Together AI, a major cloud provider renting chip servers to AI developers, is in talks with investors to raise approximately $1 billion in funding at a $7.5 billion pre-money valuation, The Information reported Thursday. The funding round would more than double the company's valuation from a year ago.

The startup leases Nvidia chip servers from established cloud providers and then rents them out to developers. The company is also increasingly buying those servers itself and renting them out from its own data centers, making it similar to CoreWeave, Nebius, Lambda and other GPU cloud providers. Together AI additionally helps developers run and tweak open-source models.

Together AI is currently generating around $1 billion in annualized revenue, up more than three times from mid-2025, according to the report. The company's customers include coding assistant startup Cursor, Decagon, which sells AI-powered customer support software, and Cartesia, which develops voice AI. The company previously raised $537 million from investors including General Catalyst, Kleiner Perkins, Nvidia and Prosperity7 Ventures, the venture arm of Saudi petroleum giant Aramco.