Together AI

together.ai →

-49%

est. 2Y upside i

AI & ML

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

Rank

#3804

Sector

AI Cloud Provider

Est. Liquidity

~3Y

Data Quality

Data: High

Together AI is a rapidly growing AI cloud provider with a $1B run rate and 200% YoY growth in a massive and expanding market.

Last updated: March 10, 2026

Bull (15%)+100%

Together AI continues its explosive growth, leveraging its open-source ecosystem and strategic partnerships (like NVIDIA and PEGATRON) to capture significant market share from incumbents. Revenue surpasses $2.5B by 2028, justifying a $15B+ valuation at a premium multiple as a leader in specialized AI infrastructure.

Base (40%)+20%

Together AI maintains its strong growth trajectory, reaching a $1.5B run rate by 2028, but faces intense competition and pricing pressure from major cloud providers. It secures its niche in the open-source AI market, leading to a modest valuation increase to $9B at a slightly compressed multiple.

Bear (45%)-40%

Dominant incumbents (AWS, GCP, Azure, NVIDIA) aggressively commoditize AI infrastructure, undercutting Together AI's pricing and eroding its competitive moat. Growth slows significantly, and a challenging funding environment leads to a down round, with valuation dropping to $4.5B, severely impacting common stock value due to liquidation preferences.

Est. time to liquidity~2.5 years

Adjusted for competitive dynamics: 10% (raw: -49%, adjustment: +5%)

Preference Stack Risk

high

Funding Intensity

If the current $1B funding round closes at a $7.5B pre-money valuation, investors would hold approximately $1.554B in liquidation preferences ahead of common stock, representing 18.28% of the post-money valuation.

Dilution Risk

high

The company is reportedly seeking an additional $1B in funding, which will lead to significant dilution for existing shareholders.

Secondary Liquidity

moderate

There is reported secondary market activity with $137.5M in bids, offers, and transactions over the last 90 days, and platforms like UpMarket and Nasdaq Private Market facilitate pre-IPO trades.

Other — 41 roles

AI Researcher, Core ML (Turbo) · San Francisco
Customer Support Engineer (GPU Cluster), India · India
Director, Data Center Strategy and Site Selection · San Francisco
+38 more →

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
“Given the intense competition from major cloud providers and NVIDIA, how does Together AI plan to maintain its competitive moat and pricing power over the next 2-3 years?”
2
“With a $1B run rate and 200% YoY growth, what are the key strategic initiatives to scale infrastructure and expand into new customer segments, especially considering the high capital intensity?”
3
“Considering the company is reportedly seeking $1B in new funding at a $7.5B pre-money valuation, how is Together AI thinking about a liquidity event timeline for employees, and what are the plans to manage potential dilution for common stock holders?”