Baseten, a San Francisco company that runs AI models in production for other businesses, announced on 22 June 2026 that it had raised a $1.5bn Series F and reached a $13bn valuation.
Altimeter Capital, Conviction and Spark Capital led the round, with Sands Capital and Wellington Management as co-leads. Battery Ventures, Blackbird, D.E. Shaw Ventures, Durable Capital Partners, Greylock, IVP, Verified Capital and 01A also took part.
The $13bn figure applies to only part of the money. Baseten said the round was made up of two tranches, at valuations of $13bn and $11bn, according to Pulse 2.0. It did not say how much was raised at each price.
“The future of AI will be built on millions of specialized models, and the companies building the best ones know that post-training has become existential.”Tuhin Srivastava, CEO and Co-Founder, Baseten
What Baseten does
Baseten sells infrastructure for inference, the work of running trained AI models to answer requests. Founded in 2019, it provides the systems software that application companies need to serve models, including GPU management, autoscaling, observability, billing and developer tools. Its researchers and engineers also work with customers to post-train and tune specialised models, often built on open-weight models that it says are now strong enough to replace closed APIs for many uses.
Customers named by the company and in coverage include Cursor, Notion, Lovable, Harvey, HubSpot, OpenEvidence, Abridge, Clay and Mercor. Pulse 2.0 reported that the platform handles more than 1bn inference calls a day across 87 clusters and 18 clouds.
Chief executive and co-founder Tuhin Srivastava said companies building specialised models treat post-training as essential, because it lets them own models trained on their own data.
Growth and the use of funds
Baseten did not disclose revenue but said it had grown about 20 times over the past year, while inference volume grew 40 times. The company said it would spend the new money on compute, software and talent.
Pulse 2.0 reported that Baseten plans to triple its headcount this year across engineering, research, operations and sales. It did not give a current staff number.
Australian firm Blackbird made its largest investment to date in the round, according to a Reuters report carried by TechPartner.news, which noted that Baseten was co-founded by Australians. Blackbird partner Michael Tolo said the bet was a sign of the firm's conviction.
The funding so far
This is Baseten's fourth fundraise in 18 months, the company said, and Pulse 2.0 reported that it has now raised more than $2bn in total.
The previous round was a $300m Series E at a $5bn valuation, announced in January 2026. Crypto Briefing reported that it was co-led by IVP and CapitalG, Google's growth fund, with Nvidia participating, and that Baseten had raised about $225m before it, including a $75m Series C in early 2025 and a $150m Series D.
At $13bn, the new top price is more than double the January valuation, set about five months earlier.
Company website: baseten.co