Tenstorrent has raised $1.5 billion in Series E funding at a $6.2 billion post-money valuation to support high-volume manufacturing of its AI computing systems and expand commercially worldwide. The round was led by Trace Capital and Innovation X, with participation from new and existing investors including Agostinelli Group, ARK Invest, Brett Barna, Cadence Ventures, Eclipse, Fidelity Management & Research Company, Maverick Silicon, Morgan Stanley, Protagonist, SanDisk, T. Rowe Price, Tether Investments, Troluce Capital, Virtu Financial, and XTX Markets.
Tenstorrent plans to use the financing to deploy its Galaxy AI server platform at scale, supporting open-weight large language models and video generation workloads.
The company will also continue developing the AI and CPU intellectual property it licenses to customers designing custom silicon.
Tenstorrent offers AI computing infrastructure across multiple levels of the technology stack, ranging from individual accelerator cards and workstations to racks, larger clusters, and licensable processor intellectual property.
Its open-source software stack is designed to allow developers to run frontier models locally while enabling enterprises and sovereign customers to deploy AI models within their own infrastructure.
The company develops RISC-V-based AI processors and systems and licenses its TT-Ascalon RISC-V CPU and Tensix AI core technologies to chip designers including Samsung and LG.
Tenstorrent is led by CEO Jim Keller, whose previous processor work includes Apple’s A4 and A5 chips, AMD’s Zen architecture, and Tesla’s Full Self-Driving processor.
The Series E comes as more enterprises, semiconductor companies, sovereign infrastructure programs, and AI inference providers evaluate alternatives to closed AI computing ecosystems and seek greater ownership of their underlying hardware and software infrastructure.
Tenstorrent’s strategy is built around providing a common architecture across different deployment scales while allowing customers to either purchase complete systems or incorporate Tenstorrent technology into their own silicon.
The company operates from Santa Clara, Austin, Toronto, Belgrade, Tokyo, and Bangalore.
Trace Capital, which co-led the round, was founded in 2026 by Ben Mahdavi and focuses on long-term investments in businesses positioned around major technological shifts.
Innovation X, the other co-lead investor, is a late-stage venture capital firm with more than $4.5 billion under management across multiple funds as of December 31, 2025.
KEY QUOTES:
“We built one architecture and sell it at every size. 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.”
Jim Keller, CEO Of Tenstorrent
“Jim and his team bring decades of hands-on silicon, software, and IP experience, and we’re excited to partner with Tenstorrent as Galaxy continues to scale.”
Ben Mahdavi, Founder Of Trace Capital
“Few companies design the chip and the software that runs on it. Tenstorrent does both, and its video generation results beat industry benchmarks ahead of our expectations. We are excited to double down in the Series E to back Jim and the team through this next phase of growth.”
George Bousis, Co-Founder And Managing Partner Of Protagonist
