Together AI has closed an $800 million Series C funding round at an $8.3 billion valuation, led by Aramco Ventures — the venture capital arm of Saudi Arabia's state oil giant. The round, announced July 1, 2026, more than doubles the company's valuation and brings total funding to $1.3 billion.
The Saudi Aramco lead is geopolitically significant. Aramco is the world's largest oil company and its venture arm has been systematically investing in AI infrastructure under Saudi Arabia's Vision 2030 diversification strategy. The kingdom's Project Transcendence has committed $100 billion to AI infrastructure.
Together AI operates a cloud platform giving developers API access to open-weight AI models — Llama, Mistral, DeepSeek, MiniMax — at competitive prices. It is part of a growing 'neocloud' wave competing directly with AWS, Azure, and Google Cloud for GPU-accelerated AI workloads.
Together AI's strategic position benefited directly from the Fable 5 crisis. When Anthropic's flagship model was taken offline for 18 days starting June 12, developers turned to Together AI's hosted open-weight models. Traffic reportedly spiked during the outage, providing an unplanned proof-of-concept: when a closed-source provider disappears, enterprises need a running fallback with familiar APIs.
The $800 million raise allows Together AI to expand GPU capacity significantly. Existing investors NVIDIA, General Catalyst, Emergence Capital, and Vista Equity Partners also participated. For Aramco, the investment represents a hedge: if the future of AI runs on open-weight models rather than proprietary frontier systems, Together AI is the infrastructure layer that captures that transition.
