Tenstorrent, a chip startup focused on inference, has completed a funding round that raised $1.5 billion, valuing the company at $6.2 billion. This new capital injection comes five months after the company reportedly received acquisition interest from Intel and Qualcomm, with valuations potentially reaching $5 billion.
The latest funding round was led by Trace Capital and Innovation X, and included other backers such as Cadence Ventures, Eclipse, Fidelity, SanDisk, and T. Rowe Price. This investment more than doubled Tenstorrent's valuation from $2.6 billion in late 2024.
Jim Keller, Tenstorrent CEO, stated that the company chose to remain independent and raise more capital after demonstrating that its Galaxy servers could run DeepSeek models. The new funds are earmarked for scaling chips designed for serving open-weight AI models and video generation.