AI chip company Groq has been valued at $6.9 billion following the closure of a $750 million funding round.

The raise comes two months after it was first reported that the company was looking to raise additional funds, and exceeds the $600m that Groq was reportedly seeking in order to secure a $6bn valuation.

This latest round was led by investment firm Disruptive, with participation from BlackRock, Neuberger Berman, Deutsche Telekom Capital Partners, alongside existing investors, Samsung, Cisco, D1, and Altimeter.

“Inference is defining this era of AI, and we’re building the American infrastructure that delivers it with high speed and low cost,” said Jonathan Ross, Groq CEO and co-founder.

Groq was co-founded in 2016 by Ross, who previously helped lead Google's Tensor Processing Unit development. The company provides dedicated chips and accelerators within its own servers and racks designed for artificial intelligence, machine learning, and high-performance computing.

In May of this year, the company announced that Saudi AI business Humain would offer access to Groq's LPU chips, allowing developers to run open models like Llama, Mixtral, and Whisper.

Groq first deployed a cluster in Saudi Arabia in December 2024, and this February announced a $1.5bn deal to expand in the country with a Dammam data center.

The company was previously valued at $2.8bn in August 2024, following the closure of a $640m funding round, led by BlackRock and including participation from Neuberger Berman, Type One Ventures, Cisco, KDDI, and Samsung Catalyst Fund.