Baseten raises $300M Series E at $5B led by IVP and CapitalG

The round was announced January 23, 2026, and was Baseten's third raise in a year. 01A, Altimeter, Battery, BOND, Conviction, Greylock and Nvidia also joined. Nvidia's check was $150M. Customers named in the announcement include Cursor, OpenEvidence, Abridge, Notion and Clay. The step-up was steep. The $150M Series D in September 2025, led by BOND, valued Baseten at $2.15B, up from $825M at the Series C in February 2025. The $1.5B Series F in June 2026 was priced in two tranches, at $13B and $11B. Investors reportedly approached the company in September about a valuation near $26B. That report is unconfirmed. For founders, the Nvidia check shows chipmakers paying to sit in the inference layer. Baseten bills by usage, so its revenue rises as customers' products get more model calls. One tracker puts its annualized revenue at $600M by March 2026, up from $200M in December 2025. Startups that buy inference from vendors like this can expect those vendors to be well funded and to compete hard on price. Startups building inference products face rivals with large war chests.