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On February 24, 2026, MatX, a U.S. AI chip startup founded by former Google TPU engineers, completed a $500 million Series B funding round, reaching a valuation of several billion dollars and becoming a new AI chip unicorn. MatX focuses on its large model chip, MatX One, which features a divisible systolic array and a hybrid SRAM+HBM memory design. The company claims that its large model throughput, latency, and computational power per unit area outperform NVIDIA's upcoming Rubin Ultra, supporting clusters containing hundreds of thousands of chips. The new funds will be used to advance chip tape-out and mass production, with MatX planning to begin shipping through TSMC in 2027. This funding round was led by Jane Street and Situational Awareness, with participation from Marvell Technology and others.
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