Fireworks Raises $1.505 Billion in Series D at $17.5 Billion Valuation

Fireworks announced a $1.505 billion Series D funding round on July 15 at a $17.5 billion valuation, Forbes reported. Atreides Management, Index Ventures and TCV led the round. Fireworks develops no general-purpose frontier foundation model.

The company said more than 95 percent of the tokens it serves come from models specialized on customer data. It reported an annualized revenue run rate above $1 billion, up fivefold from the prior year. Two other providers of managed infrastructure for open-weight and custom models closed large rounds in the same period.

Baseten raised roughly $1.5 billion around June 22 at a headline valuation of $13 billion. The Wall Street Journal reported a dual-tier structure, with some investors entering at $11 billion. Sacra estimated Baseten’s annualized run rate at roughly $600 million by March 2026, up from about $200 million in December 2025.

Together AI closed an $800 million Series C on July 1 at an $8.3 billion valuation, led by Aramco Ventures. The company said annual bookings crossed $1.15 billion in the prior quarter and that usage of open models had tripled over the prior year. OpenRouter raised $113 million in May at about $1.3 billion.

It said weekly volume reached 25 trillion tokens across more than 8 million developers. The Information reported this week that OpenRouter has received inbound takeover interest at a premium to its May valuation. Artificial Analysis reported GPT-5.6 Sol at $1.04 per Intelligence Index task.

Claude Fable 5 costs roughly three times that amount for a score one point higher. Six labs now field a model above 50 on the index, up from two in early June. Stanford reported in the 2026 AI Index that the leading closed model led the leading open model by 3.3 percent as of March 2026, compared with a 0.5 percent gap in August 2024.