The facts
Etched at a glance.
Read Oct 20, 2026. Valuations and amounts are copied as each source states them; a figure that is only reported (talks, or people familiar with the deal) is labeled as reported.
- Kind of company
- Chips and AI computersNew chips and systems built to run AI faster or cheaper.
- Based in
- Cupertino, California (per CNBC, 2024); its 2026 release is datelined San Jose, United States
- Founded
- Not found in our sourcesCNBC, Jun 25, 2024
- Last closed-round valuation
- $21B$21B (Etched press release (GlobeNewswire), Aug 18, 2026)
- What it has shipped
- Has a product
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)
Raised $700M at a $21B valuation led by Jane Street and said it shipped its first rack to Jane Street Aug 18, 2026
Etched, Aug 18, 2026
What it has built
Shipped, or not yet.
“Has a product” is what our search found: something the public can use or buy, a model or API, research only, or nothing public.
Sohu, a transformer-only ASIC, announced (not shipped at the time)
Source4 rounds
Funding, as reported.
Every round we found, with the amount, valuation and investors as the source states them.
| When | Round | Amount | Valuation | Investors named | Source |
|---|---|---|---|---|---|
| Jun 25, 2024 | Series A | $120 million | Not stated | Primary Venture Partners (co-lead), Positive Sum Ventures (co-lead), Peter Thiel, Thomas Dohmke, Kyle Vogt, Charlie Cheever | TechCrunch |
| Jan 13, 2026 | unnamed (reported) | about $500 million | $5 billion | Stripes (lead), Peter Thiel, Positive Sum, Ribbit Capital | Bloomberg |
| Jul 23, 2026 | Series C | US$ 300 million | US$ 10.3 billion | Sequoia (lead), a16z, Jane Street, Diffusion, SK Hynix | W.Media |
| Aug 18, 2026 | unnamed (company calls it new funding) | $700M | $21B | Jane Street (lead), Kleiner Perkins, Sequoia, Andreessen Horowitz, Tiger Global, Bain Capital Ventures, Neo, Primary, Stripes, Positive Sum, Blackstone | Etched press release (GlobeNewswire) |
Outside checks
What others have found.
- 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)
Our 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.
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