Tenstorrent closes $1.5 billion Series E at $6.2 billion valuation

Tenstorrent said it closed a $1.5 billion Series E funding round at a $6.2 billion post-money valuation, with Trace Capital and Innovation X leading the financing.

The AI-chip company said it will use the capital to deploy Galaxy servers at scale for open-weight large-language and video-generation models. It described the equity raise as funding for volume manufacturing and global commercial expansion. Tenstorrent said the proceeds will also advance the AI and CPU intellectual property it licenses to customers designing their own chips.

Tenstorrent listed new and existing participants including Agostinelli Group, ARK Invest, Brett Barna, Cadence Ventures, Eclipse, Fidelity Management & Research Company, Maverick Silicon, Morgan Stanley, Protagonist, Sandisk, T. Rowe Price, Tether Investments, Troluce Capital, Virtu Financial and XTX Markets. It did not disclose individual contributions, the resulting ownership or dilution, or how it will divide the $1.5 billion among its stated priorities.

Tenstorrent said its AI-compute lineup spans cards, workstations, racks, superclusters and custom intellectual property, backed by an open-source software stack. The company describes its products as RISC-V-based AI processors and systems. It also said it licenses its TT-Ascalon RISC-V CPU and Tensix AI cores to chip designers including Samsung and LG.