Luma AI raises $900M Series C led by Saudi PIF's HUMAIN

Luma AI, a maker of generative video and 3D models, raised a $900 million Series C led by HUMAIN, an AI investment vehicle of Saudi Arabia’s Public Investment Fund, with participation from AMD Ventures and existing backers Andreessen Horowitz, Amplify Partners and Matrix Partners. The round valued the company at roughly $4 billion and was announced during the US-Saudi Investment Forum.

The deal tied Luma’s compute supply to Project Halo, a planned 2-gigawatt AI data-centre buildout HUMAIN is constructing in Saudi Arabia, of which Luma said it would become a customer — a structure similar to compute-for-equity arrangements other AI companies had struck with infrastructure providers elsewhere. Luma said the funds would go toward developing “world models,” AI systems intended to simulate physical environments for use in robotics, gaming, advertising and entertainment, rather than toward its existing generative-video product line alone.

The round extended a pattern in which Gulf sovereign wealth vehicles, having moved from data-centre construction into direct equity stakes in AI model developers, became significant funders of frontier AI research outside the traditional venture and hyperscaler capital that had financed the field’s leading US labs.