Baseten announced a $1.5 billion Series F financing round led by Altimeter Capital, Conviction, and Spark Capital, with Sands Capital and Wellington Management participating as co-leads. Other investors in the round included IVP, Greylock, 01A, Blackbird, Durable Capital Partners, Verified Capital, Battery Ventures, D. E. Shaw Ventures, and existing investors. The round included investments across two tranches at valuations of $13 billion and $11 billion, respectively. The company has now raised more than $2 billion to date.

Baseten is an AI inference company that provides infrastructure for advanced AI applications. Its platform helps companies deploy and scale multi-model strategies that combine frontier models with custom and post-trained models optimized for specific workflows. The company said demand for inference at the application layer is rising as closed-source and open-source models converge in capability, cost, and customization. Leading application-layer companies are increasingly directing 30% to 50% of model spend toward custom and post-trained models.

Baseten's platform now processes more than 1 billion inference calls every day across 87 clusters globally and 18 clouds. Revenue has grown approximately 20x year-over-year. The new capital will support talent, compute, and accelerated enterprise go-to-market efforts. Baseten is also tripling headcount this year to meet customer demand, with investments planned across engineering, research, operations, and go-to-market teams.

Founded in 2019 and based in San Francisco, Baseten builds systems software for AI application workloads, including GPUs, autoscaling, observability, billing, and developer tools. Its customers include Abridge, Clay, Cursor, Lovable, Mercor, and OpenEvidence.

Tuhin Srivastava, CEO and Co-Founder of Baseten, commented: "The future of AI will be built on millions of specialized models, and the companies building the best ones know that post-training has become existential. It's how they build intelligence they own, on data that's theirs, optimized for the customers they serve. The companies closing this loop fastest are using Baseten to build a system that compounds in value over time. We're grateful to our investors for their conviction that Baseten is where that future gets built, and to the team and customers who've made us worthy of it."

Apoorv Agrawal, Partner at Altimeter Capital, added: "Tuhin and the Baseten team made a bet six years ago that most people weren't ready to make: that the future of AI would be built on many specialized models, and that the companies building them would need world-class infrastructure to make them real. That bet is paying off in a way that is hard to overstate. The inference market is compounding faster than almost anything we've seen, and some of the most sophisticated AI companies in the world are standardizing on Baseten to power it. What we see in Baseten is rare: a company growing at this speed, with this level of customer trust, building infrastructure the entire ecosystem depends on. We are proud to deepen our partnership with this team."