Tenstorrent raises $1.5 billion at a $6.2 billion valuation

Tenstorrent announced on October 19 that it had secured $1.5 billion in Series E financing. The transaction values the AI computing company at $6.2 billion after the investment.

Trace Capital and Innovation X led the financing. Participants included Cadence Ventures, Fidelity, Morgan Stanley, Sandisk and Tether Investments. Tenstorrent said the funding would support manufacturing and international commercial expansion.

Led by chip designer Jim Keller, Tenstorrent sells hardware ranging from individual accelerator cards to large computing systems. It also licenses processor designs to companies developing their own chips. Its software is open source, and its Galaxy servers support language models and video generation.

Tenstorrent plans to use the proceeds to expand Galaxy deployments and develop the AI and CPU designs it licenses. The funding supports both its systems business and customers seeking to build computing hardware of their own.