Etched is a US artificial-intelligence chip startup that designs transformer-specialized ASICs, including its Sohu inference chip (Source: wsj.com; eetimes.com). The Wall Street Journal reported on July 17, 2026 that the company was in negotiations for a $20 billion valuation, alongside a separate capital raise at a $10 billion valuation led by Sequoia (Source: wsj.com).
On July 23, 2026, Etched announced a $300 million Series C at a $10.3 billion valuation — reported as the highest valuation for a Sequoia-led Series C — with participation from Andreessen Horowitz, Jane Street, and SK Hynix, bringing total funding past $1 billion. The company reported $1 billion in pre-orders for inference clusters built on the Sohu ASIC (Source: finance.yahoo.com; eetimes.com).
Etched said on August 18, 2026 that it had raised $700 million at a $21 billion valuation in a round led by Jane Street and joined by Kleiner Perkins, Sequoia, Andreessen Horowitz and Tiger Global, more than doubling the $10.3 billion valuation it reached in the July 2026 Series C. The San Jose company, which has more than 400 employees, said it has secured more than $1 billion in customer contracts; Jane Street is also its first customer and received its first rack in the month before the announcement (Source: reuters.com).
Snapshot
Valuation
| Date | Valuation | Notes | Source |
|---|---|---|---|
| 2026-08-18 | $21B ($700M raised) | Led by Jane Street; Kleiner Perkins, Sequoia, Andreessen Horowitz and Tiger Global joined; more than double the $10.3B July 2026 Series C mark; company reports >$1B in customer contracts and 400+ employees | reuters.com |
| 2026-07-23 | $10.3B (Series C, $300M) | Sequoia-led; a16z, Jane Street, SK Hynix participating; total funding >$1B; $1B reported Sohu pre-orders | finance.yahoo.com |
| 2026-07-17 | $20B (in talks) | Reported alongside a separate raise at a $10B valuation led by Sequoia | wsj.com |
Relationships
- related: Semiconductor Supply Chain — specialty AI chip supplier landscape
- related: AI Bubble Debate — rapid private-valuation escalation among AI infrastructure startups