Fal, a multimodal model hosting platform, and Fireworks AI, specializing in open-source model inference, are exploring funding rounds that could roughly double their respective valuations. Fireworks AI raised $1.505 billion in July 2026, valuing the company at $17.5 billion, with annual recurring revenue exceeding $1 billion and 5x year-over-year growth. Fal secured $140 million in December 2025 at a $4.5 billion valuation and is now targeting a $300 to $350 million raise at an $8 billion valuation. Both companies serve major enterprise clients like Adobe and Shopify, backed by top investors including Sequoia, a16z, and Nvidia. Valuation multiples have reached 17.5x for Fireworks and approximately 20x for Fal, reflecting the voracious appetite of enterprises for AI inference capabilities.
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