# Tenstorrent revenue, valuation & funding

Markdown copy of https://realalpha.app/companies/tenstorrent/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

Tenstorrent was valued at $6.2B after closing a $1.5B Series E in October 2026. It has not reported revenue. It's a private company with no stock ticker, and CEO Jim Keller confirmed in June 2026 that it is aiming to go public.

Checked Nov 7, 2026

## At a glance

- Valuation: $6.2B post-money after its $1.5B Series E in October 2026.
- Revenue: not published. Neither the company nor a major outlet has reported a revenue or run-rate figure.
- Status: private. No stock ticker. CEO Jim Keller confirmed in June 2026 that it is aiming for an IPO.
- Founded: March 2016 in Toronto, by Ljubisa Bajic, a former AMD executive. Its headquarters moved to Santa Clara, California in November 2023.
- CEO: [Jim Keller](https://realalpha.app/builders/jim-keller/), since January 2023.
- Investors: Trace Capital, Innovation X, Fidelity, Samsung, LG Electronics, Hyundai Motor Group and Bezos Expeditions, among others.
- Products: Blackhole PCIe cards, the TT-QuietBox 2 workstation, Galaxy servers, and licensed TT-Ascalon RISC-V CPU and Tensix AI core designs.
- Employees: 1,150 in October 2026, according to Bloomberg as cited by The Next Web.

## Is Tenstorrent public? Can you buy its stock?

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

Jim Keller confirmed to [EE Times](https://www.eetimes.com/jim-keller-on-tenstorrents-blackhole-scaling-and-ipo-ambitions/) in June 2026 that the company is aiming to go public. No IPO filing has been reported.

Its shares are held by its founders, staff and investors, including Fidelity, Samsung, Hyundai Motor Group and Bezos Expeditions. This page reports facts and gives no investment advice.

## Valuation, round by round

Its valuation rose from $1B in May 2021 to $6.2B post-money after the October 2026 Series E.

- Oct 2026 · $6.2B · $1.5B · Trace Capital and Innovation X · [Tenstorrent](https://tenstorrent.com/en/newsroom/tenstorrent-announces-series-e)
- Dec 2024 · $2B · $693M+ · Samsung Securities and AFW Partners · [Tenstorrent](https://tenstorrent.com/en/newsroom/tenstorrent-closes-693m-of-series-d-funding-led-by-samsung-securities-and-afw-partners)
- Aug 2023 · — · $100M · Hyundai Motor Group and Samsung Catalyst Fund · [TechCrunch](https://techcrunch.com/2023/08/04/ai-chip-startup-tenstorrent-lands-100m-investment-from-hyundai-and-samsung)
- May 2021 · $1B · $200M+ · Fidelity Management and Research Company · [Tenstorrent](https://tenstorrent.com/en/newsroom/tenstorrent-raises-over-200-million-at-1-billion-valuation-to-create-programmable-high-performance-ai-computers)

The December 2024 figure of $2B was a pre-money valuation, and the August 2023 convertible note had no stated valuation. Qualcomm was reported in talks in June 2026 to buy Tenstorrent for $8 billion to $10 billion, but no deal was confirmed.

## How Tenstorrent makes money

Tenstorrent sells in three layers, hardware, systems and IP licensing, according to [Sacra](https://sacra.com/c/tenstorrent/). All of them are built on the same Tensix AI cores, RISC-V CPUs and open-source compiler stack.

It doesn't publish revenue. In the December 2024 [Series D release](https://tenstorrent.com/en/newsroom/tenstorrent-closes-693m-of-series-d-funding-led-by-samsung-securities-and-afw-partners), its COO said investors saw about $150M in deals closed as a sign of commercial traction.

- **Hardware and systems.** It sells PCIe cards, desk-side workstations and Galaxy servers, listed under Products below. · [Sacra](https://sacra.com/c/tenstorrent/)
- **IP licensing.** It licenses its TT-Ascalon RISC-V CPU and Tensix AI cores to chip designers including Samsung and LG. · [Tenstorrent](https://tenstorrent.com/newsroom/tenstorrent-announces-series-e)
- **Sovereign AI.** By early 2026 it had announced national AI projects in Cyprus, the GCC through Infinia, the UAE through AIREV, and Japan through UnsungFields. · [Sacra](https://sacra.com/c/tenstorrent/)

## Products

The prices below are the starting prices given by Sacra, an analyst firm.

- **Blackhole PCIe cards.** Sacra estimates the p100a starts at $999 and the p150 at $1,399. · [Sacra](https://sacra.com/c/tenstorrent/)
- **TT-QuietBox 2.** A desk-side workstation with four Blackhole processors. Sacra estimates it starts at $9,999. · [Sacra](https://sacra.com/c/tenstorrent/)
- **Galaxy servers.** Sacra estimates they start at $110,000. Four of them form a Blackhole Supercluster, which Sacra estimates starts at $440,000. · [Sacra](https://sacra.com/c/tenstorrent/)
- **TT-Ascalon.** A RISC-V CPU design, available for licensing since December 2025. · [Sacra](https://sacra.com/c/tenstorrent/)
- **Razer accelerator.** In January 2026 it partnered with Razer on a compact AI accelerator that attaches to laptops over Thunderbolt. · [Sacra](https://sacra.com/c/tenstorrent/)

## Leadership

- **[Jim Keller](https://realalpha.app/builders/jim-keller/),** CEO since January 2023. He joined as CTO in early 2021 and earlier led chip designs at AMD, Apple and Tesla. · [DatacenterDynamics](https://www.datacenterdynamics.com/en/news/jim-keller-becomes-ceo-of-ai-chip-company-tenstorrent/)
- **Ljubisa Bajic,** founder. He was CEO until January 2023, when he swapped roles with Keller and became CTO. · [DatacenterDynamics](https://www.datacenterdynamics.com/en/news/jim-keller-becomes-ceo-of-ai-chip-company-tenstorrent/)
- **Keith Witek,** chief operating officer. He leads operations, legal, HR, finance and fundraising, among other areas. · [Tenstorrent](https://tenstorrent.com/en/vision)
- **Christine Blizzard,** chief experience officer. · [Tenstorrent](https://tenstorrent.com/en/vision)
- **Milos Trajkovic,** co-founder and senior fellow. He leads the systems engineering and low-level software teams. · [Tenstorrent](https://tenstorrent.com/en/vision)
- **Wei-Han Lien,** chief CPU architect and senior fellow. · [Tenstorrent](https://tenstorrent.com/en/vision)
- **Bob Grim,** vice president of investor relations. He co-leads fundraising. · [Tenstorrent](https://tenstorrent.com/en/vision)

## Who owns Tenstorrent?

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

It has stayed independent. Bloomberg reported in May 2026 that Intel and Qualcomm had shown takeover interest at valuations of as much as $5 billion ([TechCrunch](https://techcrunch.com/2026/10/19/tenstorrent-hits-6-2b-valuation-to-scale-open-weight-ai-chips/)). In June 2026 [Reuters](https://www.aol.com/articles/qualcomm-talks-buy-tenstorrent-information-204745000.html) reported Qualcomm was in talks to buy it for $8 billion to $10 billion. Neither company confirmed a deal. Keller told Bloomberg the company chose to raise money instead of selling ([The Next Web](https://thenextweb.com/news/tenstorrent-1-5bn-series-e-6-2bn-valuation)).

- **Trace Capital and Innovation X** led the $1.5B Series E in October 2026. · [Tenstorrent](https://tenstorrent.com/en/newsroom/tenstorrent-announces-series-e)
- **Fidelity, ARK Invest, Morgan Stanley, T. Rowe Price, XTX Markets and Sandisk** were among the other Series E investors. · [The Next Web](https://thenextweb.com/news/tenstorrent-1-5bn-series-e-6-2bn-valuation)
- **Samsung Securities and AFW Partners** led the Series D of over $693M in December 2024. · [Tenstorrent](https://tenstorrent.com/en/newsroom/tenstorrent-closes-693m-of-series-d-funding-led-by-samsung-securities-and-afw-partners)
- **Hyundai Motor Group and Samsung Catalyst Fund** co-led a $100 million convertible note in August 2023. · [TechCrunch](https://techcrunch.com/2023/08/04/ai-chip-startup-tenstorrent-lands-100m-investment-from-hyundai-and-samsung)
- **Fidelity Management and Research Company** led the round of over $200 million in May 2021. · [Tenstorrent](https://tenstorrent.com/en/newsroom/tenstorrent-raises-over-200-million-at-1-billion-valuation-to-create-programmable-high-performance-ai-computers)
- **Bezos Expeditions, Samsung, LG Electronics and Hyundai Motor Group** are named by the company as backers. · [Tenstorrent](https://tenstorrent.com/en/newsroom/tenstorrent-announces-series-e)

## Competitors

The rivals below are the ones named by [Sacra](https://sacra.com/c/tenstorrent/), an analyst firm.

- **[Nvidia](https://realalpha.app/companies/#nvidia),** which Sacra calls its toughest competitor. · [Sacra](https://sacra.com/c/tenstorrent/)
- **[AWS](https://realalpha.app/companies/#aws) Trainium and Google TPUs,** custom chips built by cloud companies for their own data centers. · [Sacra](https://sacra.com/c/tenstorrent/)
- **[Cerebras](https://realalpha.app/companies/cerebras/), Groq and SambaNova,** which focus on running AI models. · [Sacra](https://sacra.com/c/tenstorrent/)
- **[AMD](https://realalpha.app/companies/#amd) and [Intel](https://realalpha.app/companies/#intel),** with AMD's Instinct accelerators and Intel's Gaudi chips. · [Sacra](https://sacra.com/c/tenstorrent/)

## Timeline and latest news

- Oct 19, 2026 · Closed a $1.5B Series E at a $6.2B post-money valuation. · [Tenstorrent](https://tenstorrent.com/en/newsroom/tenstorrent-announces-series-e)
- Jun 25, 2026 · Jim Keller confirmed to EE Times that it is aiming to go public. · [EE Times](https://www.eetimes.com/jim-keller-on-tenstorrents-blackhole-scaling-and-ipo-ambitions/)
- Jun 15, 2026 · Qualcomm was reported in talks to buy it for $8 billion to $10 billion. · [Reuters (via AOL)](https://www.aol.com/articles/qualcomm-talks-buy-tenstorrent-information-204745000.html)
- May 2026 · Bloomberg reported takeover talks with companies including Intel and Qualcomm. · [The Next Web](https://thenextweb.com/news/tenstorrent-1-5bn-series-e-6-2bn-valuation)
- Dec 10, 2025 · Cut 7.5% of staff, leaving about 1,000 employees. · [Data Edge Media](https://dataedgemedia.com/layoffs-at-tenstorrent-as-startup-pivots-towards-developer-sales/)
- Jul 1, 2025 · Acquired Blue Cheetah Analog Design, a maker of chip interconnect IP. · [Tenstorrent](https://tenstorrent.com/en/newsroom/tenstorrent-acquires-blue-cheetah-analog-design)
- Dec 2, 2024 · Closed over $693M in a Series D at a $2B pre-money valuation. · [Tenstorrent](https://tenstorrent.com/en/newsroom/tenstorrent-closes-693m-of-series-d-funding-led-by-samsung-securities-and-afw-partners)
- Nov 2023 · Moved its headquarters from Toronto to Santa Clara, California. · [The Logic](https://thelogic.co/news/exclusive/tenstorrent-usa-headquarters-move/)
- Aug 2023 · Raised $100 million in a convertible note co-led by Hyundai and Samsung. · [TechCrunch](https://techcrunch.com/2023/08/04/ai-chip-startup-tenstorrent-lands-100m-investment-from-hyundai-and-samsung)
- Jan 20, 2023 · Jim Keller became CEO, and founder Ljubisa Bajic became CTO. · [DatacenterDynamics](https://www.datacenterdynamics.com/en/news/jim-keller-becomes-ceo-of-ai-chip-company-tenstorrent/)
- May 20, 2021 · Raised over $200 million at a $1 billion valuation, led by Fidelity. · [Tenstorrent](https://tenstorrent.com/en/newsroom/tenstorrent-raises-over-200-million-at-1-billion-valuation-to-create-programmable-high-performance-ai-computers)
- Mar 2016 · Founded in Toronto by Ljubisa Bajic. · [The Logic](https://thelogic.co/news/exclusive/tenstorrent-usa-headquarters-move/)

## Questions people ask

### Is Tenstorrent a public company? Can I buy Tenstorrent stock?

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

### When will Tenstorrent IPO?

Jim Keller confirmed to [EE Times](https://www.eetimes.com/jim-keller-on-tenstorrents-blackhole-scaling-and-ipo-ambitions/) in June 2026 that it is aiming to go public. No date or filing has been reported.

### Who owns Tenstorrent?

Its founders, staff and investors, including Trace Capital, Innovation X, Fidelity, Samsung, LG Electronics, Hyundai Motor Group and Bezos Expeditions. Stakes haven't been disclosed.

### Who is the CEO of Tenstorrent?

[Jim Keller](https://realalpha.app/builders/jim-keller/), CEO since January 2023. He earlier led chip designs at AMD, Apple and Tesla.

### Who founded Tenstorrent?

Ljubisa Bajic, a former AMD executive, founded it in Toronto in March 2016.

### How much is Tenstorrent worth?

$6.2B post-money after its $1.5B Series E in October 2026, according to [Tenstorrent](https://tenstorrent.com/en/newsroom/tenstorrent-announces-series-e).

### How much revenue does Tenstorrent make?

It doesn't publish revenue, and no figure has been reported. Its COO said in December 2024 that about $150M in deals had closed.

### How does Tenstorrent make money?

It sells AI chips, workstations and servers, and licenses its RISC-V CPU and Tensix AI core designs to chip makers such as Samsung and LG.

### Where is Tenstorrent headquartered?

Santa Clara, California, where it moved from Toronto in November 2023. It also has offices in Austin, Toronto, Belgrade, Seoul, Tokyo and Bangalore.

### Who are Tenstorrent's competitors?

Nvidia above all, according to [Sacra](https://sacra.com/c/tenstorrent/). Others include AWS Trainium, Google TPUs, Cerebras, Groq, SambaNova, AMD and Intel.

## People on Real Alpha

- [Jim Keller](https://realalpha.app/builders/jim-keller/), CEO, Tenstorrent

## 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.