---
title: "Etched revenue and valuation"
description: "Etched's revenue is estimated at $490M–$4.16B, last reported at $1B. Valued at $21B after raising $1.63B. Funding rounds and competitors."
url: https://www.tryspecter.com/revenue-valuation/etched.md
canonical_url: https://www.tryspecter.com/revenue-valuation/etched
publisher: Specter
last_updated: 2026-11-01
---

# 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.

Etched.ai makes rack-scale inference clusters and custom ASICs for transformer models.

- Estimated revenue: $490M to $4.16B (October 2026)
- Estimated valuation: $17.5B to $25.3B (October 2026)
- Last reported revenue: $1B (December 2025)
- Total funding: $1.63B
- Founded: 2022
- Headquarters: San Jose, United States
- Employees: 568
- Sector: AI chips
- Specter Rank: #303,712

## Etched revenue

Etched last reported $1B revenue in December 2025. Specter's model puts current revenue between $490M and $4.16B.

| Reported figure | Date | Source |
| --- | --- | --- |
| $1B revenue | December 2025 | [Etched Hits $5B, $1B Sales: New Nvidia AI Chip Competitor Emerges](https://startupnews.fyi/ai-deeptech/etched-hits-5b-1b-sales-new-nvidia-ai-chip-competitor-emerges) (startupnews.fyi) |

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $1.42B | $490M | $4.16B |
| September 2026 | $1.39B | $600M | $3.22B |
| August 2026 | $1.81B | $1.08B | $3.03B |
| July 2026 | $1.68B | $950M | $2.95B |
| June 2026 | $1.32B | $600M | $2.91B |
| May 2026 | $1.28B | $630M | $2.62B |
| April 2026 | $1.29B | $730M | $2.25B |
| March 2026 | $1.38B | $990M | $1.92B |
| February 2026 | $1.16B | $790M | $1.7B |
| January 2026 | $1.1B | $830M | $1.45B |
| December 2025 | $1B | $830M | $1.2B |
| November 2025 | $132M | $36M | $230M |
| October 2025 | $109M | $33M | $184M |
| September 2025 | $83M | $17M | $150M |
| August 2025 | $83M | $16M | $150M |
| July 2025 | $75M | $15M | $134M |
| June 2025 | $76M | $16M | $136M |
| May 2025 | $99M | $37M | $160M |
| April 2025 | $60M | $18M | $101M |
| March 2025 | $80M | $31M | $129M |
| February 2025 | $66M | $27M | $104M |
| January 2025 | $59M | $26M | $92M |
| December 2024 | $64M | $25M | $104M |
| November 2024 | $52M | $19M | $86M |
| October 2024 | $47M | $18M | $77M |
| September 2024 | $30M | $7.6M | $52M |
| August 2024 | $31M | $8.9M | $53M |
| July 2024 | $32M | $9.1M | $55M |
| June 2024 | $11M | $4.8M | $18M |

## 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.

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $21B | $17.5B | $25.3B |
| September 2026 | $21B | $17.5B | $25.3B |
| August 2026 | $21B | $17.5B | $25.3B |
| July 2026 | $10.3B | $8.57B | $12.4B |
| June 2026 | $5B | $4.16B | $6.01B |
| May 2026 | $21B | $17.5B | $25.3B |
| April 2026 | $14.7B | $11.6B | $18.6B |
| March 2026 | $10.3B | $8.19B | $12.8B |
| February 2026 | $7.16B | $5.8B | $8.84B |
| January 2026 | $5B | $4.16B | $6.01B |
| December 2025 | $4.43B | $2.67B | $7.36B |
| November 2025 | $3.93B | $2.58B | $5.99B |
| October 2025 | $3.48B | $2.32B | $5.23B |
| September 2025 | $3.09B | $2.19B | $4.35B |
| August 2025 | $2.74B | $1.99B | $3.77B |
| July 2025 | $2.43B | $1.85B | $3.18B |
| June 2025 | $2.15B | $1.68B | $2.75B |
| May 2025 | $1.91B | $1.51B | $2.41B |
| April 2025 | $1.69B | $1.38B | $2.07B |
| March 2025 | $1.5B | $1.25B | $1.8B |
| February 2025 | $1.5B | $1.23B | $1.83B |
| January 2025 | $1.44B | $1.14B | $2.3B |
| December 2024 | $1.5B | $1.2B | $1.87B |
| November 2024 | $1.44B | $1.2B | $2.47B |
| October 2024 | $1.45B | $1.24B | $2.51B |
| September 2024 | $1.23B | $790M | $1.71B |
| August 2024 | $1.16B | $960M | $1.63B |
| July 2024 | $1.13B | $1.12B | $1.21B |
| June 2024 | $750M | $640M | $920M |

| Reported valuation | Month | Source |
| --- | --- | --- |
| $21B | October 2026 | [aroundprague.cz](https://aroundprague.cz/en/people/he-dropped-out-of-harvard-for-ai-chips-now-his-startup-etched-is-worth-440) |
| $21B | September 2026 | [connectmoney.com](https://www.connectmoney.com/stories/ai-chip-startup-etched-raises-700m-doubling-valuation-to-21b/) |
| $21B | August 2026 | Funding round |
| $10.3B | July 2026 | Funding round |
| $5B | June 2026 | [news.crunchbase.com](https://news.crunchbase.com/semiconductors-and-5g/chip-startup-funding-2026-cerebras-matx-ayar-labs-ipos-nvda/) |
| $21B | May 2026 | [tradingview.com](https://www.tradingview.com/news/reuters.com,2026:newsml_L4N44F0WF:0-ai-chip-startup-etched-doubles-valuation-to-21-billion-in-under-a-month/) |
| $5B | January 2026 | Funding round |
| $1.5B | March 2025 | [x.com](https://x.com/ArfurRock/status/1906756943349260682) |

## Etched funding rounds

| Date | Round | Raised | Post-money | Lead investors |
| --- | --- | --- | --- | --- |
| 18 Aug 2026 | Series D | $700M | $21B | Jane Street Capital |
| 23 Jul 2026 | Series C | $300M | $10.3B | Sequoia Capital |
| 13 Jan 2026 | Series B | $500M | $5B | Stripes |
| 25 Jun 2024 | Series A | $120M | Undisclosed | Primary Venture Partners, Positive Sum |
| 16 May 2023 | Seed | $5.36M | Undisclosed | Primary Venture Partners |

## Etched vs competitors

The AI inference market splits between rigid custom ASICs and flexible high-performance architectures.

| Company | Estimated revenue | Estimated valuation |
| --- | --- | --- |
| Etched | $490M–$4.16B | $17.5B–$25.3B |
| Rebellions (rebellions.ai) | $24M–$270M | $1.98B–$2.86B |
| Tensordyne (tensordyne.ai) | $19M–$120M | $420M–$1.01B |
| Groq (groq.com) | $5.7M–$21M | $2.63B–$4.17B |
| Positron (positron.ai) | $9.7M–$74M | $4.11B–$6.08B |

## Questions

### 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.

## About this data

Specter models revenue and valuation monthly and anchors each estimate to reported figures and priced rounds. Method: https://www.tryspecter.com/revenue-valuation

Cite as: Specter. "Etched revenue and valuation." tryspecter.com/revenue-valuation/etched. Updated November 2026.