Qualcomm in Talks to Buy AI Chip Startup Tenstorrent for $8B–$10B

According to Reuters, on June 15, Qualcomm is in talks to acquire Tenstorrent, a US- and Canada-based AI chip startup, for $8 billion to $10 billion. The deal remains ongoing and terms could change or fall apart, according to a person familiar with the matter.

Tenstorrent, founded in 2016 and led by Jim Keller, develops AI accelerators and licenses RISC-V intellectual property. The startup raised over $693 million in December 2024 at a $2 billion pre-money valuation, up from a $1 billion valuation in 2021.