Bloomberg: AI VCs Split Rounds Into Tranches to Raise Valuations Mid-Deal — Baseten 11B to 13B, Ineffable 55M to 4B

Bloomberg details how VCs are splitting AI rounds into tranches to re-price mid-deal. Ineffable Intelligence closed $11M at $55M pre-money, then $1.1B at a $4B pre-money about a month later. Baseten raised $1.5B across two tranches at $11B then $13B after a 20x revenue jump, led by Altimeter, Conviction, and Spark. Etched is simultaneously raising at a $10.3B valuation led by Sequoia and discussing a $20B tranche with Jane Street.