Together AI, which runs inference infrastructure for open-source AI models, announced an $800 million Series C on July 1, 2026, pushing its valuation to $8.3 billion — more than double the $3.3 billion it carried after its Series B about eighteen months ago.
The round was led by Aramco Ventures, with participation from NVIDIA, Vista Equity, General Catalyst, Emergence Capital, Salesforce Ventures, March Capital, Pegatron, Lux Capital, and others. Investors also committed over 500 MW of compute capacity as part of the deal.
What Together AI does
Founded in 2022, Together AI operates as an AI-native cloud provider focused specifically on open-source models — giving developers and companies access to models like DeepSeek, Nemotron, and MiniMax at a fraction of the cost of closed frontier systems. Customers include Cursor, Cognition, ElevenLabs, Suno, and Decagon, which reported a 6x cost reduction after switching to the platform. The company serves more than one million developers.
The open-model shift
The fundraise tracks a broader market move. According to Together AI, open-source model usage across the industry tripled in the twelve months before the round. As capable open models — many built outside the US — close the performance gap with proprietary frontier models, infrastructure for running them at scale has become an increasingly competitive business.
The company’s annual bookings surpassed $1.15 billion as of the most recent quarter, according to reporting on the round. By comparison, its prior Series B was $305 million at a $3.3 billion valuation in early 2025.
Plans for the capital
Together AI says it will use the proceeds to expand its inference products and scale its infrastructure footprint, which the company expects to grow roughly fifty-fold over the next five years. Co-founder Vipul Ved Prakash described the milestone as “far more like a beginning” than an arrival.