Domyn targets $2B raise as revenue nears $1B ARR
What's the deal? Milan-based Domyn is raising $2 billion in a late-stage round, according to a report from Sifted. The AI company, led by Uljan SharkaDealroom has a profile for this one. Try Dealroom →, passed €200 million in annualised recurring revenue in July 2026, according to Sharka in a Sifted podcast interview, and says it is "a few quarters away from $1 billion ARR".
What does Domyn do? It builds large language models and operates an AI gigafactory. The Milan company took roughly $1.1 billion in total in the last two years, split about 10% equity and 90% debt, according to Sifted.
The product angle: The EU recently chose Domyn to develop EUROPA, an open-source AI model covering all 24 official EU languages. The model will be openly available and, per the company, "designed to perform at the forefront of global AI capabilities."
Why it stands out: A $2 billion raise would rank Domyn's round in the top 1% of all late-stage venture deals in its sector and country, based on a sample of 487 comparable rounds.
The signal: Europe is racing to build sovereign AI capacity, and Domyn's dual role — chasing near-$1 billion revenue while carrying the EU's multilingual model mandate — makes it a bellwether for whether the continent can fund homegrown challengers at scale.
Read more: Seb Johnson’s post, Domyn CEO Uljan Sharka: ‘We're a few quarters away from $1bn ARR’, and the Sifted podcast
Image credit: Domyn
