Tenstorrent, which sells RISC-V AI processors and systems from single cards to superclusters, has closed a $1.5 billion Series E at a $6.2 billion post-money valuation, announced on 19 October 2026. The round was led by Trace Capital, a firm founded this year by Ben Mahdavi, and by Innovation X, which manages more than $4.5 billion.
“Once we had the ability to fundraise and demonstrate the performance and started to ship, the investor interest came in”
Jim Keller, CEO of Tenstorrent, to Dealroom · dealroom.co ↗
The figure is more than double the roughly $2.6 billion mark set by its nearly $700 million Series D in late 2024. ARK Invest, Fidelity, Morgan Stanley, T. Rowe Price, Sandisk, Tether Investments, Cadence Ventures and XTX Markets also joined. Earlier backers include Bezos Expeditions, Samsung, LG and Hyundai Motor Group.
The money is meant for deploying its Galaxy servers at scale, running open-weight language and video-generation models, and growing the CPU and AI designs it licenses, including to Samsung and LG. Dealroom adds volume manufacturing, next-generation hardware and hiring. CEO Jim Keller says a May demo of Galaxy running DeepSeek models turned investor interest. Protagonist's George Bousis points to the company building both chip and software.
About Tenstorrent
Tenstorrent builds computers for AI, bringing together experts in computer architecture, chip design, systems and neural-network compilers. Jim Keller, a veteran hardware engineer, is its chief executive, and Ljubisa Bajic is among its founders.
Its Series D, announced on 2 December 2024, was led by AFW Partners and Samsung Securities. BetaKit reported it covered over $693 million and valued the company at $2.6 billion after the money, with Bezos Expeditions, LG Electronics, XTX Markets and Baillie Gifford joining as investors. By then Tenstorrent had signed about $150 million of contracts, mostly in IP licensing, and had moved its headquarters from Toronto to Santa Clara while keeping a Toronto office of 140 people.
Dealroom notes the company weighed takeover talks with Intel and Qualcomm earlier this year, per Bloomberg, and chose to raise instead. It also says the round shows appetite rather than proven scale: the test is deployments and recurring revenue against Nvidia, AMD and Broadcom.
Sources · 2