Nvidia-backed startup Fireworks valued at $17.5 billion in latest funding

Doximity

16/07/2026 15:51

July 16 (Reuters) - Nvidia-backed AI infrastructure startup Fireworks said on Thursday it raised $1.51 billion at a $17.5 billion valuation to expand its engineering team and global compute capacity. 
The Series D funding round was led by investment firms Atreides Management, Index Ventures and TCV. Participants included existing investors like Nvidia NVDA.O and Lightspeed Venture Partners. 
Fireworks, founded by former Meta engineers in 2022, said it has surpassed $1 billion in annualized revenue run rate — up fivefold, year-over-year.
Daily tokens, the basic units of text that AI models process, served on its platform increased to more than 40 trillion from 15 trillion in that period, it added.
Fireworks provides AI inference and model-serving infrastructure, helping companies build, customize and deploy AI models tailored to their business needs. 
It is looking to support growing demand for cheaper AI models.
The company, which competes with startups such as Together AI and Baseten, last raised $250 million at a $4 billion valuation in October.
"We believe both frontier and open models will increasingly be used together," said Gavin Baker, CIO and managing partner at Atreides Management.
Fireworks' customers include ride-hailing company Uber UBER.N, e-commerce firm Shopify SHOP.TO and telehealth company Doximity DOCS.N. 
Other investors in the round included Bessemer Venture Partners, Insight Partners, Menlo Ventures, Ontario Teachers' Pension Plan and Lone Pine Capital, Fireworks said. 
The company added that it would deepen its partnerships with cloud partners like Microsoft MSFT.O and Nvidia.


 (Reporting by Rashika Singh and Anzar Mehraj in Bengaluru; Editing by Joyjeet Das)
 ((Rashika.Singh@thomsonreuters.com;))