Tenstorrent Series E deal accounts for 85 percent of weekly venture funding

Artificial intelligence hardware company Tenstorrent raised a 1.5 billion dollar Series E funding round that made up roughly 85.1 percent of all crypto venture capital funding announced from October 17 to October 23, 2026, The Cryptonomist reported. The sector saw a total of 1.7626 billion dollars announced across eight disclosed deals during that week. [1]

The transaction pushed the valuation of Tenstorrent to 6.2 billion dollars post-money, according to The Cryptonomist. A separate round of 200 million dollars for Whop followed as the second largest deal of the week, while smaller investments went into banking, stablecoin payments, and AI agent infrastructure. [1]

Tenstorrent operates out of Santa Clara, California, with additional offices in locations including Austin, Texas, and Toronto. As FTMQ Startups reported earlier, the company raised its 1.5 billion dollar Series E round at a 6.2 billion dollar valuation in a deal co-led by Trace Capital and Innovation X, raising its valuation from 2.6 billion dollars in late 2024. [4][5]

The startup builds open architecture compute hardware and software, including its Blackhole PCIe accelerators. Grokipedia notes that Tenstorrent previously closed a 693 million dollar Series D round in 2024 at a pre-money valuation exceeding 2 billion dollars to expand its open source software and developer teams. [4]