Temporal Technologies is in talks to raise around $500 million, Bloomberg reported on Tuesday. The round would value the software startup at $12 billion or more before the new money, the news agency said. It cited people familiar with the talks.

The round has not closed, and the amount and terms could change, according to Bloomberg. Temporal did not respond to the news agency’s requests for comment. Temporal did not immediately respond to a request for comment for this story.

The proposed valuation would more than double the $5 billion figure Temporal reached in February. That round raised $300 million and was led by Andreessen Horowitz. If the new round closes at the reported floor, it would mark the second time this year the company’s valuation has doubled.

What Temporal sells

Temporal makes an open-source orchestration platform. The software sits underneath applications and keeps multi-step processes from failing partway through. Founded in 2019, the company releases its core platform under an open-source licence. It sells a managed version called Temporal Cloud.

The idea predates the current wave of AI. Developers write a workflow in an ordinary programming language, and Temporal’s infrastructure records each step. When a service crashes or a connection drops, the workflow can resume from its last saved point. It does not have to start over.

The problem it targets is an old one in software. A program might book a flight, update a database and then email a customer. Each of those steps has to succeed even when a server times out or a process dies midway. Temporal says its system handles that recovery, so developers do not have to build their own timers, queues and retry logic.

That has become more valuable as companies deploy AI agents. Agents carry out long chains of tasks, and can fail silently along the way. Temporal says its customers use the platform to keep agents running over hours or days. It says they also use it to trace where workflows break and to control computing costs. The company does not build or train AI models itself.

Who uses it

Temporal’s biggest customer is OpenAI, according to the people Bloomberg spoke to. The news agency reported that the startup also works with the AI coding company Replit. It named the health-tech firm Abridge as another customer. Temporal has separately named Nordstrom, Block, ADP and The Washington Post among its clients.

The company was founded by Samar Abbas and Maxim Fateev. The pair had worked together on Amazon’s Simple Workflow Service before reuniting at Uber. There they built Cadence, an open-source workflow engine that became Temporal’s technical predecessor. They started Temporal in 2019 to sell a commercial platform around the same approach.

Both founders spent years on the same class of problem before AI made it fashionable. Abbas had led work on Microsoft’s Durable Task Framework, and Fateev had helped design core parts of Amazon’s workflow and queue services. Their pitch is that keeping software running reliably through failures is a general need, not one tied to any single model. Temporal does not compete with the AI labs it counts as customers. Instead it sells a layer that sits beneath them, in the way companies pay for databases or monitoring tools.

A fast sequence of rounds

The proposed financing would follow a rapid run of fundraising. Temporal announced a $146 million Series C at a $1.72 billion valuation in March 2025, led by Tiger Global. The $300 million Series D in February valued it at $5 billion. That round was led by Andreessen Horowitz, with Lightspeed Venture Partners and Sapphire Ventures also taking part. A completed $500 million round would take Temporal’s total announced funding past $1 billion.

Temporal has published strong growth figures alongside those rounds. It said revenue grew more than 380 percent year on year. Its annual recurring revenue passed $100 million as of February, the company said. In earlier updates it reported more than 2,500 cloud customers. By this year, it said, monthly installations of its software had passed 20 million. Those figures are the company’s own, and mix commercial revenue with free open-source usage. Temporal has not publicly attached a current annual revenue figure to the proposed $12 billion valuation.

A crowded category

Temporal is not the only company chasing the market. Cloudflare made its Workflows product generally available in April 2025. Vercel followed with its own durable workflows in April 2026. Both bundle the feature into a wider developer platform. The startup Restate opened a managed cloud service aimed at workflows and agents in September 2025.

The raise would land in a busy stretch for AI infrastructure and application funding. The legal-AI firm Harvey is raising at a $15.5 billion valuation, and the property-management startup EliseAI is in talks for $300 million at $3.7 billion. Investors have poured money into the layer beneath AI models, from data-centre operators to the tools that keep AI agents running.

The Amsterdam-based cloud provider Nebius said on Tuesday that it was raising $4.5 billion through convertible notes to fund data-centre construction, one measure of how much capital is flowing into the plumbing behind the technology.

For Temporal, the round under discussion would set a demanding benchmark. A $12 billion valuation assumes that reliability software becomes a standard part of how companies run AI agents, and that Temporal keeps a large share of the spending that follows. Bloomberg cautioned that the terms are not final.

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