TensorWave Raises $350M to Challenge Nvidia's AI Dominance

TensorWave, an AMD-exclusive cloud AI infrastructure startup, has closed a $350 million Series B round co-led by Magnetar and AMD Ventures, pushing its valuation to $1.55 billion. The Las Vegas-based company operates three data centers housing AMD Instinct processors and has signed leases for 500 megawatts of capacity. CEO Darrick Horton aims to expand capacity to 2 gigawatts within a year, using the new funds to challenge Nvidia's grip on AI infrastructure. TensorWave has also helped AMD improve its ROCm software platform, which the company now describes as near plug-and-play.