Temporal, which makes an open-source durable execution platform for building long-running applications and AI agents, announced on September 14, 2026 a $550 million Series E at a $12.55 billion valuation. Lightspeed led, with Wellington Management, Growth Equity at Goldman Sachs Alternatives and Tiger Global as co-leads and T. Rowe Price and SV Angel participating. Returning investors include a16z, Sequoia, Index, GIC, Sapphire Ventures and Amplify.
Temporal says its annualized revenue run rate recently passed $250 million, growing more than 200 percent year over year, with net dollar retention above 200 percent since February. Temporal Cloud processed more than 1.9 trillion actions in August, up more than 350 percent year over year, open-source installs passed 43 million, and it has more than 4,300 paying customers, naming OpenAI, Snap, NVIDIA, Netflix, JPMorgan Chase, Cursor, Salesforce and Shopify among them. The money goes to global expansion, platform R&D, go-to-market and infrastructure.
The round is a bet on the plumbing under agents rather than the agents themselves. Agents that run for minutes or hours, call tools and must survive crashes and retries need the kind of state management Temporal sells; Lightspeed's Anoushka Vaswani called it "one of the most important pieces of infrastructure in the agentic era."
All figures are from the release as published by co-lead Goldman Sachs Asset Management. Run rate and retention are company metrics, and the release does not break out how much of the growth comes from AI agent workloads versus conventional applications.