, and Salesforce is also a customer that uses Together's platform. Coatue joined in March 2024 and in the Series B.

Nvidia has invested in the Series A, the Series B, and the Series C. Together is an Nvidia Cloud Partner that buys and rents its chips, so much of what Together spends on hardware flows back into Nvidia's data center chip business.

Pegatron joined in the Series C. It builds Nvidia GB300 rack systems in Texas under a three-way deal with Together and Hypertec's data center unit, 5C. Schneider Electric, which sells power and cooling equipment for data centers, invested through SE Ventures in both the Series B and the Series C.

NEA, Greycroft, March Capital, DAMAC Capital, SK Telecom, 137 Ventures, and Vista Equity Partners round out the institutional list. Former Cisco CEO John Chambers invested in the Series B. Hugging Face CEO Clem Delangue and PyTorch co-creator Soumith Chintala joined the March 2024 round, and the seed added angels such as Cloudera co-founder Jeff Hammerbacher and Transformer co-author Jakob Uszkoreit.

Together makes money in two ways. Developers pay per token to run models on its shared "serverless" API, or pay by the hour for dedicated endpoints and GPU clusters. Most of the funding goes into the chips and power behind both.

Together's first clusters ran on chips rented from other clouds such as CoreWeave and Lambda. It now runs its own sites as well: a data center in Maryland went live in July 2025, a site in Sweden in September 2025, and a Memphis facility is in progress, according to Sacra. In June 2025, it agreed with Hypertec and 5C to deploy nearly 100,000 Nvidia Blackwell and later-generation chips across Europe, with France, the UK, Italy, and Portugal as first markets.

The HUMAIN deal is the largest so far. HUMAIN supplies the power, the capital, and about 120,000 chips, with the first 7,000 due by November 2026, according to Sacra. The partners project more than $5 billion in gross annualized revenue in the first year. That figure is a company projection, not contracted revenue.

The Series C announcement says Together expects its capacity to grow about 50-fold over the next five years. The 500 megawatts committed by its new investors will carry much of that build, which keeps the cost of chips off Together's own books.

Together spends heavily on research that makes models run cheaper per token, since that is where it competes. Its team released FlashAttention-4 for Nvidia's Blackwell chips, and its products now include fine-tuning, reinforcement learning tools built with Meta's PyTorch team, a voice platform, and preemptible GPU capacity at half the on-demand price. Customers moving from closed models report cost savings of 6 to 20 times, and Decagon, whose own funding history runs on AI support agents, cut its inference costs sixfold.

Together has bought two startups, both for undisclosed amounts. CodeSandbox, an Amsterdam company whose cloud coding environments drew about 4.5 million developers a month, joined in December 2024 and became the Together Code Interpreter. Refuel.ai, which turns messy documents into structured data, followed in May 2025.

Together's growth now comes from AI-native companies running agents at scale, such as Cursor, Cognition, and ElevenLabs, and from enterprises moving workloads off closed models. In July 2026, it became the launch platform for Moonshot AI's Kimi models, and its European and Saudi sites push it toward customers who want their data kept in their own region.

The company has not filed for an IPO. One investor told The New York Times in July 2026 that Together "is headed towards the public markets," and its peers set the reference points: Cerebras listed in May 2026, and Cerebras' post-IPO ownership still leaves its founders in control. Rival Baseten closed its own $1.5 billion round in June 2026, and both companies count Cursor as a customer, so Cursor's sale to SpaceX could change how it buys computing power.

The main risks sit in the cost base. Together's margins depend on chip prices it does not control, the hyperscalers sell the same open models, and much of its catalog comes from Chinese labs such as DeepSeek and Moonshot. The Series C is a bet that cheaper inference wins on volume, at a time when model labs such as OpenAI raise tens of billions per round to sell the closed alternative.

Together AI has raised about $1.33 billion across five equity rounds. The largest was an $800 million Series C in July 2026. The earlier rounds were a $20 million seed and a $102.5 million Series A in 2023, a $106 million extension in 2024, and a $305 million Series B in 2025.

Together AI's lead investors are Aramco Ventures (through Prosperity7), General Catalyst, Salesforce Ventures, Kleiner Perkins, and Lux Capital. Nvidia, Emergence Capital, Coatue, NEA, Vista Equity Partners, March Capital, Pegatron, and Schneider Electric's SE Ventures have also invested.

Together AI was valued at $8.3 billion after its Series C in July 2026. That is up from $3.3 billion in February 2025 and $1.25 billion in March 2024.

No. Together AI is private and has not filed for an IPO. Its shares change hands only in funding rounds and private secondary markets.

Together AI is owned by its founders, employees, and investors. CEO Vipul Ved Prakash co-founded it with Ce Zhang, Percy Liang, and Chris Ré, and its largest outside holders are likely the funds that led its rounds, including Aramco Ventures, General Catalyst, Kleiner Perkins, Salesforce Ventures, and Lux Capital. The company has not disclosed individual stakes.