Tenstorrent Raises $1.5 Billion at $6.2 Billion Valuation to Scale AI Servers

Tenstorrent raised $1.5 billion in a Series E round at a $6.2 billion post-money valuation, more than doubling its valuation from its 2024 financing. Led by Trace Capital and Innovation X, the round included existing and new investors such as ARK Invest, Fidelity, Sandisk, T. Rowe Price and Tether Investments. The company plans to use the funding to scale production and deployment of its Galaxy AI servers, develop next-generation chips and intellectual property, and expand hiring as it challenges established AI chipmakers with its RISC-V-based, open-source platform. CEO Jim Keller said Tenstorrent chose to raise capital and grow rather than pursue a potential sale after attracting takeover interest earlier this year.