Baseten runs a platform that allows businesses to manage multiple AI models in one place, and it was valued at $13 billion after a $1.5 billion fundraising in June.

Existing backer Sands Capital is expected to lead a new round aiming to raise roughly $2 billion.

There is ongoing interest in AI infrastructure and inference as a core driver of valuations and market dynamics.

The deal features two pricing tranches, with the first valuing Baseten at $26 billion and the second at $30 billion.

The AI inference funding environment is heating up, with peers like Fireworks AI valued around $17.5 billion after a $1.5 billion round in July.

Investors are focused on platforms that orchestrate multiple models and the chips powering deployments, reflecting a shift toward ongoing usage over one-off training.

Baseten is nearing a funding round that would push its valuation to about $30 billion.