Together AI Series A

The Series A for Together AI lands in that uncomfortable middle ground where you can't call it genius or catastrophe. Kleiner Perkins, Nvidia are deploying $102.5M at $1.25B, which feels like a price negotiated by people who read the same three analyst reports and decided to split the difference. gpu arbitrage with style—that's literally what they're betting on. The ai thesis makes sense on a whiteboard, but the execution risk is substantial and the competitive moat is more of a competitive puddle. Will this work? Maybe. Will early investors get liquidity? Eventually. Will anyone remember this deal in five years? Absolutely not.