Tenstorrent closed a $1.5 billion Series E financing at a $6.2 billion post-money valuation, giving the AI chip designer capital for manufacturing and planned Galaxy server deployments. The company announced the round Monday, Oct. 19.
Tenstorrent said the proceeds will support volume manufacturing and global commercial expansion. It also plans to deploy Galaxy servers at scale and advance its licensed AI and CPU designs for customers developing their own silicon.
Trace Capital and Innovation X led the financing. Tenstorrent named Agostinelli Group, ARK Invest, Brett Barna, Cadence Ventures, Eclipse, Fidelity Management & Research Company, Maverick Silicon, Morgan Stanley, Protagonist, Sandisk, T. Rowe Price, Tether Investments, Troluce Capital, Virtu Financial and XTX Markets among the other participants. The company did not disclose individual investor allocations, dilution or customer commitments.
Tenstorrent makes AI processors and systems based on RISC-V, an open-standard instruction set. RISC-V International says the instruction set itself can be used without a fee, while companies may keep their implementations proprietary or make them open source. Samsung and LG are among the chip designers that license Tenstorrent technology, including its TT-Ascalon RISC-V CPU and Tensix AI cores.
“We built one architecture and sell it at every size,” said Jim Keller, Tenstorrent’s CEO. The company says its potential customers include chip designers, sovereign players and inference platforms seeking control over the computing capacity behind their AI services.
Reuters and TechCrunch characterized the new valuation as more than double Tenstorrent’s earlier level. The company’s December 2024 Series D announcement said the round raised more than $693 million at a $2 billion pre-money valuation. Bloomberg News separately reported that the earlier round valued Tenstorrent at about $2.6 billion. The Series E announcement gives a post-money figure, so the company’s releases do not establish a directly comparable increase. Tenstorrent did not provide production targets or a schedule for the planned server deployments.
