Tenstorrent raises $1.5B at $6.2B valuation

Chip startup Tenstorrent has raised $1.5 billion at a $6.2 billion valuation, more than doubling its late 2024 valuation of $2.6 billion. The round was led by Trace Capital and Innovation X, with backing from Fidelity, T. Rowe Price, SanDisk, and others. CEO Jim Keller said the company chose independence over acquisition after its Galaxy servers demonstrated the ability to run DeepSeek models. The new capital will fund chips designed for open-weight AI models and video generation, as Tenstorrent continues challenging Nvidia's dominance in AI hardware.