Fireworks AI has signed a lease for space at 450 Concar Drive in San Mateo, the former headquarters of cloud data company Snowflake. The lease would give the AI infrastructure startup nearly five times its current office capacity.
The Business Journals reported that Fireworks AI signed a lease at 450 Concar Drive. The 210,000-square-foot property originally served as Snowflake's headquarters before the company dropped its formal headquarters designation in 2021 and subleased a 773,000-square-foot campus in Menlo Park in late 2024, according to Commercial Property Executive.
A Startup Outgrowing Its Space
The office hunt comes as Fireworks AI's business has expanded at a startling pace. In July 2026, the company secured $1.505 billion in Series D funding at a $17.5 billion valuation, and by October 2026 it had entered early talks to raise new funding at a valuation between $30 billion and $40 billion, per Business Insider. That climb follows a $4 billion valuation in late 2025, underscoring how quickly investor appetite for the company has grown.
Business Insider's reporting also found that Fireworks AI crossed $1 billion in annualized revenue by July 2026 while processing more than 40 trillion daily tokens, with 95 percent of that volume generated from models customized on client proprietary data. The company builds backend inference infrastructure that lets other businesses run fine-tuned open-weight AI models, and Cursor is among its customers.
Hiring as Fireworks AI Grows
The company is actively recruiting for roughly 90 open positions globally, several of them tied to its San Mateo base, as it expands its office capacity.
Fireworks AI co-founder and chief executive Lin Qiao previously led the PyTorch team at Meta, according to Tech Funding News. That engineering experience has helped underpin investor confidence as the company scales its infrastructure business.
Fireworks AI's Peninsula Expansion
The signed lease expands Fireworks AI's office presence in San Mateo.
The Concar Drive campus sits beside Hayward Park Caltrain station. The campus, which includes both 400 and 450 Concar Drive and totals more than 300,000 square feet, was acquired by Diamond Investment Properties for $320 million seven years earlier and remained on the investment market in 2026, according to The Registry.
