Applied Compute Raises $350 Million at $3.25 Billion Valuation

Applied Compute raised $350 million at a $3.25 billion valuation after reaching a $100 million annualized revenue run rate in under 18 months, expanding an AI infrastructure business serving enterprise customers.

The company announced the financing Monday, Nov. 2, and said it reached the run rate less than a year and a half after its founding. Applied Compute plans to use the funding to add computing capacity, grow its team and accelerate enterprise deployments.

Investor Elad Gil led the round. Participants included Kleiner Perkins, Lux Capital, Hanabi Capital, NVIDIA, Blackstone, Shopify Ventures, HubSpot Ventures, Diffusion, Definition, Timeless, Layer Global, Neo, Abstract, Nova, Quantum Light, First Harmonic and Swish.

Applied Compute’s platform supports model training, inference and continual improvement for enterprise customers. The company said its AC Inference service serves more than 1 trillion tokens per day, while 40% of its customers use its services for both model training and inference.

The company said its enterprise customer count has more than doubled since its previous fundraise. Its customer list includes Microsoft, Shopify, Mercor, Harvey, DoorDash, Cognition, Clay and Decagon.

“Training, inference, and routing are the first pieces of a much larger stack,” Applied Compute founders Yash Patil, Rhythm Garg and Linden Li wrote in the announcement.

The financing follows an $80 million round Applied Compute announced in April 2026 at a $1.3 billion post-money valuation, led by Kleiner Perkins.