Tenstorrent said on October 19 that it has closed $1.5 billion in Series E funding at a $6.2 billion post-money valuation. Trace Capital and Innovation X led the round.
What happened
According to Tenstorrent’s announcement, investors include ARK Invest, Fidelity Management & Research, Morgan Stanley, Sandisk, T. Rowe Price and Tether Investments. The company says it will use the money to deploy Galaxy servers at scale, keep serving open-weight models across LLMs and video generation, and advance the AI and CPU IP it licenses to customers designing their own silicon. It sells compute from a single card to racks, and licenses its TT-Ascalon RISC-V CPU and Tensix AI cores to chip designers including Samsung and LG.
Why it matters
Tenstorrent’s December 2024 Series D release reported over $693 million at a $2 billion pre-money valuation. By our arithmetic that is about $2.7 billion post-money, so this round is roughly 2.2 times the cash at roughly 2.3 times the valuation. The Series D release also cited about $150 million in closed deals as evidence of commercial traction. The Series E release gives no revenue, backlog or customer count, and its performance claims are the company’s phrase “industry-leading latency and throughput” and an investor’s quote that its video generation results beat industry benchmarks.
Money for non-GPU inference hardware keeps arriving. We covered Etched’s valuation jump to $21 billion and Groq’s pivot to running its own cloud.
What to ask
A buyer weighing Galaxy servers for open-weight inference should ask Tenstorrent for named production references and benchmark methodology on the models they run. The funding shows investors expect volume manufacturing. It does not show delivered capacity.
Source: Tenstorrent Newsroom
