Tenstorrent raises $1.5bn in a Series E at a $6.2bn valuation, led by Trace Capital and Innovation X

Tenstorrent, the AI chip company run by Jim Keller, said on 19 October that it “has closed $1.5B in Series E funding at a $6.2B post-money valuation,” and that “The round was led by Trace Capital and Innovation X.” Other backers named in the release include Fidelity Management & Research, T. Rowe Price, Morgan Stanley, ARK Invest, Sandisk, XTX Markets, Virtu Financial, Tether Investments, Eclipse and Maverick Silicon.

The company says the money will pay for volume manufacturing and global commercial expansion. It plans to deploy its Galaxy servers at scale, keep serving open-weight models for language and video, and keep developing the AI and CPU designs it licenses to other chipmakers. It names Samsung and LG as licensees but gives no revenue or customer figures.

Keller's pitch is that one design can be sold at every size. “The future of compute is open, scalable, and owned by the people building on it,” he said in the release.

The raise is equity, not debt. It came on the same day the Switchboard reported Bloomberg's view that financing costs, not chip demand, now drive Asia's AI hardware stocks.

• Confirmed Tenstorrent closed a $1.5bn Series E at a $6.2bn post-money valuation, led by Trace Capital and Innovation X. Tenstorrent
• Confirmed Investors include Fidelity Management & Research, T. Rowe Price, Morgan Stanley, ARK Invest, Sandisk and XTX Markets. Tenstorrent
• Claimed The money will fund volume manufacturing and global commercial expansion, the company says. Tenstorrent