Jeff Bezos' secretive AI startup is set to be valued at around $38 billion after raising a $10 billion mega round

Project Prometheus, an enigmatic AI startup co-founded by Jeff Bezos, is reportedly in the process of securing approximately $10 billion in new funding, which would elevate its post-money valuation to about $38 billion. This funding round is still ongoing, and changes to the details may occur as it progresses. If successful, this will mark the company's first financing since its $6.2 billion launch last year. Founded in November, Project Prometheus remains shrouded in mystery, with its primary focus on developing physical AI intended to engage with real-world industrial processes. This includes sectors such as manufacturing, aerospace engineering, and semiconductor production, distinguishing it from AI solutions that target purely digital functions like chatbots. Vik Bajaj, who has previously held leadership roles at Google X and is currently an adjunct professor at Stanford University's School of Medicine, serves as the co-CEO alongside Bezos. According to reports from the Financial Times, Project Prometheus is actively expanding its presence in San Francisco, acquiring office space and attracting top talent from leading AI organizations, including OpenAI and Google DeepMind. Current estimates suggest the company employs between 50 to 200 individuals. Additionally, Bezos is reportedly exploring discussions with investors from the Middle East and Southeast Asia to potentially generate as much as $100 billion for an investment fund aimed at acquiring or investing in companies that could leverage the technology being developed at Project Prometheus, as noted by the New York Times last month. As it enters an increasingly competitive market filled with established players like OpenAI, Google DeepMind, xAI, and Anthropic, Project Prometheus faces significant challenges. The startup also contends with other emerging companies focused on physical AI, such as Periodic Labs, led by William Fedus, a notable AI researcher and former VP of research at OpenAI who contributed to the development of ChatGPT. However, Project Prometheus benefits from Bezos's extensive resources and influence, backed by his substantial wealth of $224 billion.