Company · Data & infrastructure
Trajectory revenue, valuation & funding
Trajectory was valued at $300M in a Series A led by Sequoia in November 2026. It hasn't disclosed revenue. It's a private company with no stated plan to go public.
At a glance
- Valuation: $300M at its Series A, in November 2026, up from $115M at its seed in May 2026.
- Revenue: not disclosed. It had published neither revenue nor a customer count as of August 2026.
- Status: private. No stock ticker. No stated IPO plan.
- Founded: May 2026 in San Francisco, by Ronak Malde, Michael Elabd and Arjun Karanam.
- CEO: Ronak Malde.
- Investors: Sequoia, Conviction, NVIDIA, Bessemer, Bain Capital Ventures, Radical Ventures and BoxGroup, among others.
- Employees: about 18, per TechCrunch in November 2026.
- Products: the Trajectory platform for post-training on production data, with Continual Grading and Group Size 1 in research preview.
- On Real Alpha: 5 moments of its people talking, from 1 interview.
Is Trajectory public? Can you buy its stock?
No. Trajectory is a private company, so its shares don't trade on any stock exchange and it has no ticker symbol.
No plan to go public has been reported, and the company hasn't filed for an IPO.
Its shares are held by its founders, staff and investors. Sequoia led its $45M Series A in November 2026, the company said. This page reports facts and gives no investment advice.
Valuation, round by round
Its valuation went from $115M at the May 2026 seed to $300M at the November 2026 Series A, more than doubling in about six months.
| Date | Valued at | Raised | Led by | Source |
|---|---|---|---|---|
| Nov 2026 | $300M | $45M | Sequoia | Trajectory's blog |
| May 2026 | $115M | $15M | Conviction | Welcome.AI (summarizing Wired) |
Some reports from August 2026 gave a different Series A amount. It isn't clear whether they describe the same round.
How Trajectory makes money
Trajectory sells a self-serve platform for training, evaluating and deploying models on production data. Its site offers a waitlist and lists no public prices.
It hasn't disclosed revenue. Ronak Malde argues that companies will customize models and harnesses for their own specialized workflows.
From Trajectory's interviews
- 29:04 Malde sees specialization lifting AI adoption from 1% to 99%Ronak Malde · Training Data · Nov 2026
Products
Trajectory said it worked with NVIDIA and Harvey to post-train Nemotron 3 Ultra on frontier legal tasks. It did so within 24 hours of the model's release, the company said.
- The Trajectory platform (launched November 2, 2026). A self-serve platform for post-training on production data, with training, evaluation and deployment in one place. Trajectory's blog
- Continual Grading (research preview, November 2026). It learns from a few examples of a user's judgment and applies those standards across production data. Trajectory's blog
- Group Size 1 (research preview, November 2026). It lets models train on real production interactions, so they keep improving after they ship. Trajectory's blog
From Trajectory's interviews
- 10:27 Continual learning starts with traces, replay and trainingRonak Malde · Training Data · Nov 2026
- 13:05 Single rollouts can train agents without replay environmentsRonak Malde · Training Data · Nov 2026
- 20:11 Continual learning keeps humans in the loopRonak Malde · Training Data · Nov 2026
Customers
Trajectory hasn't published a customer count. As of August 2026 it had disclosed neither revenue nor customers, The Investor Society reported. It has named several companies it works with.
- Harvey, named at both the May and November 2026 launches. Ronak Malde says it raised its legal benchmark score from 4% to 18% with an open-source model trained on Trajectory. Trajectory's blog
- Rogo, named at both launches. Trajectory's blog
- Mercor, named at both launches. Trajectory's blog
- NVIDIA, whose builders were training on the platform at the November 2026 launch. It's also an investor. Trajectory's blog
- Clay, named among the companies Trajectory worked with in May 2026. Pulse 2.0
- Decagon, named among the companies Trajectory worked with in May 2026. Pulse 2.0
From Trajectory's interviews
- 4:40 Harvey raised its legal benchmark score from 4% to 18%Ronak Malde · Training Data · Nov 2026
Leadership
The three founders were Stanford classmates, Pulse 2.0 reported. The company had 18 people in November 2026, according to TechCrunch. Its recent hires came from OpenAI, Stripe and Netflix, Dealroom reported.
- Ronak Malde, co-founder and CEO. He built SWE-1 at Windsurf before starting Trajectory. Pulse 2.0
- Michael Elabd, co-founder and CTO. The Investor Society describes him and Malde as former Google DeepMind researchers. The Investor Society
- Arjun Karanam, co-founder, formerly of Apple. The Investor Society
Who owns Trajectory?
Its founders, staff and investors. As a private company it doesn't publish who holds what, and no stake has been disclosed.
Its total funding across the seed and Series A is $60 million, Pulse 2.0 reported.
- Sequoia led the $45M Series A in November 2026. Trajectory's blog
- Conviction led the $15M seed in May 2026. Welcome.AI (summarizing Wired)
- NVIDIA, Bessemer and Bain Capital Ventures joined the Series A. Bessemer was also in the seed. Trajectory's blog
- Radical Ventures and BoxGroup joined the seed, with angels Jeff Dean and Fei-Fei Li. The Investor Society
- Creandum is listed among its investors by PitchBook, as cited by Dealroom. Partner Ghazwa Khalatbari wrote on November 5, 2026 about why it backs the founders. Dealroom
Competitors
TechCrunch named three other companies that also work on continual learning, as summarized by LavX News.
- Thinking Machines Lab, named as also targeting continual learning. LavX News
- Applied Compute, named as also targeting continual learning. LavX News
- Prime Intellect, named as also targeting continual learning. LavX News
Timeline and latest news
From its founding to the latest reports, newest first.
- Nov 5, 2026Latest
Creandum partner Ghazwa Khalatbari published an essay on why Creandum backs Trajectory's founders. Dealroom - Nov 2, 2026Latest
Raised $45M at a $300M valuation, led by Sequoia. Trajectory's blog - Nov 2, 2026Latest
Launched its platform for post-training on production data. Trajectory's blog - Nov 2, 2026
Released Continual Grading as a research preview. Trajectory's blog - Nov 2, 2026
Released Group Size 1 as a research preview. Trajectory's blog - Nov 2, 2026
Said it post-trained Nemotron 3 Ultra on legal tasks with NVIDIA and Harvey. Trajectory's blog - Nov 2, 2026
Said builders at Harvey, Rogo, Mercor and NVIDIA were training on the platform. Trajectory's blog - Nov 2, 2026
TechCrunch reported the company had 18 people. TechCrunch - Jun 10, 2026
Runloop announced that Trajectory was running production workloads on Runloop. Yahoo Finance (GlobeNewswire) - May 31, 2026
Said it was working with Clay, Harvey, Decagon, Mercor and Rogo. Pulse 2.0 - May 27, 2026
Raised a $15M seed at a $115M valuation, led by Conviction. Welcome.AI (summarizing Wired) - May 2026
Founded by Ronak Malde, Michael Elabd and Arjun Karanam. The Investor Society
Questions people ask
Is Trajectory a public company? Can I buy Trajectory stock?
No. Trajectory is private and has no ticker, so its shares aren't sold on any exchange.
When will Trajectory IPO?
No IPO plan has been reported, and it hasn't filed.
Who owns Trajectory?
Its founders, staff and investors, including Sequoia, Conviction, NVIDIA, Bessemer and Bain Capital Ventures. Stakes haven't been disclosed.
Who is the CEO of Trajectory?
Ronak Malde, a co-founder. He built SWE-1 at Windsurf before Trajectory.
Who founded Trajectory?
Ronak Malde, Michael Elabd and Arjun Karanam, in May 2026.
How much is Trajectory worth?
$300M at its Series A in November 2026, TechCrunch reported.
How much revenue does Trajectory make?
It hasn't disclosed revenue. No figure had been published as of August 2026.
How does Trajectory make money?
It sells a self-serve platform for training, evaluating and deploying models on production data. It lists no public prices. 10:27
Who are Trajectory's customers?
It has named Harvey, Rogo, Mercor, NVIDIA, Clay and Decagon. It hasn't published a customer count. 4:40
Who are Trajectory's competitors?
Thinking Machines Lab, Applied Compute and Prime Intellect, which TechCrunch named as also targeting continual learning.
Every moment from Trajectory's people
5 moments from 1 interview on 1 show, newest first. Each one plays from the minute it starts.
Training Data · Nov 5, 2026 · 5 moments
Bringing Continual Learning to Every Company: Trajectory’s Ronak Malde
- 13:05 Single rollouts can train agents without replay environments 3 min
- 20:11 Continual learning keeps humans in the loop 4 min
- 10:27 Continual learning starts with traces, replay and training 2 min
- 4:40 Harvey raised its legal benchmark score from 4% to 18% 4 min
- 29:04 Malde sees specialization lifting AI adoption from 1% to 99% 2 min
People on Real Alpha
- Ronak Malde, Co-founder & CEO, Trajectory · 5 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