Etched revenue and valuation
Specter estimates Etched's annual revenue at $490M to $4.16B and its valuation at $17.5B to $25.3B. The company last reported $1B revenue in December 2025 and was priced at $21B in August 2026.
- Estimated revenue
- $490M–$4.16B
- Estimated valuation
- $17.5B–$25.3B
- Reported revenue
- $1B
- Total funding
- $1.63B
- Founded
- 2022
- Headquarters
- San Jose, United States
- Employees
- 568
Etched revenue
Etched last reported $1B revenue in December 2025. Specter's model puts current revenue between $490M and $4.16B.
Monthly data
| Month | Specter estimate | Low | High | Reported revenue |
|---|---|---|---|---|
| $1.42B | $490M | $4.16B | ||
| $1.39B | $600M | $3.22B | ||
| $1.81B | $1.08B | $3.03B | ||
| $1.68B | $950M | $2.95B | ||
| $1.32B | $600M | $2.91B | ||
| $1.28B | $630M | $2.62B | ||
| $1.29B | $730M | $2.25B | ||
| $1.38B | $990M | $1.92B | ||
| $1.16B | $790M | $1.7B | ||
| $1.1B | $830M | $1.45B | ||
| $1B | $830M | $1.2B | $1B | |
| $132M | $36M | $230M | ||
| $109M | $33M | $184M | ||
| $83M | $17M | $150M | ||
| $83M | $16M | $150M | ||
| $75M | $15M | $134M | ||
| $76M | $16M | $136M | ||
| $99M | $37M | $160M | ||
| $60M | $18M | $101M | ||
| $80M | $31M | $129M | ||
| $66M | $27M | $104M | ||
| $59M | $26M | $92M | ||
| $64M | $25M | $104M | ||
| $52M | $19M | $86M | ||
| $47M | $18M | $77M | ||
| $30M | $7.6M | $52M | ||
| $31M | $8.9M | $53M | ||
| $32M | $9.1M | $55M | ||
| $11M | $4.8M | $18M |
| Date | Reported revenue | Source |
|---|---|---|
| $1B |
Etched valuation
Etched's valuation rose from $5B at its Series B in January 2026 to $21B at its Series D in August 2026. Specter's live estimate sits between $17.5B and $25.3B.
Monthly data
| Month | Specter estimate | Low | High | Reported valuation |
|---|---|---|---|---|
| $21B | $17.5B | $25.3B | $21B (press) | |
| $21B | $17.5B | $25.3B | $21B (press) | |
| $21B | $17.5B | $25.3B | $21B (round) | |
| $10.3B | $8.57B | $12.4B | $10.3B (round) | |
| $5B | $4.16B | $6.01B | $5B (press) | |
| $21B | $17.5B | $25.3B | $21B (press) | |
| $14.7B | $11.6B | $18.6B | ||
| $10.3B | $8.19B | $12.8B | ||
| $7.16B | $5.8B | $8.84B | ||
| $5B | $4.16B | $6.01B | $5B (round) | |
| $4.43B | $2.67B | $7.36B | ||
| $3.93B | $2.58B | $5.99B | ||
| $3.48B | $2.32B | $5.23B | ||
| $3.09B | $2.19B | $4.35B | ||
| $2.74B | $1.99B | $3.77B | ||
| $2.43B | $1.85B | $3.18B | ||
| $2.15B | $1.68B | $2.75B | ||
| $1.91B | $1.51B | $2.41B | ||
| $1.69B | $1.38B | $2.07B | ||
| $1.5B | $1.25B | $1.8B | $1.5B (press) | |
| $1.5B | $1.23B | $1.83B | ||
| $1.44B | $1.14B | $2.3B | ||
| $1.5B | $1.2B | $1.87B | ||
| $1.44B | $1.2B | $2.47B | ||
| $1.45B | $1.24B | $2.51B | ||
| $1.23B | $790M | $1.71B | ||
| $1.16B | $960M | $1.63B | ||
| $1.13B | $1.12B | $1.21B | ||
| $750M | $640M | $920M |
Etched funding rounds
| Date | Round | Raised | Post-money valuation | Lead investors |
|---|---|---|---|---|
| Series D | $700M | $21B | Jane Street Capital | |
| Series C | $300M | $10.3B | Sequoia Capital | |
| Series B | $500M | $5B | Stripes | |
| Series A | $120M | Undisclosed | Primary Venture Partners, Positive Sum | |
| Seed | $5.36M | Undisclosed | Primary Venture Partners |
Etched competitors
The AI inference market splits between rigid custom ASICs and flexible high-performance architectures.
| Company | Revenue | Valuation |
|---|---|---|
| $490M–$4.16B | $17.5B–$25.3B | |
| $24M–$270M | $1.98B–$2.86B | |
| $19M–$120M | $420M–$1.01B | |
| $5.7M–$21M | $2.63B–$4.17B | |
| $9.7M–$74M | $4.11B–$6.08B |
Etched revenue and valuation FAQ
What is Etched's revenue?
Specter estimates Etched's annual revenue at $490M to $4.16B as of October 2026. Etched last reported $1B revenue in December 2025.
What is Etched's valuation?
Etched's latest post-money valuation is $21B, from an August 2026 Series D. Specter's live estimate is $17.5B to $25.3B.
What is Etched's revenue multiple?
Etched is valued at about 21× revenue, based on its $21B August 2026 valuation and $1B last reported revenue. That works out to roughly $1.76M of revenue per employee.
How much funding has Etched raised?
$1.63B across five rounds, from a $5.36M Seed in May 2023 to a $700M Series D in August 2026.
Who invested in Etched?
39 investors, including Jane Street Capital, Positive Sum, Primary Venture Partners, Sequoia Capital and Stripes.
Who are Etched's competitors?
Rebellions, Tensordyne, Groq and Positron. Specter ranks 30 competitors for Etched.