Applied Compute, a one-year-old AI startup founded by former OpenAI researchers, is in talks for a new funding round that could value the company at about $3 billion, more than double the valuation attached to its previous financing announced four months ago. The company helps businesses run and customize open-source AI models using their own data. The fundraising comes amid strong recent revenue growth: people familiar with the matter said the company is now generating about $50 million in annualized revenue, nearly four times the level CEO Yash Patil disclosed last November. Investor Elad Gil is in discussions to lead the round, which is expected to raise several hundred million dollars, though it remains unclear whether the valuation includes the new capital and the terms have not been finalized.