The week’s capital flows continued to cluster around AI infrastructure at the largest end of the spectrum, with two multi-hundred-million-dollar rounds going to companies helping enterprises deploy custom models and build data centers. Specialized silicon, applied scientific AI, and next-generation endpoint security rounded out the lineup, a reminder that funding is now flowing simultaneously to every layer of the enterprise AI stack, from power and compute up through the endpoint.
Fireworks AI
Round: Series D | Sector: Cloud / AI Inference Infrastructure
Fireworks AI closed a $1.505 billion Series D at a $17.5 billion valuation, with TCV, Nvidia, Index Ventures, Bessemer Venture Partners, Ontario Teachers’ Pension Plan, Insight Partners, Menlo Ventures, Lightspeed, and Atreides participating. The company operates a specialized inference platform used by enterprises to fine-tune and serve custom AI models, and reports crossing a $1 billion annualized revenue run rate as daily token volume climbed from 15 trillion to more than 40 trillion year over year. The round confirms that specialized inference clouds are becoming a distinct enterprise IT category alongside hyperscaler GPU rentals and neocloud training capacity.
Fluidstack
Round: Series A | Sector: Cloud / AI Data Center Infrastructure
Fluidstack publicly disclosed an $830 million Series A at a $7.5 billion valuation led by Situational Awareness, the AI-focused fund run by Leopold Aschenbrenner, with participation from BlackRock, Google, and Jane Street. The London-based neocloud is the lead partner on Anthropic’s previously announced $50 billion U.S. AI infrastructure buildout, targeting hyperscale gigawatt-class sites on compressed timelines. Placement of a sovereign wealth alternative alongside a hyperscaler and a quantitative trading firm signals broadening institutional appetite for AI infrastructure equity beyond traditional venture syndicates.
CuspAI
Round: Series B | Sector: Enterprise AI / Scientific Discovery
Cambridge-based CuspAI raised $450 million in a Series B at a $2.6 billion valuation, with backing from the UK government’s National Wealth Fund, Bezos Expeditions, Nvidia, Google, and other strategic investors. The company applies generative AI to accelerate the design of novel materials for industrial and pharmaceutical customers, using large-scale compute infrastructure to compress discovery cycles. The round highlights how sovereign and strategic capital are increasingly funding vertical AI application companies whose enterprise value depends on sustained access to frontier compute.
Etched
Round: Series C | Sector: Semiconductors / AI Inference Chips
AI chip company Etched raised $300 million in a Series C at a $10.3 billion valuation, led by Sequoia with participation from Andreessen Horowitz, Jane Street, Diffusion, and SK Hynix. Proceeds fund production expansion and customer deployments of Etched’s transformer-specific inference silicon out of a new 80,000-square-foot facility near its San Jose headquarters. The valuation reflects continued institutional conviction that application-specific inference silicon can carve out defensible economics beneath a Nvidia-dominated training market.
Glow
Round: Series A/B (Combined) | Sector: Cybersecurity / Endpoint Security
Palo Alto-based Glow, founded by former Meta and Snowflake executives, emerged from stealth with $180 million in combined equity at a $1.2 billion valuation, backed by Sequoia Capital, Cyberstarts, Greenoaks, Redpoint, Index Ventures, Swish Ventures, Lux Capital, Operator Collective, and Holly Ventures. The company is building an AI-native endpoint security platform positioned as a next-generation alternative to incumbent EDR vendors, an aggressive entry into one of the most consolidated categories in cybersecurity. Buyer interest in re-platforming endpoint stacks around AI-first architectures will be the tell over the next 12 to 18 months.
The Weekly Funding Pulse tracks the most significant IT infrastructure, cloud, semiconductor, networking, and ITSM funding rounds each week. Coverage is curated for enterprise IT professionals and decision-makers.
