Fireworks has raised US$1.505 billion in a Series D funding round, reaching a valuation of US$17.5 billion as demand grows for enterprise AI built on customised open models rather than relying solely on closed systems.
The investment was led by Atreides Management, Index Ventures and TCV, with participation from existing investors including Evantic, Lightspeed Venture Partners and NVIDIA.
The company said it has surpassed US$1 billion in annualised revenue run rate, representing fivefold growth since its previous funding round. Daily tokens served increased from 15 trillion to more than 40 trillion, highlighting rising enterprise adoption of specialised AI.
Fireworks Chief executive Lin Qiao said organisations increasingly wanted models trained on proprietary data, workflows and customer knowledge to deliver faster responses at lower cost while maintaining greater control over intellectual property.
Fireworks said 95% of tokens processed across its platform now came from specialised models. The company plans to use the funding to expand engineering teams, increase global compute capacity and strengthen partnerships with Microsoft and NVIDIA, supporting customers building tailored AI systems for production environments worldwide.
The platform offers more than 200 text, image and multimodal models and supports new open releases within hours of launch.
Management said the additional capital would help meet accelerating enterprise demand as businesses increasingly combine frontier and open models for real-world applications, balancing performance, flexibility and cost efficiency.
The funding also reinforces investor confidence in infrastructure providers enabling customised artificial intelligence deployments across industries at global scale over the coming several years ahead together.
