Company · Chips & compute
d-Matrix revenue, valuation & funding
d-Matrix was valued at $2 billion when it closed a $275 million Series C in November 2025. It hasn't published revenue. It's a private company with no stock ticker, and it hasn't filed for an IPO, according to Forge.
At a glance
- Valuation: $2B at its Series C, in November 2025.
- Revenue: not published. No news report has given a figure.
- Status: private. No stock ticker, and no IPO filing, according to Forge.
- Founded: 2019. Headquartered in Santa Clara.
- CEO: Sid Sheth, its founder.
- Investors: BullhoundCapital, Triatomic Capital, Temasek, Playground Global, Microsoft's M12 and SK Hynix, among others.
- Products: Corsair XPUs and servers, SquadRack racks and Squadron clusters. Raptor, its next chip, is expected in Q4 2027.
Is d-Matrix public? Can you buy its stock?
No. d-Matrix is a private company, so its shares don't trade on any exchange and it has no ticker symbol, according to Forge.
Forge also says it has not yet filed for an IPO. Its executives haven't announced a plan or a date for going public.
Its shares are held by its founders, staff and investors. Those include BullhoundCapital, Triatomic Capital and Temasek, which co-led its Series C. This page reports facts and gives no investment advice.
Valuation, round by round
Its only disclosed valuation is $2 billion, set at the Series C in November 2025.
| Date | Valued at | Raised | Led by | Source |
|---|---|---|---|---|
| Nov 2025 | $2B | $275M | BullhoundCapital, Triatomic Capital and Temasek (co-led) | PR Newswire (d-Matrix) |
| Apr 2022 | — | $44M | Playground Global | VentureBeat |
The Series A was announced without a valuation. The company says it had raised $450 million in all by the Series C, more than these two rounds add up to.
How d-Matrix makes money
d-Matrix sells hardware and software for running AI models in data centers. It hasn't published revenue or prices.
- Servers and racks. Corsair servers and SquadRack rack-scale systems were announced as generally available on October 12, 2026. d-Matrix's website
- Clusters for customers' own data centers. Squadron was shipping to priority customers in October 2026, for deployment in their own data centers. d-Matrix's website
- Through NVIDIA's racks. A collaboration announced in September 2026, with a multi-year roadmap, brings its XPUs into NVIDIA's NVLink Fusion and MGX rack ecosystem. d-Matrix's website
Products
- Corsair XPUs are its inference chips. They go into Corsair servers, generally available since October 12, 2026. d-Matrix's website
- SquadRack rack-scale systems, built with Corsair XPUs, JetStream NICs and Aviator software. d-Matrix's website
- Squadron (October 12, 2026). A fleet of multi-rack inference systems, announced at the OCP Global Summit. d-Matrix's website
- Raptor is its next-generation inference XPU, with 3D DRAM stacking. First units in the NVIDIA MGX rack are expected in Q4 2027. d-Matrix's website
Customers
d-Matrix hasn't named its customers. As of October 2026, Squadron was shipping to priority customers, according to d-Matrix.
The company also runs Squadron in its own Arizona data center for research and development. It built Squadron with Arista, Broadcom and Supermicro.
Leadership
- Sid Sheth, founder, CEO and president. He previously grew Inphi's networking business past $1 billion. VentureBeat
- Sudeep Bhoja, co-founder and CTO. d-Matrix's website
- PJ Jamkhandi, chief strategy officer and interim CFO. d-Matrix's About page
- Kam Eshghi, senior vice president of business development and sales. d-Matrix's About page
- Rory Mcinerney, interim senior vice president of hardware engineering. d-Matrix's About page
- Sree Ganesan, vice president of product and customer engineering. d-Matrix's About page
Who owns d-Matrix?
Its founders, staff and investors. As a private company it doesn't publish who holds what, and no stake has been disclosed.
The company said its Series C brought its total raised to $450 million, in a release in November 2025.
- BullhoundCapital, Triatomic Capital and Temasek co-led the $275 million Series C in November 2025. PR Newswire (d-Matrix)
- Playground Global led the $44 million Series A in April 2022. VentureBeat
- Microsoft's M12 and SK Hynix backed the Series A. VentureBeat
Timeline and latest news
From its founding to the latest reports, newest first.
- Oct 12, 2026Latest
Sid Sheth unveiled Squadron in his keynote on the opening day of the OCP Global Summit. d-Matrix's website - Oct 12, 2026Latest
Announced Squadron, a fleet of multi-rack inference systems. d-Matrix's website - Oct 12, 2026Latest
Announced Corsair servers and SquadRack systems as generally available. d-Matrix's website - Oct 12, 2026
Said Squadron was shipping to priority customers and running in its Arizona data center. d-Matrix's website - Sep 10, 2026
Announced a collaboration with NVIDIA, with a multi-year product roadmap. d-Matrix's website - Sep 10, 2026
Said its Raptor XPU should reach the NVIDIA MGX rack in Q4 2027. d-Matrix's website - Nov 12, 2025
Closed a $275 million Series C at a $2 billion valuation. PR Newswire (d-Matrix) - Apr 20, 2022
Announced a $44 million Series A led by Playground Global. VentureBeat
Questions people ask
Is d-Matrix a public company? Can I buy d-Matrix stock?
No. d-Matrix is private and has no ticker, so its shares aren't sold on any exchange, according to Forge.
When will d-Matrix IPO?
It hasn't announced a plan. Forge says it has not yet filed for an IPO.
Who owns d-Matrix?
Its founders, staff and investors, including BullhoundCapital, Triatomic Capital, Temasek, Playground Global, Microsoft's M12 and SK Hynix. Stakes haven't been disclosed.
Who is the CEO of d-Matrix?
Sid Sheth, its founder and president.
Who founded d-Matrix?
Sid Sheth, its CEO, and Sudeep Bhoja, its CTO. It was founded in 2019, according to DatacenterDynamics.
How much is d-Matrix worth?
$2 billion at its $275 million Series C in November 2025, according to the company's release.
How much revenue does d-Matrix make?
It doesn't publish revenue, and no news report has given a figure.
Is d-Matrix profitable?
It doesn't publish results, so its profit or loss isn't known.
How does d-Matrix make money?
It sells inference hardware for data centers, such as Corsair servers, SquadRack racks and Squadron clusters, along with its Aviator software.
Where is d-Matrix headquartered?
Santa Clara, according to DatacenterDynamics.
People on Real Alpha
- Sid Sheth, Founder & CEO, d-Matrix
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How this page is sourced
Each figure links to the filing, company statement or news report it came from, with its date. Run rates are what reporters were told, not audited results; estimates and unconfirmed reports are marked. Quotes are what each person said on the record, with the minute they said it. Spotted something that's off? .
Last checked Nov 8, 2026