AI chip company Tenstorrent closes $1.5 billion Series E at $6.2 billion post-money valuation

AI computing company Tenstorrent announced the completion of a $1.5 billion Series E financing at a post-money valuation of $6.2 billion. The round was led by Trace Capital and Innovation X, with participation from ARK Invest, Fidelity, Morgan Stanley, Sandisk, T. Rowe Price, Tether Investments and others. The company said the financing will be used to deploy Galaxy servers, serve open-weight models for large models and video generation, and advance AI and CPU intellectual property licensed to chip designers. Chief Executive Officer Jim Keller previously led the design of Apple's A4/A5, AMD Zen and Tesla's autonomous driving chips. Tenstorrent builds AI processors based on the open-source RISC-V architecture and licenses TT-Ascalon RISC-V CPUs and Tensix AI cores to manufacturers including Samsung and LG. According to Reuters, the latest valuation is more than double the $2 billion pre-money valuation of the previous round in December 2024, which raised more than $693 million.