Tenstorrent is an AI computing and semiconductor company founded in 2016 and led by CEO Jim Keller. It develops RISC-V processors, AI chips, workstations, servers, and open-source software for running artificial intelligence models. Its products range from individual developer cards to Galaxy AI server clusters. Tenstorrent also licenses its CPU and AI core designs to chipmakers, including Samsung and LG. Its customers include AI developers, enterprises, semiconductor manufacturers, cloud infrastructure providers, and governments building sovereign AI systems. The company operates across North America, Europe, and Asia.
Demand for AI computing continues to grow. According to an April 2026 report from the International Energy Agency, the computing capacity of AI factories, specialized data centers built to run artificial intelligence, has more than tripled in 18 months. This growth has increased demand for processors and servers capable of handling large AI workloads.
Tenstorrent has raised $1.5 billion in Series E funding at a $6.2 billion post-money valuation. Innovation X and Trace Capital co-led the round, which was announced on October 19, 2026. The investment will support the company's plans to increase production of its AI computing systems and expand its commercial operations.
Running AI applications requires substantial computing power, particularly for services that generate text, write code, or create videos. Organizations also need software to manage how their computing systems operate. As these applications become more widely used, some businesses and governments are looking to build infrastructure they can operate within their own facilities.
RISC-V, the architecture used in Tenstorrent's processors, is based on an open set of instructions that chip designers can use to develop hardware. The company also makes its AI software available as open source, allowing developers to inspect and modify the code. These technologies give customers options for building systems suited to their computing requirements.
"Jim Keller has a rare record of building processor architectures that changed the industry, at Apple, AMD and Tesla, and he has assembled a team that designs both the silicon and the software behind it. Tenstorrent lets customers own their AI infrastructure at any size. We are proud to co-lead this round and to support the company as Galaxy moves into volume production." — Roger Monteforte, Founder, Chairman and CEO of Innovation X.
Tenstorrent plans to move its Galaxy AI server platform into high-volume production. Galaxy connects multiple processors into larger computing systems designed to handle demanding AI applications, including large language models and video generation tools. Increasing production is part of the company's plan to serve more customers internationally.
The funding will also support the development and commercial licensing of Tenstorrent's processor technology. Its TT-Ascalon CPU and Tensix AI core designs can be incorporated into custom chips made by other manufacturers. This allows semiconductor companies to use existing processor designs when developing hardware for specific applications.
"We’re ramping Galaxy production and expanding globally, and the Innovation X team knows what it takes to scale. We're glad to have them as co-leads for this round." — Jim Keller, CEO of Tenstorrent
Tenstorrent was founded by Ljubisa Bajic, Ivan Hamer, and Milos Trajkovic. Jim Keller joined the company after working on processor designs for Apple, AMD, and Tesla, including Apple's A4 and A5 chips, AMD's Zen architecture, and Tesla's Full Self-Driving processors. Co-founder Milos Trajkovic remains with the company as Senior Fellow for Systems Engineering and Software.
The company's approach to hardware development allows customers to begin with a single processor card and expand to larger computing installations. Developers can test AI models on smaller systems before moving to servers capable of processing more demanding workloads. Tenstorrent also supplies software tools for developing and running these applications.
Tenstorrent has offices in Santa Clara, Austin, Toronto, Belgrade, Tokyo, and Bangalore. These locations support its engineering activities and international business operations.
The Series E included Agostinelli Group, ARK Invest, Brett Barna, Cadence Ventures, Eclipse, Fidelity Management & Research Company, Maverick Silicon, Morgan Stanley, Protagonist, Sandisk, T. Rowe Price, Tether Investments, Troluce Capital, Virtu Financial, and XTX Markets. Several of these investors had already backed Tenstorrent in earlier financing rounds.
Innovation X was founded in 2016 by Roger Monteforte and invests in private technology companies across artificial intelligence, defense, financial technology, infrastructure, and space. According to the funding announcement, Innovation X Advisors managed more than $4.5 billion across multiple funds as of December 31, 2025. Trace Capital, founded by Ben Mahdavi, invests in companies across different sectors and stages of development.
Tenstorrent previously raised more than $693 million in Series D funding in December 2024, at a $2 billion pre-money valuation. Samsung Securities and AFW Partners led that round, with participation from Bezos Expeditions, Fidelity M
