How does Thinking Machines print?
API and seats on a model. Tokens are the COGS.
Mira's lab. 2026-hot. Sample is a handful of seats.
The mix
- API / usageTokens.55%
- SeatsSubscriptions.35%
- OtherOne-offs.10%
Industry-shape composite. Not a filing.
Who pays
Builders on the API. Teams on the seat.
Who builds
Research, applied engineering, and a thin GTM.
