Etched
Chips built specifically to run transformer-based AI models, plus server systems for AI inference. The first chip, Sohu, is manufactured by TSMC, and the trading firm Jane Street is the first customer the company has named.
VP50 · #13Semiconductors & computeAI inference chips (transformer ASICs)San Jose, United States
FoundersSince 2022
- Valuation
- $21B
- Total raised
- $1.9B
- Last round · Aug 2026
- Series D
- Founded
- 2022
- Employees
- 400
- Quarters in VP50
- 2
Valuation
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Funding round | Jan 13, 2026 | $5.0B | $500M | Stripes |
| Series C | Jul 23, 2026 | $10B | $300M | Sequoia Capital |
| Series D | Aug 18, 2026 | $21B | $700M | Jane Street |
Post-money valuation at each priced round. Log scale.Hover a point for the round
Updated
In VP50
- Q4 2023: no place
- Q1 2024: no place
- Q2 2024: no place
- Q3 2024: no place
- Q4 2024: no place
- Q1 2025: no place
- Q2 2025: no place
- Q3 2025: no place
- Q4 2025: no place
- Q1 2026: no place
- Q2 2026: no place
- Q3 2026: #45
- Q4 2026: #13
Place by quarter since Q4 2023. Best place #13.
Funding rounds
DateRound · leadRaisedValuation
Jun 30, 2026Strategic investment——
Mar 2023Seed$5M—
Signals
- Etched weighed investor bids at $40B to $50B valuations, TechCrunch reportedFunding round
- StepStone venture fund filing carries Etched preferred at $15.39 a share at June 30Valuation mark
- Etched raises $700M Series D at a $21B valuation led by Jane StreetFunding round
- Etched ships its first rack to Jane Street, which is running it in its data centerMilestone
- Etched raises $300M Series C at a $10.3B valuation led by Sequoia CapitalFunding round
