Isomorphic Labs reportedly seeks funding at a valuation of at least $40 billion
The Alphabet-backed AI drug discovery startup is in early talks that could more than double its earlier valuation, though it has yet to dose a single patient
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Isomorphic Labs, the AI drug discovery company spun out of Google DeepMind, is reportedly in early talks to raise money at a valuation of at least $40 billion. Bloomberg reported the discussions on October 8, 2026, citing sources.
The number could climb higher, potentially reaching as much as $50 billion. The talks are preliminary, and no deal has been finalized.
From $17.5 billion to $40 billion and beyond
Before these negotiations began, Isomorphic was valued at approximately $17.5 billion.
The timing stands out too. Isomorphic closed a $2.1 billion Series B round only five months earlier, in May 2026.
That round drew Thrive Capital, Alphabet, and the UK Sovereign AI Fund. The Series B followed a $600 million Series A in March 2025, which Thrive also led. In total, Isomorphic has raised approximately $2.7 billion in disclosed external funding since its founding.
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Alphabet remains the majority owner.
What investors are actually buying
Isomorphic was founded in 2021 as a spin-off of DeepMind and is led by CEO Demis Hassabis. Its core product is IsoDDE, short for the Isomorphic Drug Design Engine.
The platform builds on AlphaFold, DeepMind’s technology for predicting protein structures.
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The company has partnerships with Eli Lilly, Novartis, and Johnson & Johnson. The Eli Lilly and Novartis deals, announced in 2024, carry potential milestone payments of more than $3 billion combined. Milestone payments arrive only if specified development goals are hit.
Isomorphic has also opened sites in the US and Switzerland as part of its expansion.
The clinical gap
Isomorphic has not released any clinical data and has not dosed any patients. The company plans to start first-in-human trials by the end of 2026.
Background: a DeepMind bet gets expensive
The funding history shows rapid scaling: from a $600 million Series A in March 2025 to a $2.1 billion Series B in May 2026, and now reportedly to talks at a far higher valuation in October 2026. Thrive Capital has been a repeat backer, leading the Series A and joining the Series B. The UK Sovereign AI Fund’s participation adds a government-linked investor to the cap table.
What this means
For the pharma partners, the stakes are more practical. Eli Lilly, Novartis, and Johnson & Johnson are betting that Isomorphic’s tools can speed up discovery in ways their internal teams cannot match alone. The milestone structure means they pay more only as the science delivers.
Whether Isomorphic meets its target of starting first-in-human trials by the end of 2026 is the moment the company shifts from promising software to an actual drug developer with patients in studies.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.
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