# Together AI revenue, valuation & funding

Markdown copy of https://realalpha.app/companies/together-ai/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

Together AI was valued at $8.3B when it raised an $800M Series C in July 2026. It said its annual bookings crossed $1.15B in the quarter before. It's a private company and hasn't announced a plan to go public.

Checked Nov 7, 2026

## At a glance

- Valuation: $8.3B after an $800M Series C led by Aramco Ventures, in July 2026.
- Revenue: annual bookings crossed $1.15B in the quarter before July 2026, the company said. Sacra estimated a $1B run rate in February 2026.
- Status: private. No stock ticker and no announced IPO.
- Founded: 2022, according to the company. Its founders include Vipul Ved Prakash, Ce Zhang and Percy Liang.
- CEO: [Vipul Ved Prakash](https://realalpha.app/builders/vipul-ved-prakash/).
- Headquarters: San Francisco.
- Investors: Aramco Ventures, Salesforce Ventures, Lux Capital, General Catalyst, Vista Equity Partners and Nvidia, among others.
- Products: serverless inference, dedicated endpoints, fine-tuning and GPU clusters for open models.

## Is Together AI public? Can you buy its stock?

No. Together AI is a private company, and [Wikipedia](https://en.wikipedia.org/wiki/Together_AI) lists no parent or acquirer. Its shares don't trade on any exchange, and it has no ticker symbol.

It hasn't announced a plan to go public. No IPO filing has been reported.

Its shares are held by its founders, staff and investors. Aramco Ventures led its latest round, an $800M Series C announced in [July 2026](https://www.businesswire.com/news/home/20260701243402/en/Together-AI-Raises-$800-Million-at-$8.3-Billion-Valuation-to-Make-Frontier-AI-Accessible-to-All). This page reports facts and gives no investment advice.

## Valuation, round by round

Its valuation went from $1.25B in March 2024 to $8.3B in July 2026, more than six times in a little over two years.

- Jul 2026 · $8.3B · $800M · Aramco Ventures · [Business Wire (Together AI press release)](https://www.businesswire.com/news/home/20260701243402/en/Together-AI-Raises-$800-Million-at-$8.3-Billion-Valuation-to-Make-Frontier-AI-Accessible-to-All)
- Mar 2024 · $1.25B · $106M · Salesforce Ventures · [Reuters (via Yahoo Finance)](https://finance.yahoo.com/news/together-ai-valued-1-25-160001640.html)
- May 2023 · — · $20M · Lux Capital · [Together AI's blog](https://www.together.ai/blog/seed-funding)

Sacra lists a $305M Series B at $3.3B in February 2025, led by General Catalyst, but no primary report of it was found, so it isn't counted as confirmed. The seed round's valuation wasn't disclosed.

## Revenue

Together AI doesn't publish results. It said its annual bookings crossed $1.15B in the quarter before July 2026, and Sacra estimated a $1B run rate in February 2026.

- Feb 2026 · $1B · Estimate · [Sacra](https://sacra.com/c/together-ai/)

A run rate is a month's revenue times twelve and isn't audited revenue. Together AI hasn't given a run rate of its own, and bookings are a different measure.

## How Together AI makes money

Together AI sells computing for open AI models. Its [pricing page](https://www.together.ai/pricing) lists serverless inference, dedicated endpoints, fine-tuning and GPU clusters, with a free start.

[Sacra](https://sacra.com/c/together-ai/) estimates a gross margin of about 45%, and expects owning GPUs to improve it. Sacra also says the HUMAIN deal brings 250 MW of power and 120,000 chips. By Sacra's account, Together expects $5B in annual business from it once fully deployed.

- **Per-token API.** Developers pay by the token to run open models. Sacra counts this as one of two main revenue lines, with GPU server rentals. · [Sacra](https://sacra.com/c/together-ai/)
- **Batch API.** Priced at 50% below real-time inference rates, according to Sacra. · [Sacra](https://sacra.com/c/together-ai/)
- **GPU rentals.** Instant Clusters cost $1.76 to $2.39 per GPU-hour for HGX H100 and $4.00 to $5.50 for HGX B200, by Sacra's figures. The price depends on commitment length. · [Sacra](https://sacra.com/c/together-ai/)
- **Data center deals.** In August 2026 it announced a partnership with HUMAIN that includes a new 250 megawatt data center in Saudi Arabia. · [Business Wire](https://www.businesswire.com/news/home/20260701243402/en/Together-AI-Raises-$800-Million-at-$8.3-Billion-Valuation-to-Make-Frontier-AI-Accessible-to-All)

## Products

- **Inference and fine-tuning.** Serverless inference, dedicated endpoints and fine-tuning for open models. · [Together AI](https://www.together.ai/pricing)
- **Instant Clusters** (generally available September 2025). Self-service GPU infrastructure on Nvidia Hopper and Blackwell hardware. · [Sacra](https://sacra.com/c/together-ai/)
- **Batch API** (June 2025). For jobs that can wait, priced below real-time inference. · [Sacra](https://sacra.com/c/together-ai/)
- **Voice agents** (March 2026). A platform for voice agents, with end-to-end latency under 500 ms. · [Sacra](https://sacra.com/c/together-ai/)
- **Together Post-Training.** A product for training models with faster runs and lower costs. · [Together AI](https://www.together.ai)
- **Together Link.** Runs open models inside the harness a customer already uses. · [Together AI](https://www.together.ai)
- **RedPajama** (April 2023). An open-source effort to reproduce a large training dataset. · [Wikipedia](https://en.wikipedia.org/wiki/Together_AI)
- **CodeSandbox** (acquired December 2024). An Amsterdam company that builds cloud development environments. · [SiliconANGLE](https://siliconangle.com/2024/12/12/together-ai-acquires-codesandbox-adds-code-interpreter-ai-development-platform/)
- **Refuel.ai** (acquired May 2025). A data-structuring company. · [Sacra](https://sacra.com/c/together-ai/)

## Customers

Together AI said in July 2026 that it powers over a million [developers](https://www.businesswire.com/news/home/20260701243402/en/Together-AI-Raises-$800-Million-at-$8.3-Billion-Valuation-to-Make-Frontier-AI-Accessible-to-All). It said it serves thousands of paying customers, and it named three of them.

- **[Cursor](https://realalpha.app/companies/#cursor),** the AI code editor. · [Business Wire](https://www.businesswire.com/news/home/20260701243402/en/Together-AI-Raises-$800-Million-at-$8.3-Billion-Valuation-to-Make-Frontier-AI-Accessible-to-All)
- **[Cognition](https://realalpha.app/companies/cognition/),** maker of AI coding agents. · [Business Wire](https://www.businesswire.com/news/home/20260701243402/en/Together-AI-Raises-$800-Million-at-$8.3-Billion-Valuation-to-Make-Frontier-AI-Accessible-to-All)
- **[Decagon](https://realalpha.app/companies/decagon/),** maker of AI customer service agents. · [Business Wire](https://www.businesswire.com/news/home/20260701243402/en/Together-AI-Raises-$800-Million-at-$8.3-Billion-Valuation-to-Make-Frontier-AI-Accessible-to-All)

## Leadership

- **[Vipul Ved Prakash](https://realalpha.app/builders/vipul-ved-prakash/),** co-founder and CEO. He earlier founded Topsy, which Apple acquired. · [Business Wire](https://www.businesswire.com/news/home/20260701243402/en/Together-AI-Raises-$800-Million-at-$8.3-Billion-Valuation-to-Make-Frontier-AI-Accessible-to-All)
- **Ce Zhang,** founder and CTO. · [Business Wire](https://www.businesswire.com/news/home/20260701243402/en/Together-AI-Raises-$800-Million-at-$8.3-Billion-Valuation-to-Make-Frontier-AI-Accessible-to-All)
- **Percy Liang,** a founder. · [Business Wire](https://www.businesswire.com/news/home/20260701243402/en/Together-AI-Raises-$800-Million-at-$8.3-Billion-Valuation-to-Make-Frontier-AI-Accessible-to-All)
- **[Tri Dao](https://realalpha.app/builders/tri-dao/),** co-founder and chief scientist. He created FlashAttention and is an assistant professor at Princeton.
- **Chris Ré,** named as a founder by Sacra. · [Sacra](https://sacra.com/c/together-ai/)

## Who owns Together AI?

Its founders, staff and investors. As a private company it doesn't publish who holds what, and no stake has been disclosed.

- **Aramco Ventures** led the $800M Series C at an $8.3B valuation in July 2026. · [Business Wire (Together AI press release)](https://www.businesswire.com/news/home/20260701243402/en/Together-AI-Raises-$800-Million-at-$8.3-Billion-Valuation-to-Make-Frontier-AI-Accessible-to-All)
- **Vista Equity Partners, General Catalyst, Emergence Capital, Nvidia, March Capital, Pegatron and S Ventures** joined the Series C. · [Business Wire (Together AI press release)](https://www.businesswire.com/news/home/20260701243402/en/Together-AI-Raises-$800-Million-at-$8.3-Billion-Valuation-to-Make-Frontier-AI-Accessible-to-All)
- **Salesforce Ventures** led a $106M round at a $1.25B valuation in March 2024. · [Reuters (via Yahoo Finance)](https://finance.yahoo.com/news/together-ai-valued-1-25-160001640.html)
- **Lux Capital** led the $20M seed round in May 2023. · [Together AI's blog](https://www.together.ai/blog/seed-funding)
- **General Catalyst** led a $305M Series B at $3.3B in February 2025, according to Sacra, though no primary report confirms it. · [Sacra](https://sacra.com/c/together-ai/)

## Competitors

Sacra splits its rivals into two groups. Some sell inference for open models, and others rent out GPU computing.

- **[Fireworks AI](https://realalpha.app/companies/fireworks-ai/),** an inference service. · [Sacra](https://sacra.com/c/together-ai/)
- **[Hugging Face](https://realalpha.app/companies/hugging-face/),** an inference service. · [Sacra](https://sacra.com/c/together-ai/)
- **[Perplexity](https://realalpha.app/companies/perplexity/),** named by Sacra among inference services. · [Sacra](https://sacra.com/c/together-ai/)
- **Anyscale, Deepinfra and OpenRouter,** other inference services. · [Sacra](https://sacra.com/c/together-ai/)
- **[CoreWeave](https://realalpha.app/companies/#coreweave),** a GPU cloud. · [Sacra](https://sacra.com/c/together-ai/)
- **[Lambda](https://realalpha.app/companies/lambda/),** a GPU cloud. · [Sacra](https://sacra.com/c/together-ai/)

## Timeline and latest news

- Aug 31, 2026 · Announced a partnership with HUMAIN to build a 250 megawatt data center in Saudi Arabia. · [Business Wire](https://www.businesswire.com/news/home/20260701243402/en/Together-AI-Raises-$800-Million-at-$8.3-Billion-Valuation-to-Make-Frontier-AI-Accessible-to-All)
- Jul 1, 2026 · Raised an $800M Series C at an $8.3B valuation, led by Aramco Ventures. · [Business Wire (Together AI press release)](https://www.businesswire.com/news/home/20260701243402/en/Together-AI-Raises-$800-Million-at-$8.3-Billion-Valuation-to-Make-Frontier-AI-Accessible-to-All)
- Jul 1, 2026 · Said its annual bookings crossed $1.15B in the prior quarter. · [Business Wire (Together AI press release)](https://www.businesswire.com/news/home/20260701243402/en/Together-AI-Raises-$800-Million-at-$8.3-Billion-Valuation-to-Make-Frontier-AI-Accessible-to-All)
- Mar 2026 · Launched its voice-agent platform. · [Sacra](https://sacra.com/c/together-ai/)
- Feb 2026 · Sacra estimated its run rate hit $1B. · [Sacra](https://sacra.com/c/together-ai/)
- Sep 2025 · Instant Clusters became generally available. · [Sacra](https://sacra.com/c/together-ai/)
- Jun 2025 · Launched its Batch API. · [Sacra](https://sacra.com/c/together-ai/)
- May 2025 · Acquired Refuel.ai, a data-structuring company. · [Sacra](https://sacra.com/c/together-ai/)
- Dec 12, 2024 · Acquired CodeSandbox, an Amsterdam maker of cloud development environments. · [SiliconANGLE](https://siliconangle.com/2024/12/12/together-ai-acquires-codesandbox-adds-code-interpreter-ai-development-platform/)
- Mar 13, 2024 · Raised $106M at a $1.25B valuation, led by Salesforce Ventures. · [Reuters (via Yahoo Finance)](https://finance.yahoo.com/news/together-ai-valued-1-25-160001640.html)
- May 15, 2023 · Announced a $20M seed round led by Lux Capital. · [Together AI's blog](https://www.together.ai/blog/seed-funding)
- Apr 2023 · Launched RedPajama, an open-source training dataset effort. · [Wikipedia](https://en.wikipedia.org/wiki/Together_AI)

## Questions people ask

### Is Together AI a public company? Can I buy Together AI stock?

No. Together AI is private and has no ticker, so its shares aren't sold on any exchange. It hasn't announced a plan to go public.

### Who owns Together AI?

Its founders, staff and investors, including Aramco Ventures, Salesforce Ventures, Lux Capital, General Catalyst, Vista Equity Partners and Nvidia. Stakes haven't been disclosed.

### Who is the CEO of Together AI?

[Vipul Ved Prakash](https://realalpha.app/builders/vipul-ved-prakash/), its co-founder. He earlier founded Topsy, which Apple acquired.

### Who founded Together AI?

The company names Vipul Ved Prakash, Ce Zhang and Percy Liang as founders. Tri Dao is a co-founder, and Sacra also names Chris Ré. It was founded in 2022.

### How much is Together AI worth?

$8.3B after its $800M Series C, announced in [July 2026](https://www.businesswire.com/news/home/20260701243402/en/Together-AI-Raises-$800-Million-at-$8.3-Billion-Valuation-to-Make-Frontier-AI-Accessible-to-All).

### How much revenue does Together AI make?

It said its annual bookings crossed $1.15B in the quarter before July 2026. [Sacra](https://sacra.com/c/together-ai/) estimated a $1B run rate in February 2026.

### Is Together AI profitable?

It doesn't publish profit or loss figures. [Sacra](https://sacra.com/c/together-ai/) estimates its gross margin at about 45%, which isn't the same as a profit.

### How does Together AI make money?

It charges per token for running open models through its API and rents out GPU clusters. It also sells dedicated endpoints and fine-tuning.

### How many customers does Together AI have?

It said in July 2026 that it serves thousands of paying customers, including Cursor, Cognition and Decagon, and powers over a million developers.

### Who are Together AI's competitors?

Sacra names inference services such as Fireworks AI, Hugging Face and OpenRouter, and GPU clouds such as CoreWeave and Lambda.

## People on Real Alpha

- [Tri Dao](https://realalpha.app/builders/tri-dao/), Co-founder & chief scientist, Together AI
- [Vipul Ved Prakash](https://realalpha.app/builders/vipul-ved-prakash/), Co-founder & CEO, Together AI

## 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.