Together.ai
This company is in the pipeline of America 2030, IPO CLUB’s $50M, actively managed secondary fund focused on U.S. defense, energy, security, and AI.
Updated in November, 2025
Headquarter: San Francisco, California, USA
Year Founded: 2022
Employees: ~197 (as of 2025)
Business Status: Series B privately held company, following a US$305 million Series B funding round
Industry Sectors: AI infrastructure / cloud computing for generative AI; open-source models; developer tools; GPU clusters; inference & training platforms
What is Together AI?
Together AI is a research-driven, San Francisco–based AI infrastructure company (founded in 2022) that provides a decentralized, cloud-agnostic platform for training, fine-tuning, and deploying generative AI models at scale. It positions itself as an open-source–first alternative to the large hyperscalers, delivering high-performance GPU-based compute and a software platform that makes advanced AI more accessible, affordable, and controllable for developers, enterprises, and research institutions.
Why do we like it?
We like Together AI for its combination of explosive growth, strong positioning in a structurally expanding market, and clear technical and economic differentiation:
Revenue has scaled from ~$15M (2023) to $50–130M (2024) and an expected ~$120M in 2025, implying triple-digit growth and forward revenue multiples the market is currently willing to pay for category-defining AI infra assets.
The company targets a very large and fast-growing AI infrastructure market, with TAM estimates ranging from tens of billions today to hundreds of billions (or more) by 2030–2032.
Together’s open-source and developer-centric strategy (450k+ developers, strong community engagement, RedPajama dataset, 100+ open models) gives it a distinct wedge versus closed, proprietary stacks.
Economically, Together claims up to 80% lower compute costs than hyperscalers with ~45% gross margins, reflecting real software leverage (FlashAttention-3, Cocktail SGD, orchestration stack) atop third-party GPU supply.
The cap table is “tier-1 plus strategic” (General Catalyst, Prosperity7, Salesforce Ventures, NVIDIA, SK Telecom, John Chambers, etc.), supporting both capital access and strategic distribution.
Overall, the profile is that of a software-led AI infrastructure platform with strong ecosystem pull, attractive unit economics for its stage, and credible paths to both strategic M&A and long-term scale.
What do they do?
Together AI operates a software-driven cloud platform for generative AI development that orchestrates high-performance rented GPUs to deliver training, fine-tuning, inference, deployment, and data management. Customers access 16–1,000+ GPU clusters (99.9% uptime SLA) equipped with H100/H200/GB200 GPUs through APIs and web tools, while proprietary optimizations such as FlashAttention-3 improve speed and utilization. The platform hosts 100+ open models (Llama, DeepSeek-R1, RedPajama) and monetizes via token-based inference pricing, per-minute dedicated hosting, training/fine-tuning fees, and advisory services.
What is the opportunity?
Together AI is positioned to capture share in a global AI infrastructure market currently sized at ~$35–69B (2023–24) and projected to exceed $200B by 2028–30 and potentially $356B–$1.25T by 2032, supported by 29–43.5% CAGRs. Demand is driven by surging compute needs for generative AI and LLMs, with cloud deployments expected to represent >80% of spending by 2028. Together AI’s cost advantage, open-source focus, and developer traction give it a credible path to becoming a leading independent AI cloud as enterprises seek alternatives to proprietary hyperscaler offerings.
Business status / operations
Together AI is in a high-growth scaling phase, growing revenue from ~$15M (2023) to $50–130M (2024) and an expected ~$120M (2025) with ~45% gross margins driven by software efficiency rather than hardware ownership. It serves 450k+ developers and enterprise customers including Salesforce, Zoom, SK Telecom, and The Washington Post, operating a cloud-agnostic GPU platform with 99.9% uptime and strong optimization for open-source models. GTM execution is multi-channel—content, webinars, social/influencer campaigns, ABM, and integrations with AWS, Azure, GCP, LangChain, and Vercel. The leadership team includes founders Vipul Ved Prakash, Ce Zhang, Chris Ré, Percy Liang, and Tri Dao, supplemented by CRO Kai Mak and senior product/operations leaders.
Recent financing and investors
Together AI’s valuation has risen rapidly from ~$500M (Nov 2023) to $1.25B (Mar 2024) and $3.3B after a $305M Series B in Feb 2025, implying ~27.5x forward revenue. The Series B was led by General Catalyst and Prosperity7, with participation from Salesforce Ventures, NVIDIA, Kleiner Perkins, DAMAC Capital, March Capital, Emergence Capital, Lux Capital, Greycroft, Coatue, Cadenza, Long Journey, Brave Capital, SK Telecom, and John Chambers. Earlier backers include NEA, 137 Ventures, SV Angel, First Round Capital, SCB10x, and several prominent angels, reflecting strong institutional and strategic confidence in its role within the AI infrastructure layer.
Competitive landscape
Together AI competes in a crowded market dominated by hyperscalers (AWS, Azure, Google Cloud) and specialized GPU clouds, all capable of competing on price, bundled services, and access to scarce compute. Its differentiation lies in open-source alignment, cost leadership (up to 80% cheaper than hyperscalers), cloud-agnostic infrastructure, and developer experience, supported by software optimizations that improve GPU utilization. While it benefits from strong ecosystem momentum and a large developer base, the report notes that sustaining hypergrowth and margins remains challenging given the pace of competition and evolving regulatory scrutiny around AI and cloud concentration.
Together ai model library
This company is in the pipeline of America 2030, IPO CLUB’s $50M, actively managed secondary fund focused on U.S. defense, energy, security, and AI.
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