AI infrastructure company Baseten has raised a $1.5 billion Series F at a valuation of up to $13 billion, one of the largest financings yet for a company focused purely on AI inference. The round, announced on June 22, 2026, was led by Altimeter Capital, Conviction Partners and Spark Capital, and co-led by Sands Capital and Wellington Management.
Inference becomes the contested layer of AI
The raise reflects a shift in where value is accruing in the AI stack. As open-weight models become strong enough to rival closed APIs, enterprises increasingly want to own and optimize how those models run in production. Baseten positions itself as the partner for that work, handling GPU management, autoscaling, observability and post-training so customers can serve models with low latency and high reliability.
The company says revenue grew roughly 20-fold over the past year while inference volume climbed 40-fold, and it now processes more than one billion inference requests per day across dozens of clusters and cloud environments worldwide.
A run of megarounds
The Series F is Baseten's fourth fundraise in 18 months, following a $300 million Series E at a $5 billion valuation just five months earlier. Additional investors include IVP, Greylock, Battery Ventures, Blackbird, Durable Capital Partners and D. E. Shaw Ventures. The deal closed across two tranches valuing the company at $13 billion and $11 billion.
Customers and what comes next
Baseten counts AI-native companies such as Cursor, Notion, Lovable, Harvey and HubSpot among its customers. Management says the new capital will fund aggressive investment in compute, software and talent as inference workloads scale. The round lands amid a broader surge in AI and robotics infrastructure spending, from custom inference silicon to next-generation AI memory and energy-efficient serving startups like Positron AI.
Reporting based on coverage from Baseten, BusinessWire and TechCrunch.