AI startup Etched valuation doubles to $20B in one month with fresh $700M raise

Etched is already eyeing a fresh funding round that will more than double the AI inference chips startup’s valuation at around $21 billion, barely one month after its late July Sequoia-led $300 million Series C round that valued the firm at $10.3 billion. 

The new numbers cited in the Wall Street Journal’s August 18 report represent a fourfold expansion of the firm’s $5 billion valuation in December 2025. Etched also closed on Jane Street as its first customer, delivering a server rack filled with AI processors optimized for rapid inference computing to the Wall Street quantitative trading giant. 

The scale of the firm’s growth after only coming out of stealth on June 30 signals the rush for alternatives to Nvidia’s big lead at the head of the supply chain that supplies the silicon powering the AI boom. 

“This round reflects a growing industry conviction that the challenge demands a new entrant willing to rebuild the stack from first principles,” co-founder and CEO Gavin Uberti said in a statement.

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