Together AI

together.ai →

+51%

est. 2Y upside i

AI & MLDevOps & InfraSeries C

AI cloud platform for running and fine-tuning open source AI models

Rank

#1294

Sector

AI Infrastructure, Developer Tools

Est. Liquidity

~4Y

Data Quality

Data: High

Together AI is one of the strongest growth stories in AI infrastructure — $1B ARR, 233% YoY, profitable — but at $8.5B (8.5x ARR), most near-term momentum is already priced in.

Last updated: May 5, 2026

Bull (30%)+180%

Together AI sustains ~100% YoY growth to ~$2.5B ARR by 2028 and lists publicly or is acquired at a 10–12x ARR multiple, implying a $25–30B valuation — roughly 3x the $8.5B Series C price. Profitability at scale plus the FlashAttention efficiency layer enables premium pricing that keeps hyperscalers from fully commoditizing the category.

Base (38%)+30%

Growth normalizes to 40–50% YoY as hyperscaler competition intensifies, bringing ARR to ~$1.8–2B; the company IPOs or is acquired at 6–7x ARR ($11–14B), yielding roughly 30–65% above the $8.5B entry valuation. Ongoing capital requirements and at least one additional large raise dilute net common-share gains to the lower end of that range.

Bear (32%)-45%

AWS, Google Cloud, and Azure aggressively match pricing on open-source model hosting, compressing gross margins below 30% and slowing growth under 25% YoY; a valuation reset to $4.5–5B (-45% to -50%) forces a down round or depressed secondary pricing. Common stockholders absorb the full loss while $1.55B of liquidation preferences remain intact for preferred holders.

Est. time to liquidity~4.0 years

Preference Stack Risk

high

Funding Intensity

18%

$1.554B in total funding creates liquidation preferences ahead of common stock equal to ~18.3% of the $8.5B valuation; a sale below $2B would fully extinguish common equity.

Dilution Risk

high

GPU infrastructure is capital-intensive and the $1B Series C closed only weeks ago, making one or more additional large raises before IPO highly probable — likely diluting current common stockholders by 20–35%.

Secondary Liquidity

limited

Secondary implied valuation of $7.85B (vs. $8.5B round price) and a May 2026 report of talks at $7.5B indicate limited secondary demand at the official round price, with trades clearing at an 8–12% discount on platforms like Forge.

View all 41 open roles at Together AI →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Together AI's data — designed to show you've done your homework.

  • 1

    “How is Together AI specifically defending its pricing and inference throughput advantage as Google Cloud and AWS expand their own open-source model hosting — and what does the competitive roadmap look like over the next 18 months?”

  • 2

    “What is the current revenue split between usage-based API billing and long-term GPU infrastructure contracts, and what is the gross margin differential between those two streams?”

  • 3

    “What is the equity structure for new hires — RSUs or options, vesting schedule, and is there an employee tender offer or secondary program given that secondary market prices are already trading ~8% below the April 2026 round price?”

Community

Valuation Sentiment

Our model estimates +51% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.