Tenstorrent raises $1.5B at a $6.2B valuation: a bet on open chip architecture

On 19 October 2026, Tenstorrent announced it had closed a $1.5 billion Series E at a $6.2 billion post-money valuation. Reuters reported this more than doubles the valuation from its December 2024 round, when it raised more than $693 million at a $2 billion pre-money valuation led by Samsung Securities and AFW Partners. The new round was co-led by Trace Capital and Innovation X, with ARK Invest, Fidelity, Morgan Stanley, T. Rowe Price, Sandisk, Cadence Ventures, Tether Investments, Eclipse, XTX Markets and Virtu Financial participating.

According to the company, the capital will fund volume manufacturing of its Galaxy server systems, which serve open-weight models and video generation, and advance the RISC-V CPU and AI core intellectual property it licenses to customers designing their own silicon. Tenstorrent positions itself as an alternative to proprietary chip ecosystems, built on the open RISC-V architecture that carries no architecture licence fees. The company disclosed neither revenue, shipment volumes nor a deployment timetable.