New turn in Fireworks AI deal talks at $30B to $40B

In July 2026, Fireworks AI got $1.505 billion at a value of $17.5 billion. In October, an incident let other persons see API keys and tokens, which are access codes, in some customer accounts.

Business Insider tells that Fireworks AI has started talks to get money at a value of $30 billion to $40 billion. It names persons who know the talks. That is about two times its July value. Fireworks lets companies train and operate custom versions of open AI models on data of the customers. The company did not comment.

What is new

The talks are new, and the target can change. No report gives the quantity of money. The Information told at the end of September that Fireworks thought about $30 billion.

The numbers

• In July, Fireworks told that it went above $1 billion in yearly revenue.
• $30 billion to $40 billion is 30 to 40 times that revenue.
• The July value was about 17.5 times that revenue.
• Modal Labs is at about 16 times and Baseten at about 22 times.

What is not known

Fireworks gave no revenue figure, and its multiple is not clear. The source does not tell if the incident changes the talks.

Insight: Price rises faster than shown revenue

Baseten, Modal Labs and Together AI also got money in 2026 at values that went up. The IMF found $300bn of deals between hyperscalers and less strong AI firms in three years. This reads as a race to own the layer that operates models, where investors give money before proof. Look for a new Fireworks revenue figure. Until then, read these prices as hope, not as strength.