Bloomberg reported on October 8, citing people familiar with the matter, that the Alphabet-backed drug discovery company is in early talks for a new round. The round's size and investors have not been reported, and terms could change. Thrive Capital led the $2.1 billion Series B in May. Alphabet and GV returned, while MGX, Temasek, CapitalG and the UK Sovereign AI Fund joined, taking outside funding to $2.7 billion. The valuation for that round was never disclosed. The DeepMind spinout focuses on cancer and immune disorders and expects its first clinical trials by the end of 2026. Rival Chai Discovery raised $400 million at a $3.8 billion valuation in July. A $40 billion price would put Isomorphic far ahead of other AI drug discovery startups. For founders in AI for science, the talks show investors pricing biology model platforms like frontier labs, before any drug has passed trials. That raises the bar for smaller bio AI startups competing for pharma partners.