Etched raises $300M Series C at a $10.3B valuation led by Sequoia Capital
- Raised
- $300M
- Valuation · +106% vs Funding round
- $10B
- Lead investor
- Sequoia Capital
- Place in VP50
- #13
What happened
AI chip startup Etched announced on 23 July 2026 that it had raised $300 million at a $10.3 billion valuation. TechCrunch, citing co-founder and COO Robert Wachen, reported that the Series C round was led by Sequoia, with Andreessen Horowitz, SK Hynix, Jane Street and Diffusion Capital also participating. Etched's own post also listed Argo among the participants. The company said the valuation was the highest ever for a Sequoia-led Series C.
Etched said it had kicked off fabrication of hundreds of millions of dollars' worth of inference clusters and had built a new 10-megawatt lab fifteen minutes from its office. Its release said Etched had raised over $1 billion from investors in total. TechCrunch reported that the company was valued at $5 billion in December, when it raised a $500 million round. It also reported that in June 2026 Etched said it had manufactured its chips, that clients were testing its first full systems and that it had booked $1 billion in orders.
Key points
- Etched raised $300 million at a $10.3 billion valuation, announced on 23 July 2026.123
- Sequoia led the Series C, with Andreessen Horowitz, Jane Street, Diffusion and SK Hynix taking part.23
- Etched said it was the highest valuation ever for a Sequoia-led Series C.3
- TechCrunch reported a $5 billion valuation in December, when Etched raised $500 million.3
- Etched said it had started fabricating hundreds of millions of dollars' worth of inference clusters.2
Why it matters
The $10.3 billion valuation compares with the $5 billion mark TechCrunch reported for December, when Etched raised $500 million.
The sources describe a Series C funding round and no sale of shares by existing holders, so the round adds capital rather than providing liquidity.
TechCrunch reported $1 billion in orders as of June 2026, the demand figure the coverage places next to the valuation.
In context
| 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 |
Updated
Fact-check
- Etched raised $300 million at a $10.3 billion valuation, announced on 23 July 2026.Confirmed by [2] etched.com and [3] TechCrunch, both dated 23 July 2026: each gives $300 million at a $10.3 billion valuation. [1] GlobeNewswire was blocked for the checker.Verified
- Sequoia led the Series C, with Andreessen Horowitz, Jane Street, Diffusion and SK Hynix participating; Etched's post also lists Argo.Confirmed by [3] TechCrunch (Sequoia lead; a16z, SK Hynix, Jane Street, Diffusion Capital) and [2] etched.com (same investors plus Argo).Verified
- The valuation is the highest ever for a Sequoia-led Series C.Confirmed by [3] TechCrunch: 'The company says this is the highest valuation ever for a Sequoia-led Series C.' This is the company's own claim.Verified
- Etched has kicked off fabrication of hundreds of millions of dollars' worth of inference clusters and built a new 10-megawatt lab.Confirmed by [2] etched.com: the post states both.Verified
- Etched has raised over $1 billion in total.Rests on the writer's read of [1] GlobeNewswire, which was blocked for the checker; [2] and [3] do not state a total.Partly verified
- Etched was valued at $5 billion in December, when it raised $500 million.Confirmed by [3] TechCrunch: 'Etched was previously valued at $5 billion in December when it raised a $500 million round.'Verified
- In June 2026 Etched said it had manufactured its chips, clients were testing its first full systems, and it had booked $1 billion in orders.Confirmed by [3] TechCrunch, dated 23 July 2026: 'Last month' Etched announced it had manufactured its chips and had booked $1 billion worth of orders, with clients testing its first full systems.Verified
Sources
- [1]GlobeNewswire (Etched) (opens in a new tab)Etched raises $300M at a $10.3B Valuation to Scale Production of Frontier Scale Inference Hardwarethe highest valuation ever for a Sequoia-led Series C
- [2]Etched (opens in a new tab)Accelerating InferenceWe've raised $300M at a $10.3B valuation, led by Sequoia Capital
- [3]TechCrunch (opens in a new tab)AI chip startup Etched defies skeptics, hits $10.3B valuation from big-name investorsEtched was previously valued at $5 billion in December when it raised a $500 million round.
