Thinking Machines Lab, the artificial intelligence company founded by former OpenAI Chief Technology Officer Mira Murati, is looking to raise $5 billion at a $40 billion pre-money valuation. The company had previously closed a $2 billion seed round at a valuation exceeding $10 billion, but subsequent negotiations for a follow-on round at a $50 billion valuation ultimately fell through. On the same day, the company unveiled its second-generation model, Inkling 2 Small, which employs a Mixture-of-Experts (MoE) architecture with a parameter scale of 594B-A17B. The model underwent four-stage pre-training and nine days of joint reinforcement training. Its analytical intelligence score far surpasses that of previous models, with notable gains in intelligent coding, vision, knowledge work, and reasoning performance. It will be released with open weights under the Apache 2.0 license next week.