Daily token volume exceeding 40 trillion is driving a surge in funding discussions for Fireworks AI. The startup has reached an annualized revenue pace of $1 billion and is targeting a $30 billion valuation, The Information reports. Similarly, Fal is negotiating a new capital raise at a valuation of $15 billion or more, supported by annualized revenues of $800 million that have doubled since March.

A $30 billion valuation would add $12.5 billion to the market value of Fireworks AI since it raised $1.5 billion at a $17.5 billion valuation in July. Both companies provide the inference infrastructure required to serve open AI models, though neither firm has finalized the terms of its new funding round.