Baseten plans to raise $1.5 billion with a valuation of up to $13 billion

AI inference service provider Baseten is finalizing a $1.5 billion financing, with a valuation adjustment to a dual tier structure. Some investors will subscribe at a valuation of $1.1 billion, while others will invest at a valuation of $1.3 billion. This round is jointly led by Altimeter Capital, Conviction, Spark Capital, Sands Capital, and Wellington Management. Tuhin Srivastava, CEO of Baseten, stated that switching to an open-source model for specific tasks would cost only 30% of a closed source model. As of the end of the first quarter of 2026, Baseten's annualized recurring revenue has increased from $200 million to $600 million.