AI startup Applied Compute is in talks for new financing, valuation expected to reach $3 billion

According to The Information, citing people familiar with the matter, Applied Compute, an AI startup founded by former OpenAI researchers, is in discussions for a new round of financing, with a valuation expected to reach approximately $3 billion, more than doubling the valuation announced during its previous funding round four months ago. The company is dedicated to helping enterprises run and customize open-source models using their own data. This financing comes amid strong recent revenue growth at the company. People familiar with the matter said Applied Compute's current annualized revenue is approximately $50 million, nearly four times the revenue level disclosed by CEO Yash Patil last November. According to one source, investor Elad Gil is in talks to lead this round, with the expected funding amount reaching hundreds of millions of dollars. It is currently unclear whether this valuation includes the newly injected capital. This round of financing has not yet been finalized, and specific terms may still change.