Fireworks

AI Infrastructure · Inference · Enterprise AI

Funding

Fireworks raises $1.5B Series D at $17.5B valuation as ARR hits $1B

The raise reflects an industry-wide pivot from renting frontier AI models toward training cheaper, specialized ones on proprietary data.

• Fireworks closed a $1.505 billion Series D at a $17.5 billion valuation, led by Atreides Management, Index Ventures, and TCV, with Nvidia participating again.
• Founded in 2022 by former Meta PyTorch engineers, Fireworks runs open-source AI models and helps customers like Uber, Shopify, and Doximity fine-tune them on their own proprietary data.
• Annualized revenue surpassed $1 billion, up fivefold year-over-year, while daily token volume served on the platform nearly tripled from 15 trillion to over 40 trillion.
• The new round comes less than a year after Fireworks raised $250 million at a $4 billion valuation last October, a more than fourfold jump in valuation.
• Fireworks once drew over half its revenue from coding startup Cursor, but CEO Lin Qiao says the customer base has broadened as more companies adopt open models.
• The deal shows the AI market fragmenting beyond a handful of frontier labs, as enterprises increasingly pay for cheaper, specialized inference instead of renting general-purpose models.