Fireworks AI Raises $250M Series C to Power the Future of Enterprise AI Three years ago, before AI had taken over the world, my co-founders and I made a bet. We believed the future of AI wouldn’t be controlled by a handful of powerful foundation model labs, but distributed across thousands of enterprises that want to own and customize their own AI products.
That founding thesis has paid off.
Today, we’re announcing a $250 million Series C at a $4 billion valuation, co-led by Lightspeed Venture Partners, Index Ventures, and Evantic, with continued support from Sequoia Capital. This round, which includes primary and secondary funding, brings our total funding to over $327 million, with prior rounds led by Benchmark and Sequoia, and strategic participation from NVIDIA, AMD, MongoDB and Databricks.
We raised this capital to meet surging enterprise demand for our production AI infrastructure and to cement our position as the market leader in AI inference.
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From PyTorch to the AI Cloud
When we left PyTorch to build Fireworks in 2022, companies were just beginning to experiment with large language models. Enterprise AI initiatives often lingered in the pilot phase for months, if not years, tethered to closed APIs from a few foundation model providers.
We believed a different future was possible — one where open-source models would converge on their proprietary counterparts and where companies could own their AI, end-to-end. Drawing from our experience scaling AI infrastructure at Meta, we built Fireworks as an AI Cloud for enterprise developer teams — giving them the speed, cost efficiency, and control they need to build production-grade AI.
Scaling Enterprise AI in Production
That vision is now a reality.
Our customers, including Samsung, Uber, DoorDash, Notion, Shopify, and Upwork, are moving AI from pilot projects into the core of their business operations. They’re scaling to millions of users worldwide without compromising quality or cost.
Fireworks now powers over 10,000 companies (a 10× increase from our Series B) and serves hundreds of thousands of developers building customized AI applications. Our platform processes more than 10 trillion tokens per day, and our annualized revenue has surpassed $280 million.
The Fireworks platform offers access to hundreds of state-of-the-art open-source models across text, image, audio, and multimodal formats. We enable fine-tuning, reinforcement learning, and model evaluation — all built on our ultra-fast inference engine, delivering up to 40× faster performance and an 8× reduction in cost compared to other providers.
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