Tenstorrent more than doubles valuation to $6.2 billion in new funding round

Key facts

• Tenstorrent's valuation more than doubled to $6.2 billion.
• The Series E funding round raised $1.5 billion.
• Funds will scale production of Galaxy servers for chatbots, coding assistants, and video generators.
• The company uses RISC-V open-source chip architecture.
• Jim Keller, former Tesla, Apple, and AMD executive, is CEO.

AI chip startup Tenstorrent announced on October 19, 2026, that it had raised $1.5 billion in a late-stage funding round, valuing the company at $6.2 billion post-money. This valuation more than doubles its December 2024 valuation of $2 billion pre-money. The company plans to use the funds to scale production of its Galaxy servers, which are designed to power applications such as chatbots, coding assistants, and video generators. Tenstorrent utilizes the open-source RISC-V chip architecture to reduce reliance on proprietary systems like Arm. The Series E round was led by Trace Capital and Innovation X, with participation from ARK Invest, Sandisk, Morgan Stanley, T. Rowe Price, and Tether Investments. Jim Keller, a prominent chip architect with previous experience at Tesla, Apple, and AMD, leads Tenstorrent.