Etched Raises $300M in Series C at $10.3B Valuation, Doubling Since December

According to TechCrunch, AI chip startup Etched completed a Series C funding round of $300 million on July 24, led by Sequoia, with participation from Andreessen Horowitz, SK Hynix, Jane Street, and Diffusion Capital. The funding values the company at $10.3 billion, more than doubling its $5 billion valuation from December 2025.

Etched, founded in 2022 by three Harvard dropouts, designs chips specifically for Transformer-based AI models. The company reported it has already manufactured its own chips, secured $1 billion in customer orders, and currently operates a 2MW data center with a 10MW facility recently opened in Milpitas.