Vast Data is in talks with Alphabet’s CapitalG and Nvidia for a new funding round, potentially valuing the AI storage startup at $30 billion, Reuters reports.
The company already hinted at a $25 billion target last month via TechCrunch.
The deal could close in weeks, shooting Vast Data from a $9.1 billion valuation in 2023 straight to the top tier of tech startups. 
Vast Data builds tech aimed at slashing AI data center costs and boosting efficiency, riding the AI boom and the U.S. government’s push for more data center infrastructure.
The New York-based firm has raised $380 million so far. CEO Renen Halak claims Vast Data is already free cash flow positive.
Sources told Reuters Vast Data hit $200 million in annual recurring revenue (ARR) by January 2025. Projections expect ARR to triple to $600 million in 2026.
