Baseten, the AI infrastructure startup backed by Nvidia, is in talks to raise about $2 billion in new funding that would value the company at up to $30 billion, Bloomberg reported on October 30, citing people familiar with the discussions. If it closes, the Baseten $2B round would more than double Baseten’s valuation in about four months.

Two tranches, two valuations

The proposed financing would be structured in two tranches, according to Bloomberg’s account: the first valuing Baseten at $26 billion, the second at $30 billion. Existing investor Sands Capital is expected to lead the round. The round has not closed, and its final size and participants could still change, the reports note.

The $26 billion figure is not entirely new: Axios reported in September that funding talks were underway at that mark. The second tranche’s step up to $30 billion is the new element in this week’s reporting.

Baseten declined to comment and Sands Capital declined to comment, according to Zubiqo’s relay of the Bloomberg report.

GPTOnline fact card: The Round, as Reported

2.3x the June valuation

Baseten closed a $1.5 billion Series F in June 2026 at a $13 billion valuation, led by Sands Capital and Wellington Management, per AIAffairs’ account of the financing history. A $30 billion top mark would put the company at roughly 2.3 times that June valuation, just four months later.

Founded in 2019, Baseten sells software and computing capacity for running trained AI models, a business known as inference. Its backers include Altimeter Capital, IVP and Spark Capital alongside Sands Capital, and Nvidia invested $150 million in the company in January, Odaily reported, citing Bloomberg. The company has positioned its offering as a cheaper alternative to providers including OpenAI and Anthropic, according to AIAffairs.

GPTOnline fact card: Four Months, 2.3X

An inference land grab

Baseten’s prospective round lands in the middle of a fast-moving contest for AI inference capacity. Rival Fireworks AI raised $1.5 billion in July at a $17.5 billion valuation, TokenPost noted, putting Baseten’s planned raise $500 million larger and its top valuation mark well above its closest private-market peer.

The timing also coincides with a broader repricing of AI capital. OpenAI this week cut its own funding target from $30 billion to $20 billion amid an AI stock selloff, while Anthropic heads toward a November IPO that could value it at $1.5 trillion. In that context, investors are still willing to pay up for inference infrastructure, even as they turn more selective on frontier-lab valuations.

Sources