Baseten, a San Francisco-based AI inference provider that rents Nvidia servers to developers and helps them train, customize, and run mostly open-source AI models, is in talks with investors to raise $1B at an $11B valuation including the new money, which would more than double the $5B valuation it set only three months ago, according to reporting from The Information. The fresh round comes on the back of steep revenue growth, with Baseten's annualized revenue climbing to roughly $600M by the end of Q1 from $200M at the start of the quarter, a figure 20 times what the company was generating back in March 2025, and strong enough that some investors floated offers valuing it closer to $15B. Baseten has ridden the same wave lifting rivals Modal and Together AI, as a surge in applications built on open-source models drives demand, and it has also leaned on its December acquisition of Parsed, which helps companies tailor open-source models for niche tasks.
