Etched revenue, valuation & funding

At a glance

• Valuation: $21 billion at its Series D in August 2026. TechCrunch reported in October 2026 that it was fielding offers above $40 billion.
• Revenue: not disclosed. Etched said in June 2026 it had booked $1 billion under contract.
• Status: private. No stock ticker. No IPO plan has been reported.
• Founded: 2022, by Gavin Uberti, Chris Zhu and Robert Wachen.
• CEO: Gavin Uberti.
• Investors: Jane Street, Sequoia Capital, Stripes, Kleiner Perkins, Andreessen Horowitz and Peter Thiel, among others.
• Products: Sohu, a chip built to run transformer models, and inference clusters of chips, racks and software.
• Employees: about 400, as of July 2026.

Is Etched public? Can you buy its stock?

No. Etched is a private company, so its shares don't trade on any stock exchange and it has no ticker symbol.

No IPO plan or filing has been reported. Etched has raised money in private rounds, most recently a $700 million Series D in August 2026.

Its shares are held privately, and its investors include Jane Street, Sequoia Capital and Stripes. No stake has been disclosed. This page reports facts and gives no investment advice.

Valuation, round by round

Its valuation rose from about $5 billion, reported in January 2026, to $21 billion in August 2026, more than four times in under a year.

The October 2026 talks above $40 billion were early, and Etched declined to comment. Sacra lists a $5.36M seed round in June 2023, which no primary report confirms.

How Etched makes money

Etched sells hardware for running AI models. It calls its product frontier inference clusters, with chips, racks and software designed together (Primary Venture Partners).

• Large buyers. Sacra says Etched sells complete rack-scale systems to a few very large buyers through negotiated deals. It compares this to a capital-equipment sale rather than a software subscription. Sacra
• Contracts. In June 2026 Etched said it had booked $1 billion under contract for the systems powered by its chip. TechCrunch

Products

• Sohu (unveiled June 2024). An ASIC built to run transformer models. Etched said an eight-chip Sohu server could generate more than 500,000 tokens per second on Llama-70B. Wikipedia
• Inference clusters. Chips, racks and software designed together. Its Low Voltage Inference architecture keeps more of the chip's compute active without thermal throttling. Primary Venture Partners
• First chip. TSMC manufactured Etched's first chip in 2026, the company said in June. It was then testing its first rack-scale product with customers. TechCrunch
• Manufacturing. Etched says it opened a Taiwan factory and built a data center, test house and prototyping lab in its San Jose office. Etched

Customers

Etched hasn't disclosed unit shipments or a customer count. Its first named customer is a trading firm.

• Jane Street is Etched's first customer. Etched shipped its first rack to the firm, which tested the hardware and then led its Series D in August 2026. Etched

Leadership

Etched said it had about 400 employees in July 2026. Around 15% of them previously worked at Nvidia, according to Dealroom.

• Gavin Uberti, co-founder and CEO. He left Harvard to start Etched and is a Thiel Fellow. Etched
• Robert Wachen, co-founder and president, per Etched's site. TechCrunch has called him co-founder and COO. Etched
• Chris Zhu, co-founder. Etched
• Mark Ross, CTO. He was formerly CTO of Cypress. Etched
• Brian Loiler, VP of platform. He spent 22 years at Nvidia. Etched
• Saptadeep Pal, VP of ASIC and architecture. He worked on Nvidia's H100, A100 and V100 architecture team. Etched
• David Munday, VP of software. He built the TPU software team. Etched
• Wayne Cao, VP of production. Etched
• Tim Perevozchikov, VP of finance. He was formerly at Two Sigma Securities. Etched

Who owns Etched?

Its investors and founders. As a private company Etched doesn't publish who holds what, and no stake has been disclosed.

• Jane Street led the $700 million Series D in August 2026. Etched
• Kleiner Perkins, Sequoia Capital, Andreessen Horowitz and Peter Thiel joined that round with Tiger Global, Bain Capital Ventures, Neo, Stripes, Primary, Positive Sum, Diffusion, Argo and Blackstone. Etched
• Sequoia led the $300 million Series C in July 2026. TechCrunch
• Stripes led about $500 million in funding, reported in January 2026, with Peter Thiel, Positive Sum and Ribbit Capital. Yahoo Finance (GuruFocus)
• Primary Venture Partners and Positive Sum Ventures co-led the $120 million Series A in June 2024. TechCrunch
• VentureTech Alliance made a strategic investment, which Etched connects to TSMC. Etched
• Radical Ventures, Hudson River Trading, Jump Trading and Two Sigma also appear in Sacra's list of its investors. Sacra

Competitors

Etched builds chips for running transformer models. It competes with chipmakers and with cloud companies that design their own AI chips.

• Nvidia, which TechCrunch names as its main competitor. TechCrunch
• Cerebras, named by TechCrunch alongside Groq. TechCrunch
• Groq and SambaNova, which Sacra counts with Cerebras as its most direct specialist peers. TechCrunch
• Amazon, which builds its own AI chips. TechCrunch
• Google, which builds its own AI chips. TechCrunch
• Microsoft, which builds its own AI chips. TechCrunch

Timeline and latest news

From its founding to the latest reports, newest first.

1. Oct 5, 2026Latest
   TechCrunch reported Etched was fielding offers at a valuation above $40 billion. The talks were early. Value Add VC
2. Aug 18, 2026Latest
   Raised a $700 million Series D at a $21 billion valuation, led by Jane Street. Etched
3. Aug 18, 2026Latest
   Said it had shipped its first rack to Jane Street. Etched
4. Jul 23, 2026
   Closed a $300 million Series C at a $10.3 billion valuation, led by Sequoia. TechCrunch
5. Jul 23, 2026
   Said it had about 400 employees. Reuters (via WMBD)
6. Jun 30, 2026
   Came out of stealth and said it had raised $800 million in total. TechCrunch
7. Jun 30, 2026
   Said it had booked $1 billion under contract for its inference systems. TechCrunch
8. Jun 30, 2026
   Said TSMC had manufactured its first chip earlier that year. TechCrunch
9. Jan 2026
   Investors led by Stripes were reported to have put in about $500 million at about $5 billion. Yahoo Finance (GuruFocus)
10. Jun 25, 2024
    Announced a $120 million Series A co-led by Primary Venture Partners and Positive Sum Ventures. TechCrunch
11. Jun 25, 2024
    Unveiled Sohu, an ASIC built to run transformer models. Wikipedia

Questions people ask

Is Etched a public company? Can I buy Etched stock?

No. Etched is private and has no ticker, so its shares aren't sold on any exchange.

When will Etched IPO?

Etched hasn't announced an IPO plan or date, and no filing has been reported.

Who owns Etched?

Its founders and investors, including Jane Street, Sequoia Capital, Stripes, Kleiner Perkins, Andreessen Horowitz and Peter Thiel. Stakes haven't been disclosed.

Who is the CEO of Etched?

Gavin Uberti, who co-founded the company in 2022.

Who founded Etched?

Gavin Uberti, Chris Zhu and Robert Wachen, Harvard dropouts and Thiel Fellows, in 2022.

How much is Etched worth?

$21 billion at its Series D in August 2026. TechCrunch reported in October 2026 that it was fielding offers above $40 billion, and no round has closed.

How much revenue does Etched make?

It hasn't disclosed revenue. It said in June 2026 that it had booked $1 billion under contract.

Is Etched profitable?

It hasn't said. No profit or loss figures, and no gross margin, were reported with its Series D.

How does Etched make money?

It sells inference systems of chips, racks and software to a few large buyers. Jane Street is its first customer.

Who are Etched's competitors?

Nvidia above all, plus Cerebras, Groq and SambaNova. Amazon, Google and Microsoft build their own AI chips.

People on Real Alpha

• Gavin Uberti, Co-founder & CEO, Etched

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