Applied Compute, which helps companies train and run their own versions of open-weight AI models, raised $350 million at a $3.25 billion valuation in a round led by angel investor Elad Gil, with Shopify Ventures and Nvidia among the participants. Three former OpenAI researchers started Applied Compute in 2025, and the company says its annualized revenue run rate has already passed $100 million. The new valuation is 2.5 times the $1.3 billion it got in April, when Kleiner Perkins led an $80 million round. Shopify is also a customer, alongside Microsoft, DoorDash and the legal AI company Harvey, and Applied Compute says its enterprise customer count has more than doubled since that April round.
