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After considering potential acquisition deals with Intel and Qualcomm, AI chip startup Tenstorrent has decided to pursue independent development through financing. Recently, the company successfully completed a US$1.5 billion Series E funding round, with its valuation soaring to US$6.2 billion, more than doubling from the US$2.6 billion valuation in its previous funding round in 2024. This round of financing was led by Trace Capital, with joint leadership from Innovation X, and included investments from SanDisk, T. Rowe Price, and the venture capital arm of Cadence, among others. Existing shareholders such as Ark Investment and Fidelity Investments also chose to continue participating in the funding. Tenstorrent is attempting to seek breakthroughs in the AI chip market dominated by giants like Nvidia by offering lower prices and customized services.
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