Fireworks AI raises $1.505 billion Series D at a $17.5 billion valuation, led by Atreides Management, Index Ventures, and TCV, with NVIDIA, Lightspeed, and Evantic also participating.
The round arrives as the company crosses $1 billion in annualised revenue — up fivefold year-over-year — and daily token volume grows from 15 trillion to more than 40 trillion.
Founder Lin Qiao led over 300 engineers at Meta to build PyTorch, the open-source framework that now underpins AI development at OpenAI, Google, and Meta itself.
When Lin Qiao left Meta in 2022, she walked away from one of the most senior AI engineering roles in the world. As Senior Director of Engineering, she had spent 7 years — from July 2015 to September 2022 — leading over 300 engineers to build and deploy PyTorch, the open-source framework that now underpins most of the AI industry, including models from OpenAI, Google, and Meta itself. She helped build the plumbing that made the current AI boom possible. Then she left to bet against it.
The company she founded, Fireworks AI, has just raised $1.505 billion in a Series D at a $17.5 billion valuation, led by Atreides Management, Index Ventures, and TCV, with NVIDIA, Lightspeed Venture Partners, and Evantic also participating. The full investor list also includes 20VC, Bessemer Venture Partners, Insight Partners, Lone Pine Capital, Menlo Ventures, Ontario Teachers’ Pension Plan, and others. The round arrives as Fireworks crosses $1 billion in annualised revenue, up fivefold year-over-year, and daily token volume on its platform climbs from 15 trillion to more than 40 trillion.
