Company · Data & infrastructure
Applied Compute revenue, valuation & funding
Applied Compute was valued at $3.25B in November 2026, when it raised $350M. That month it said it had reached a $100M annualized revenue run rate. It's a private company with no stock ticker, and it has not filed for an IPO.
At a glance
- Valuation: $3.25B, set by a $350M round led by Elad Gil in November 2026.
- Revenue: a $100M annualized run rate in November 2026, as the company said. It publishes no audited results.
- Status: private. No stock ticker. It has not filed for an IPO.
- Founded: 2025, by former OpenAI researchers Yash Patil, Rhythm Garg and Linden Li.
- CEO: Yash Patil, co-founder.
- Investors: Elad Gil, Kleiner Perkins, Lux Capital, Benchmark, Sequoia, NVIDIA and Blackstone, among others.
- Products: AC2, its Agent Cloud for training and serving open models, AC Inference and Ari, an applied research agent.
- Team: tripled since January 2026, the company said in November, with 85% researchers and engineers.
- On Real Alpha: 3 moments of its people talking, from 1 interview.
Is Applied Compute public? Can you buy its stock?
No. Applied Compute is a private company, so its shares don't trade on any stock exchange and it has no ticker symbol. It has not filed for an IPO, according to Forge.
Its executives have given no public date for a listing.
Its shares are held by its founders, staff and investors, among them Elad Gil, Kleiner Perkins, Lux Capital, Benchmark and Sequoia. No stake sizes have been disclosed. This page reports facts and gives no investment advice.
Valuation, round by round
Its valuation went from $1.3B in April 2026 to $3.25B in November 2026, more than doubling in seven months.
| Date | Valued at | Raised | Led by | Source |
|---|---|---|---|---|
| Nov 2026 | $3.25B | $350M | Elad Gil | Applied Compute's blog |
| Apr 2026 | $1.3B | $80M | Kleiner Perkins | Applied Compute's blog |
| Oct 2025 | — | $80M | Benchmark, Sequoia, Lux (investors named; no single lead stated) | SiliconANGLE |
| Jul 2025 | — | $20M | — | SiliconANGLE |
The Information reported talks at a $500M valuation in September 2025, but the October 2025 round was announced with no valuation. No lead investor has been confirmed for the $20M round in July 2025.
Revenue
Applied Compute doesn't publish results. Its annualized run rate went from $12.8M in January 2026, as reported, to $100M in November 2026, as the company said, close to eight times.
| Date | Figure | Basis | Source |
|---|---|---|---|
| Nov 2026 | $100M | Company | Applied Compute's blog |
| Jan 2026 | $12.8M | Reported | Shopifreaks |
A run rate is a month's revenue times twelve. It isn't audited revenue.
How Applied Compute makes money
Applied Compute helps companies build AI models they own. Its frontier lab veterans and applied research engineers help customers train models on their own data, deploy them at scale and improve them over time, according to its website.
Customers pay for both sides of that work, training and serving.
- Training. AC2 lets customers train open models and bring what they see in production into the next run. Applied Compute's blog
- Inference. Of its customers, 40% use Applied Compute for both training and inference, the company said in November 2026. Applied Compute's blog
From Applied Compute's interviews
- 29:20 Post-training wins inference because the biggest workloads train firstYash Patil · Unsupervised Learning · Oct 2026
Products
- AC2 (private beta August 25, 2026). The Applied Compute Agent Cloud, one platform to train open models, serve them at scale and feed production learnings back into training. Applied Compute's blog
- Ari. An applied research agent that works with customer teams in the AC2 training loop. It analyzes results and uncovers failure modes. Applied Compute's blog
- AC Inference. Its serving product, which handles more than 1 trillion tokens a day, the company said in November 2026. Applied Compute's blog
From Applied Compute's interviews
- 12:28 Continual learning is blocked by data-efficient sparse-reward trainingYash Patil · Unsupervised Learning · Oct 2026
- 24:24 RL is a hill-climbing machine, so protect your evalsYash Patil · Unsupervised Learning · Oct 2026
Customers
The company names Microsoft, Shopify, Mercor, Harvey, DoorDash, Cognition, Clay and Decagon as customers, in its November 2026 post.
Customers have run more than 1,700 training runs on AC2 since July 2026, it said. AC Inference serves more than 1 trillion tokens a day.
Leadership
The company said in November 2026 that its team had tripled since January. It said 85% of staff are researchers and engineers, in its funding post.
- Yash Patil, co-founder and CEO. He worked at OpenAI, including on its Codex programming assistant. SiliconANGLE
- Rhythm Garg, co-founder and CTO. He was a member of technical staff at OpenAI. Crunchbase
- Linden Li, co-founder and a former OpenAI researcher. SiliconANGLE
Who owns Applied Compute?
Its founders, staff and investors. As a private company it doesn't publish who holds what, and no stake has been disclosed.
It had raised $160M in total by April 2026, before its $350M round in November.
- Elad Gil led the $350M round in November 2026, at a $3.25B valuation. Applied Compute's blog
- Kleiner Perkins led the $80M round in April 2026, at a $1.3B post-money valuation. Greenoaks and Neo also took part. Applied Compute's blog
- Benchmark, Sequoia and Lux backed the $80M raise announced at its launch in October 2025, with angel investors. SiliconANGLE
- NVIDIA, Blackstone, Hanabi Capital, Shopify Ventures and HubSpot Ventures joined the November 2026 round. Applied Compute's blog
Timeline and latest news
From its founding to the latest reports, newest first.
- Nov 2, 2026Latest
Raised $350M at a $3.25B valuation, led by Elad Gil. Applied Compute's blog - Nov 2, 2026Latest
Said it had reached a $100M annualized revenue run rate. Applied Compute's blog - Nov 2, 2026Latest
Said AC Inference serves more than 1 trillion tokens a day. Applied Compute's blog - Aug 25, 2026
Opened AC2, its Agent Cloud, in private beta. Applied Compute's blog - Aug 10, 2026
The Information reported talks to raise at roughly a $3B valuation. AI Weekly - Apr 8, 2026
Raised $80M at a $1.3B post-money valuation, led by Kleiner Perkins. Applied Compute's blog - Jan 21, 2026
The Information reported a $12.8M annualized run rate. Shopifreaks - Jan 21, 2026
The Information reported talks to raise at a $1.3B valuation. Shopifreaks - Oct 29, 2025
Launched publicly with $80M from Benchmark, Sequoia, Lux and angels. SiliconANGLE - Sep 2025
The Information reported it was raising at a $500M valuation. SiliconANGLE - Jul 2025
Closed a $20M round, sources told Upstarts Media. SiliconANGLE
In their own words, and what followed
What people said about the business, with the minute they said it, and what was reported after.
Yash Patil on Unsupervised Learning · Oct 6, 2026
“where you're spending the most money, is actually where you're going to want to go and post-train first”
29:20 Post-training wins inference because the biggest workloads train first
Reported after
In November 2026 the company said AC Inference serves more than 1 trillion tokens a day. Of its customers, 40% use it for both training and inference. Applied Compute's blog
Yash Patil on Unsupervised Learning · Oct 6, 2026
“it is surprisingly easy to hill climb on non-verifiable domains”
24:24 RL is a hill-climbing machine, so protect your evals
Reported after
In November 2026 the company said customers had run more than 1,700 training runs on AC2 since July. Applied Compute's blog
Questions people ask
Is Applied Compute a public company? Can I buy Applied Compute stock?
No. Applied Compute is private and has no ticker, so its shares aren't sold on any exchange, according to Forge.
When will Applied Compute IPO?
It has not filed for an IPO, and its executives have given no public date for one.
Who owns Applied Compute?
Its founders, staff and investors, including Elad Gil, Kleiner Perkins, Lux Capital, Benchmark, Sequoia, NVIDIA and Blackstone. Stakes haven't been disclosed.
Who is the CEO of Applied Compute?
Yash Patil, a co-founder who worked at OpenAI, including on Codex.
Who founded Applied Compute?
Former OpenAI researchers Yash Patil, Rhythm Garg and Linden Li, in 2025.
How much is Applied Compute worth?
$3.25B, set by a $350M round led by Elad Gil and announced in November 2026.
How much revenue does Applied Compute make?
The company said in November 2026 it had reached a $100M annualized run rate, up from a reported $12.8M in January 2026.
Is Applied Compute profitable?
It doesn't publish results, and no figures on its profit or losses have been reported.
How does Applied Compute make money?
It helps companies train custom models on their own data and serve them at scale, through its AC2 platform and its engineers. 29:20
Who are Applied Compute's customers?
The company names Microsoft, Shopify, Mercor, Harvey, DoorDash, Cognition, Clay and Decagon, in its November 2026 post.
Every moment from Applied Compute's people
3 moments from 1 interview on 1 show, newest first. Each one plays from the minute it starts.
Unsupervised Learning · Oct 6, 2026 · 3 moments
Applied Compute CEO on the Limits of RL, the New AI Hyperscaler & Why Post-Training Wins Inference
People on Real Alpha
- Yash Patil, Co-founder & CEO, Applied Compute · 3 moments
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How this page is sourced
Each figure links to the filing, company statement or news report it came from, with its date. Run rates are what reporters were told, not audited results; estimates and unconfirmed reports are marked. Quotes are what each person said on the record, with the minute they said it. Spotted something that's off? .
Last checked Nov 8, 2026