Together AI raises $800M Series C: Aramco and Nvidia value the company at $8B

In July 2026, Together AI closed an $800M Series C round led by Aramco Ventures, the investment arm of Saudi Aramco. The company's valuation exceeds $8 billion, and its annual revenue, according to the company itself, has passed $1 billion.

Who invested and why

The Series C drew investors from different sectors and regions: private equity funds, Middle Eastern oil capital, technology strategists and Silicon Valley venture funds:

• $800M: size of the Series C round
• More than $8 billion: the company's valuation at the close of the round
• More than $1 billion: Together AI's annual revenue at the time the deal closed
• Round leader: Aramco Ventures (investment arm of Saudi Aramco)
• Co-investors: Vista Equity Partners, General Catalyst, Emergence Capital, Nvidia, March Capital, Pegatron, SentinelOne's S Ventures

Nvidia's participation is no accident: the GPU maker routinely invests in companies that create cloud demand for accelerators. The more enterprise customers Together AI brings in to run open-source models in the cloud, the greater the need for GPUs, a direct benefit to Nvidia.

Vista Equity Partners, one of the largest US private equity firms in technology, specializes in companies with stable subscription revenue. Its entry into the deal signals that the market no longer sees Together AI as a startup experiment, but as a mature technology business with predictable cash flow.

Aramco Ventures leading the round reflects a broader geopolitical trend: Gulf states treat AI infrastructure as a strategic asset. Under its Vision 2030 program, Saudi Arabia is actively diversifying its economy away from oil revenue, and Together AI has become one of the largest direct investments from the region in Western AI infrastructure.

Why is the open-source cloud growing to $1 billion?

Together AI specializes in running open language models in the cloud, including Meta's Llama, Mistral, Falcon, DeepSeek and others. The platform offers API access to these models without requiring customers to set up their own GPU clusters, maintain hardware or manage infrastructure.

The business model rests on positioning against the hyperscalers. AWS, Azure and Google Cloud primarily promote their own proprietary AI systems. Together AI offers something different: a choice of open models in a managed environment, without lock-in to a single vendor and without the risk of handing sensitive data to closed systems run by competitors.

By mid-2026, open-source AI models are no longer the preserve of researchers and technical startups. Large corporations, including banks, insurers and industrial companies, are actively deploying open models to work with internal data. The main obstacle is infrastructure: configuring a GPU cluster, managing drivers, monitoring and security. Together AI removes that obstacle by offering a managed environment where the customer pays for compute, not for running hardware.

Revenue growth to $1 billion confirms that the enterprise market is willing to pay for this flexibility on a sustained and scalable basis.

What this means

Together AI's $800M round at an $8B valuation is one of the largest for AI infrastructure companies in 2026. The diversified investor base, spanning regions and sectors, from oil-rich Riyadh to Taiwanese electronics maker Pegatron, points to the company's global ambitions. For the market, it is a clear signal: an independent open-source cloud layer is turning into a full-fledged multibillion-dollar B2B segment, and Together AI is currently one of the main beneficiaries of that trend.

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