Tenstorrent raises 1.5 billion dollars at 6.2 billion dollar valuation

Tenstorrent has raised 1.5 billion dollars in a Series E funding round that values the company at 6.2 billion dollars. TechCrunch Venture, TradingView, The Next Web, AI Insider, and Dealroom all reported the transaction. The funding round was led by Trace Capital, a firm launched by Quiet Capital co-founder Ben Mahdavi, and Innovation X, according to TechCrunch Venture. Additional backers included Cadence Ventures, Eclipse, Fidelity, SanDisk, and T. Rowe Price. [1][3][4][5][6]

The new round more than doubles the startup's valuation from late 2024, TechCrunch Venture and Dealroom both report. Tenstorrent previously fetched a 2.6 billion dollar valuation in late 2024, according to TechCrunch Venture. Five months before this funding, the 10-year-old chipmaker received acquisition interest from Intel and Qualcomm at valuations up to 5 billion dollars, TechCrunch Venture said. [1][6]

Headquartered in Santa Clara, California, Tenstorrent focuses on hardware-software co-design to deliver AI compute scales ranging from developer cards to large clusters. The company prioritizes open architectures that allow users to customize both silicon and software without vendor lock-in. Its key products include Blackhole PCIe accelerators. [7]

The company previously raised a 693 million dollar Series D round in 2024 at a pre-money valuation of over 2 billion dollars to expand open-source AI software and build development systems. Tenstorrent is led by Chief Executive Officer Jim Keller, a prominent microprocessor engineer, TechCrunch Venture reported. [1][7]