Monday, October 26, 2026 · Edition updated 6:00 AM ETMON, OCT 26 editionNext edition in Next in --:--:--
Intelligence Verdict
AI startups

Chips and AI computers

New chips and systems built to run AI faster or cheaper. Each company's last reported valuation, next to what it has actually shipped.

  • 8young companies
  • 4valued at $1 billion or more at their last closed round
  • 4with no public product yet, by our search
8 companies

Who they are, what they've built.

Read Oct 20, 2026. Valuations and amounts are copied as each source states them; open "Founders, funding and notes" on a card for every round and its source.

Etched

United States

“Etched builds frontier inference clusters designed to make AI inference dramatically faster, cheaper, and more abundant.” Etched, company-reported

$21Bvaluation, Aug 18, 2026

LatestRaised $700M at a $21B valuation led by Jane Street and said it shipped its first rack to Jane StreetAug 18, 2026 · Etched

Founders, funding, outside checks and notes
Founders
  • Gavin Uberti: co-founder and CEO; Harvard dropout, ex-OctoML and ex-Xnor.ai (per TechCrunch) (TechCrunch, Jun 25, 2024)
  • Chris Zhu: co-founder; Harvard dropout (per TechCrunch) (TechCrunch, Jun 25, 2024)
  • Robert Wachen: co-founder and President (company page); Uberti's college roommate (per CNBC) (CNBC, Jun 25, 2024)
Funding, as reported
  • Jun 25, 2024, Series A: $120 million. Investors named: Primary Venture Partners (co-lead), Positive Sum Ventures (co-lead), Peter Thiel, Thomas Dohmke, Kyle Vogt, Charlie Cheever (TechCrunch, Jun 25, 2024)
  • Jan 13, 2026, unnamed (reported): about $500 million, valued at $5 billion. Investors named: Stripes (lead), Peter Thiel, Positive Sum, Ribbit Capital (Bloomberg, Jan 13, 2026)
  • Jul 23, 2026, Series C: US$ 300 million, valued at US$ 10.3 billion. Investors named: Sequoia (lead), a16z, Jane Street, Diffusion, SK Hynix (W.Media, Jul 27, 2026)
  • Aug 18, 2026, unnamed (company calls it new funding): $700M, valued at $21B. Investors named: Jane Street (lead), Kleiner Perkins, Sequoia, Andreessen Horowitz, Tiger Global, Bain Capital Ventures, Neo, Primary, Stripes, Positive Sum, Blackstone (Etched press release (GlobeNewswire), Aug 18, 2026)
Outside checks
  • Jane Street, its first customer and lead investor, said: "We're excited to now have our own rack running in our data center." (customer statement in a company release, not an independent test) (Etched press release (GlobeNewswire), Aug 18, 2026)
Note

Founding year not stated on any fetched page: TechCrunch and CNBC (June 2024) called it two years old, which points to about 2022. Etched says it has 'secured more than $1B in customer contracts'; only Jane Street is named. The $5B round was reported by Bloomberg from people familiar. The Series C figures come from a trade site citing the company's release. The company homepage also mentions $800M raised across four financings, which does not match the $700M banner figure.

Valuation, Aug 18, 2026 · Description, Aug 18, 2026

Positron

United States · founded 2023

“a startup developing chips to run AI models” Reuters

$5Bvaluation, Series C and C-1, Sep 10, 2026

LatestRaised $875 million at a $5 billion valuation; next chip Asimov targeted for production in the second half of 2027Sep 10, 2026 · Reuters

Founders, funding, outside checks and notes
Founders
Funding, as reported
  • Feb 11, 2025, unnamed: $23.5 million. Investors named: Flume Ventures, Valor Equity Partners, Atreides Management, Resilience Reserve (Positron press release (Business Wire), Feb 11, 2025)
  • Feb 4, 2026, Series B: $230 million, valued at $1 billion (Reuters later cited $1.06 billion per PitchBook). Investors named: Arena Private Wealth (co-lead), Jump Trading (co-lead), Unless (co-lead), Qatar Investment Authority (TechCrunch, Feb 4, 2026)
  • Sep 10, 2026, Series C and C-1: $875 million total ($375 million Series C plus a Series C-1 of up to $500 million), valued at $5 billion ($3.5 billion pre-money for the Series C). Investors named: NEA (co-lead), Atreides Management (co-lead), Valor Equity Partners (co-lead), Andra Capital (co-lead), SemiAnalysis Capital (co-lead), Jim Clark (co-lead), Qatar Investment Authority, Cisco Investments, Naver Ventures (Reuters, Sep 10, 2026)
Outside checks
  • Jump Trading's CTO said Atlas 'delivered roughly 3x lower end-to-end latency than a comparable H100-based system' in its testing. Jump Trading co-led the Series B, so this is a customer-investor claim, not independent. (StorageNewsletter (Positron release), Feb 6, 2026)
Note

Founding year from the company's own phrase 'since launching in 2023'. Positron's press page also lists a '$50M+ Series A' in June 2025 (Business Wire sidebar says $51.6 million); not detailed here. CEO is Mitesh Agrawal, formerly of Lambda; he is not described as a founder.

Valuation, Sep 10, 2026 · Description, Sep 10, 2026

Unconventional AI

United States · founded 2025

“Unconventional AI is set on building a new, energy-efficient computer for AI.” TechCrunch

$4.5Bvaluation, Seed, Dec 9, 2025

LatestReleased Un-0, its first model; it runs on a software simulation of the company's oscillator chips, not on a chipJun 25, 2026 · TechCrunch

Founders, funding and notes
Founders
  • Naveen Rao: former head of AI at Databricks; co-founded Nervana Systems (bought by Intel) and MosaicML (bought by Databricks) (per TechCrunch) (TechCrunch, Dec 9, 2025)
  • Sara Achour: named as a founder in a Bloomberg photo caption; background not stated (Bloomberg, Dec 8, 2025)
  • MeeLan Lee: named as a founder in a Bloomberg photo caption; background not stated (Bloomberg, Dec 8, 2025)
  • Michael Carbin: named as a founder in a Bloomberg photo caption; background not stated (Bloomberg, Dec 8, 2025)
Funding, as reported
  • Dec 9, 2025, Seed: $475 million (first installment toward a goal of up to $1 billion), valued at $4.5 billion. Investors named: Andreessen Horowitz (co-lead), Lightspeed (co-lead), Lux Capital, DCVC, Databricks, Jeff Bezos (TechCrunch, Dec 9, 2025)
Note

Founding year is inferred: Bloomberg called it 'A two-month-old startup' in December 2025. No hardware exists in public yet; TechCrunch says the company 'plans to release schematics for an actual chip soon'. Bloomberg's piece did not show a publication date in the fetched text; the date is taken from its URL.

Valuation, Dec 9, 2025 · Description, Dec 9, 2025

Ricursive Intelligence

United States · founded 2025

“that closes the recursive feedback loop between AI and the chips that power it” Ricursive Intelligence (quoted by Crunchbase News), company-reported

$4Bvaluation, Series A, Jan 26, 2026
Nothing public found

LatestRaised $300 million Series A at a $4 billion valuation, about two months after launchJan 26, 2026 · Crunchbase News

Founders, funding and notes
Founders
  • Anna Goldie: co-founder and CEO; worked on AI for chip design at Google DeepMind and created AlphaChip (per Crunchbase News) (Crunchbase News, Jan 26, 2026)
  • Azalia Mirhoseini: co-founder and CTO; worked on AI for chip design at Google DeepMind and created AlphaChip (per Crunchbase News) (Crunchbase News, Jan 26, 2026)
Funding, as reported
  • Dec 2025, Seed: $35 million, valued at $750 million. Investors named: Sequoia Capital (lead) (Crunchbase News, Jan 26, 2026)
  • Jan 26, 2026, Series A: $300 million, valued at $4 billion. Investors named: Lightspeed Venture Partners (lead), DST Global, NVentures (Nvidia), Felicis Ventures, 49 Palms, Radical Ventures, Sequoia Capital (Crunchbase News, Jan 26, 2026)
Note

Uses AI to design chips rather than selling a chip; included in chips as a judgment call. Founded 'late last year' per DCD (January 2026). Searched for 2026 product news and found only funding coverage.

Valuation, Jan 26, 2026 · Description, Jan 26, 2026

MatX

United States · founded 2023

“The company’s goal is to make its processors 10 times better at training LLMs and delivering results than Nvidia’s GPUs.” TechCrunch

$300M+valuation, Series A, 2024
Nothing public found

LatestRaised a $500 million Series B; chips to be made by TSMC with shipments planned to start in 2027Feb 24, 2026 · TechCrunch

Founders, funding and notes
Founders
  • Reiner Pope: founder and CEO; previously led AI software development for Google's TPUs (per TechCrunch) (TechCrunch, Feb 24, 2026)
  • Mike Gunter: co-founder; a lead designer of TPU hardware at Google (per TechCrunch) (TechCrunch, Feb 24, 2026)
Funding, as reported
  • 2024, Series A: about $100 million, valued at more than $300 million. Investors named: Spark Capital (lead) (TechCrunch, Feb 24, 2026)
  • Feb 24, 2026, Series B: $500 million. Investors named: Jane Street (co-lead), Situational Awareness (co-lead), Marvell Technology, NFDG, Spark Capital, Patrick Collison, John Collison (TechCrunch, Feb 24, 2026)
Note

Valuation for the Series B was not disclosed. No chip has shipped; TechCrunch says shipments are planned to start in 2027. Searched TechCrunch coverage and funding news only; did not find a public product page or paper.

Valuation, Feb 24, 2026 · Description, Feb 24, 2026

Fractile

United Kingdom · founded 2022

“At Fractile, we are revolutionising compute to build the engine that can power the next generation of AI.” Fractile, company-reported

No valuation reported
Nothing public found

LatestRaised $220m Series B to speed up the release of its first chips and systems to customersMay 14, 2026 · Verdict

Founders, funding and notes
Founders
  • Walter Goodwin: founded it as 'a then PhD student at the University of Oxford's Robotics Institute' (per DCD) (DCD (DatacenterDynamics), Feb 10, 2026)
Funding, as reported
Note

No valuation was stated in fetched coverage. The company's site says it is 'building the first of a new generation of processors' and claims up to 25x faster inference at 1/10th the cost (company claim, no product yet). In February 2026 it announced a £100 million UK investment over three years (DCD). Searched company site, DCD, Bloomberg and Verdict coverage; no shipped chip found.

Description, Oct 20, 2026

Axelera AI

Netherlands · founded 2021

“next-generation AI acceleration hardware for edge computing and data centre applications” European Innovation Council

No valuation reported

LatestFirst Europa-based products shipping, compatible with selected Dell and Supermicro systemsSep 17, 2026 · IO+

Founders, funding, outside checks and notes
Founders
  • Fabrizio Del Maffeo: CEO and co-founder (per IO+); prior background not stated (IO+, Feb 24, 2026)
Funding, as reported
  • Feb 24, 2026, unnamed: more than $250 million (EIC headline says more than €200 million). Investors named: Innovation Industries (lead), BlackRock, SiteGround Capital, Bitfury, CDP Venture Capital, EIC Fund, SFPIM, Invest-NL, Samsung Catalyst Fund, Verve Investments (IO+, Feb 24, 2026)
Outside checks
  • The EU's European Innovation Council Fund invested and says Axelera has 'deployed across more than 500 customers' (figure from the company) (European Innovation Council, Feb 24, 2026)
Note

Total funding is over $450 million counting equity, grants and venture debt (IO+). No valuation reported in fetched sources. Older and smaller than US peers by valuation; included as the largest EU AI chip round reported.

Description, Feb 24, 2026

Sunrise

China · founded 2024

“a Chinese artificial intelligence (AI) chip spinoff from Hong Kong-listed AI software provider SenseTime Group Inc.” Caixin Global

No valuation reported

LatestRaised more than 1 billion yuan; total about 4 billion yuan across seven rounds since the late-2024 spin-offApr 21, 2026 · Caixin Global

Founders, funding and notes
Founders
  • Wang Zhan: co-CEO; Baidu founding-team member (per KrASIA) (KrASIA (from 36Kr), Sep 23, 2025)
  • Wang Yong: co-CEO; about 20 years at AMD and Baidu's Kunlunxin (per KrASIA) (KrASIA (from 36Kr), Sep 23, 2025)
Funding, as reported
  • Jul 1, 2025, unnamed: nearly 1 billion yuan ($139.6 million). Investors named: Sany Group venture capital unit, 4Paradigm (Caixin Global, Jul 1, 2025)
  • Jan 29, 2026, strategic financing (cumulative over 12 months, not one round): nearly 3 billion yuan ($431.4 million). Investors named: IDG Capital, Soul Capital, Gaorong Ventures, CICC Capital, Puhua Capital, Green Pine Capital Partners, Yuexiu Industrial Fund, state capital platforms (Caixin Global, Jan 29, 2026)
  • Apr 21, 2026, unnamed: more than 1 billion yuan ($140 million) (Caixin Global, Apr 21, 2026)
Note

Founded year is the spin-off from SenseTime at the end of 2024; SenseTime's chip effort began about five years earlier (KrASIA). Caixin articles are paywalled, so only the visible parts were checked. No valuation found. A Caixin page sidebar says the S3 chip was released in January 2026, but that sidebar is labelled AI-generated, so it is not used.

Description, Jan 29, 2026

Listed chip makers and data centers: Chips and power and AI stocks.