Tenstorrent closes US$1.5 billion funding round at US$6.2 billion valuation
The AI chipmaker plans to expand deployment of Galaxy servers and develop chip designs licensed to customers including Samsung and LG.
Tenstorrent announced that its Series E round brought in US$1.5 billion, valuing the AI chipmaker at US$6.2 billion after the financing. It plans to put the proceeds toward expanding Galaxy server deployments and developing designs for customers that make their own chips.
Leading the investment were Trace Capital and Innovation X, with participation from investors including Fidelity, ARK Invest, Tether Investments and Morgan Stanley. Bloomberg reported that Tenstorrent’s valuation had more than doubled from US$2.6 billion after its 2024 round.
The financing comes after takeover discussions involving Intel and Qualcomm, according to Bloomberg’s reporting in May. CEO Jim Keller told Bloomberg that Tenstorrent had decided to pursue funding rather than a sale. He cited a May demonstration featuring Galaxy servers running high-performance DeepSeek models as a turning point.
Galaxy supports open-weight models for applications including language processing and video generation. Tenstorrent also licenses AI and CPU designs, with Samsung and LG among its customers. Its hardware offerings span individual cards, workstations, racks, superclusters and custom designs. The processors are based on the open RISC-V architecture, while the company makes its software stack available as open source.
