AI chip startup Tenstorrent has raised $1.5 billion in a Series E round, valuing the company at $6.2bn.

The round, which more than doubles the company’s previous valuation, was led by Trace Capital and Innovation X, with participation from ARK Invest, Cadence Ventures, Fidelity Management & Research Company, Maverick Silicon, Morgan Stanley, SanDisk, and T. Rowe Price, among others.

In a statement, Tenstorrent said it would use the funding to scale manufacturing ​and introduce new generations of its Galaxy servers, whilst also increasing its global workforce.

The servers, which began shipping in April of this year, comprise 32 of the company’s RISC-V Blackhole processors with Tensix AI cores, offering 23 petaflops of FP8 compute performance.

“We built one architecture and sell it at every size,” said Jim Keller, CEO of Tenstorrent. “The future of compute is open, scalable, and owned by the people building on it. Our investors believe in that model too, and we appreciate their support.”

Founded in 2016, Tenstorrent builds scalable artificial intelligence accelerators for both the cloud and Edge in order to compete with Nvidia’s GPUs. The company is also developing a RISC-V CPU and licenses its designs to other organizations.

In October 2022, Tenstorrent founder Ljubisa Bajic job-swapped with Keller, the company’s then CTO, before stepping down from the company entirely in March of the following year to found Taalas, a separate AI chip startup.

Tenstorrent completed a Series D funding round in December 2024, which saw the company valued at more than $2.6 billion. Raising $693 million, investors included Jeff Bezos' Bezos Expeditions, Samsung Securities, and AFW Partners.

In June 2026, it was reported that Qualcomm was exploring an acquisition of the chip startup.