How much has Applied Intuition raised?

Applied Intuition has raised approximately $1.5 billion in primary equity funding across six rounds from 2017 through June 2025. All rounds have been equity — no disclosed venture debt or convertible notes in its history — and all have been clean up-rounds. The company has not taken a down-round, a notable feat given the broader tech valuation compression of 2022–2023, when many late-stage software companies repriced by 50–70%.

The capital base is heavily weighted toward the two most recent rounds: the Series E ($250M) and Series F ($600M) together account for more than half of total capital raised. This back-loading reflects both the company's sustained revenue growth — ARR doubled year-over-year in both 2024 and 2025 — and the strategic nature of late-stage investors, including sovereign wealth funds and global asset managers treating the position as pre-IPO exposure rather than traditional venture bets.

In addition to primary rounds, Applied Intuition closed a $300 million secondary transaction in July 2024, allowing early employees and investors to achieve partial liquidity while the company remained private. This secondary activity is consistent with a company extending its private runway while building toward a future IPO.

The investor base spans enterprise venture, strategic OEM capital, crossover funds, and sovereign wealth. Andreessen Horowitz led the Series A and participated through Series E — one of its deepest commitments in the autonomous-systems category. General Catalyst has been in every round from Series B onward. Lux Capital (Bilal Zuberi) co-led the Series C and Series E, making it the most committed institutional investor by check size and tenure across the company's history.

At Series D, Elad Gil and Addition brought operator-angel credibility alongside Coatue, which brought public-market crossover capital for the first time. The Series E added Porsche Investments as a strategic OEM backer — a signal of deep production intent — alongside tech luminaries Reid Hoffman, Ray Dalio, and Mustafa Suleyman, and sovereign investor GIC (Singapore). The Series F introduced BlackRock and multiple sovereign funds (Qatar Investment Authority, Abu Dhabi Investment Council), signaling Applied Intuition has moved from venture darling to institutional-grade pre-IPO asset.

Kleiner Perkins' role is notable: the firm participated in the Series B, then co-led the Series F — a span of more than five years and a material step-up in conviction. Franklin Templeton and Fidelity, both public-market managers with large pre-IPO allocation mandates, also participated at Series F, completing the crossover-to-public-markets investor assembly typically seen in the 12–24 months before an IPO.

The $15B Series F valuation arrived just 15 months after the $6B Series E — a 2.5× step-up driven by fundamental performance, not multiple expansion. Applied Intuition's ARR doubled from $415M in 2024 to $830M in 2025, compressing its EV/ARR multiple while simultaneously expanding on a much higher absolute revenue base. At $830M ARR and ~85% gross margins, the company's implied gross profit run rate exceeds $700M — well above most publicly traded software companies at the same valuation.

Additional valuation catalysts include: the EpiSci acquisition (February 2025) deepening the U.S. defense TAM across all domains; the TRATON Group partnership (March 2025) adding European commercial vehicle OEM reach; the UK subsidiary launch (May 2025) with £50M committed investment; the Stellantis Vehicle OS mega-deal (October 2025) expanding the production-deployment addressable market; and the NVIDIA collaboration (March 2026) broadening the addressable customer base among DRIVE-platform OEMs.

Sovereign fund participation at Series F is itself a valuation anchor. QIA and ADIC typically price pre-IPO rounds with downside-protection expectations and long hold periods, treating their stake as a public-market equivalent. Their willingness to pay $15B implies conviction in a public market debut well above that floor.

Applied Intuition has stated publicly that it operates profitably and generates sustainable triple-digit percentage revenue growth year-over-year. With estimated gross margins of approximately 85% and a land-and-expand model that limits marginal cost of new simulation workloads, the unit economics support profitability even at the current reinvestment rate into headcount and international offices. The company has not disclosed EBITDA or net income figures publicly.

The IPO signals are explicit and accumulating. CEO Qasar Younis stated that the Series F is 'probably the last round we'll raise before we go public.' The August 2025 appointment of Brian Dong as CFO — who previously stewarded the IPOs of Tesla, Coinbase, and Twitter at Goldman Sachs — is a clear pre-IPO infrastructure hire. The Series F investor mix (BlackRock, Franklin Templeton, Fidelity, QIA) consists entirely of institutions that hold public equities and have pre-IPO allocation mandates, making a public exit the logical and expected outcome.

No S-1 has been filed as of June 2026. Given the company's private-market valuation of $15B and current secondary market trading of approximately $150–220 per share across platforms, market observers generally expect a filing within 12–24 months of the Series F close, subject to market conditions.

A $1.5B funding base and $15B valuation signal a company with significant procurement authority and actively expanding budget lines. The Series F capital is being deployed into engineering headcount (the company nearly doubled from ~750 to ~1,475 employees between 2023 and 2026), international offices (UK, Germany, Sweden, Korea, Japan, and Fort Walton Beach, FL), and acquisitions — each a budget line that creates vendor opportunities in infrastructure, security, developer tooling, HR software, and professional services.

The defense vertical — now anchored by the EpiSci acquisition, Army RCV contract, and Fort Walton Beach office — means Applied Intuition is operating as a defense prime or sub-prime contractor. This opens doors for GovTech vendors, FedRAMP-certified security solutions, cleared-facilities management, and ITAR-compliant software vendors. The UK subsidiary, launched in 2025 with dedicated FDI, is a particularly high-value ABM target: headcount is scaling rapidly, budget is freshly allocated, and vendor relationships are not yet entrenched.

Sellers should target the 6–12 months immediately following a funding close — roughly June 2025 through early 2026 — when budget allocation is fluid and new vendor relationships are easiest to establish. The company's expansion into Japan (June 2026) and its Stellantis partnership scaling across 14 vehicle brands signal ongoing procurement activity at both the platform and program-team level.