Fireworks AI in talks to raise funding at $15 billion valuation, with Index Ventures set to co-lead the round

Fireworks AI, a startup focused on AI inference (the process of running already-trained AI models), is in talks to raise a new round of funding that would value the company at $15 billion, according to people familiar with the matter. Index Ventures, which previously invested in Fireworks, is set to co-lead the round.

Founded in 2022 by former Meta Platforms Inc. engineers, Fireworks hit a $4 billion valuation in October when it raised $250 million in funding. The company's main competitors are Baseten Labs Inc., which reached a $5 billion valuation in January, and Fal, which was valued at $4.5 billion in December.

Fireworks counts AI coding startup Cursor among its customers. Spokespeople for Fireworks and Index Ventures declined to comment, and the funding has not yet been completed.