Fireworks AI eyes $30B-$40B valuation amid AI infrastructure growth

Fireworks AI, an AI infrastructure startup, is in early discussions for new funding at a valuation between $30 billion and $40 billion, according to sources. This marks a significant increase from its $17.5 billion valuation following a $1.5 billion Series D round in July 2026. The company, founded in 2022 by Meta and Google veterans, provides computing power and tools for businesses to run and fine-tune AI models. Last month, The Information reported Fireworks was considering a $30 billion valuation. The talks come after a recent security incident where unauthorized access to customer data was identified. CEO Lin Qiao emphasized the company's commitment to enhancing security. Fireworks competes with firms like Together AI and cloud giants such as AWS and Azure. The company reported surpassing $1 billion in annualized revenue and processing over 40 trillion tokens daily, with 95% from customized models. Earlier in 2026, Fireworks raised $250 million in a Series C round at a $4 billion valuation.