AI Chip Startup Etched Raises $700M at $21B Valuation Led by Customer Jane Street

AI inference chip startup Etched has raised $700 million in a new funding round led by quantitative trading firm Jane Street, which is also a customer. The new financing lifts Etched's valuation to $21 billion.

This funding round marks a significant and rapid increase in the company's valuation, which stood at $10.3 billion after a $300 million raise in July 2026. Founded by Harvard dropouts, Etched designs specialized chips for running AI models and is seen as a challenger to industry leader Nvidia.