Fal and Fireworks AI are pursuing funding at valuations far above their latest disclosed rounds, supported by rapid growth in revenue from AI model hosting and inference. Fal raised $140 million in a December 2025 Series D led by Sequoia at a $4.5 billion valuation, then reportedly targeted $300 million to $350 million at an $8 billion valuation in March 2026. An earlier account in the existing record put Fal funding discussions at $15 billion, creating a discrepancy with the later $8 billion figure. Fireworks AI raised $250 million at a $4 billion valuation in October 2025, discussed a potential $15 billion valuation in May 2026 and closed a $1.505 billion Series D at a $17.5 billion valuation in July 2026. Fal's annual recurring revenue reportedly doubled to about $400 million, while Fireworks exceeded $1 billion after growing fivefold year over year and processing trillions of tokens daily. Fal hosts multimodal models for text, images, video and audio, while Fireworks focuses on fast, cost-effective inference for open-source models. Both serve enterprise customers including Adobe and Shopify and have attracted Sequoia, Andreessen Horowitz, Lightspeed, Index Ventures and Nvidia.