Together AI signs 250 MW Saudi deal, projects $5B annual revenue
HUMAIN will supply power and 120,000 AI chips under a revenue-sharing arrangement for open-model training and inference.
By Ryan Merket · Published
Primary source: Together AI on X
Why it matters
Together AI is using Saudi-funded power and chips to narrow the infrastructure advantage held by closed-model labs, without financing a 250 MW build entirely from its own balance sheet.
Vipul Ved Prakash (@vipulved)'s Together AI signed an agreement with Saudi Arabia's HUMAIN for access to a 250-megawatt data center, giving the AI cloud provider a path to operate 120,000 chips outside the increasingly constrained US power market.
Together AI said Monday in a thread on X that the project would represent more than $5 billion in annualized revenue. A separate Together AI post described that figure as gross annualized revenue in the first year, with the capacity intended for open-model inference and training on a multi-chip infrastructure stack.
The $5 billion number is a projection tied to a fully operating facility. It is not revenue Together AI has already booked or collected. The New York Times reported that Together AI will compensate HUMAIN through a revenue-sharing arrangement, meaning the headline figure does not describe the amount Together AI would retain.
Prakash, Together AI's co-founder and chief executive, previously co-founded social search service Topsy, which Apple acquired in 2013. He started Together AI in 2022 with a group of machine-learning researchers that included Percy Liang and Ce Zhang, building cloud infrastructure for developers training, customizing and serving open models.
Power becomes the product
The Saudi agreement shifts Together AI deeper into the physical infrastructure business. Power availability, construction schedules and chip procurement increasingly determine how quickly AI cloud providers can add capacity. Together AI's pitch is that HUMAIN can provide those inputs at a scale that would be difficult to finance and develop independently.
"Power is the real bottleneck in AI right now," Together AI wrote in Monday's thread. Prakash told the Times that US projects face growing opposition from local communities, along with cancellations and moratoriums that have tightened domestic capacity.
Together AI is positioning the project as infrastructure for open models, which lack the dedicated cloud spending that Microsoft, Amazon and Google have used to support proprietary model developers. The distinction also serves Together AI's commercial interests: Together AI earns money when customers choose hosted open models instead of buying inference directly from closed-model labs.
The projected revenue would be more than four times the $1.15 billion in annual bookings that Together AI said it had reached by the quarter preceding its July financing. The comparison is imperfect. Bookings represent contracted business, while the Saudi figure is an annualized gross revenue forecast dependent on a large new facility reaching commercial operation and attracting enough customer demand.
Together AI has not treated that demand as hypothetical in its recent fundraising. On July 1st, Together AI announced an $800 million Series C led by Aramco Ventures, with participation from Nvidia, Vista Equity Partners, General Catalyst, Emergence Capital, Salesforce Ventures and other investors. The financing valued Together AI at $8.3 billion, according to TechCrunch.
At the time, Together AI said it had secured commitments for more than 500 MW of compute capacity that would be financed independently by new investors. The 250 MW HUMAIN project shows the scale of the infrastructure relationships behind that claim. It also ties Together AI's growth more closely to Saudi capital: Aramco Ventures led the July round, while HUMAIN is owned by the Saudi Public Investment Fund.
HUMAIN builds a buyer and a supplier
Saudi Arabia launched HUMAIN in May 2025 to operate across data centers, cloud infrastructure, models and AI applications. The Public Investment Fund owns HUMAIN, and Crown Prince Mohammed bin Salman chairs its board.
HUMAIN has since assembled infrastructure agreements with chip and cloud suppliers including Nvidia, AMD and Amazon Web Services. Its Nvidia partnership outlined plans for up to 500 MW of capacity using several hundred thousand GPUs over five years. Together AI adds a customer and operating partner focused on selling that capacity to developers and businesses running open models.
That structure spreads the capital burden. HUMAIN supplies the power and infrastructure, while Together AI brings its inference software, model catalog and customer relationships. Revenue sharing gives both sides exposure to utilization without requiring Together AI to finance the full construction cost from its own balance sheet.
For Prakash, the agreement addresses the central tension in Together AI's open-model thesis. Open models can be downloaded, modified and moved between providers, but running them at production scale still requires scarce power, chips and data center capacity. The Saudi project gives Together AI substantially more of all three. Its commercial result will depend on how quickly that capacity comes online and how much of the projected $5 billion run rate converts into retained revenue.