Tenstorrent raises $1.5 billion USD in Series E round at $6.2 billion valuation

Artificial intelligence hardware firm Tenstorrent announced on Oct. 19, 2026, that it closed a $1.5 billion USD ($2.1 billion CAD) Series E equity funding round, bringing its post-money valuation to $6.2 billion USD.

American venture firms Trace Capital and Innovation X co-led the financing, according to BetaKit. A company spokesperson said Canadian investors also participated, though their identities were not disclosed. Existing Canadian investors in Tenstorrent include Export Development Canada, Toronto-based Georgian, and the Healthcare of Ontario Pension Plan.

The new valuation of nearly $8.8 billion CAD more than doubles the $2.6 billion USD valuation Tenstorrent received after raising a $700 million USD Series D round in late 2024.

Tenstorrent plans to use the new capital for volume manufacturing of its open-source Galaxy servers, next-generation hardware intellectual property development, and global hiring.

"We built one architecture and sell it at every size," Tenstorrent CEO Jim Keller said in a statement. "The future of compute is open, scalable, and owned by the people building on it."

Founded in Toronto in 2016 by former AMD employees Ljubisa Bajic, Ivan Hamer, and Milos Trajkovic, Tenstorrent builds RISC-V based chips and open-source software designed to run large language models, image models, and video models. The company aims to compete directly with established graphics processing unit manufacturers like Nvidia.

Keller, a former chip designer at Apple, Intel, Tesla, and AMD, assumed the chief executive role in 2021. Tenstorrent moved its corporate headquarters from Toronto to Santa Clara, California, in 2023 to access American venture capital and prepare for an eventual initial public offering on either the Nasdaq or New York Stock Exchange.

Tenstorrent sells hardware products ranging from individual cards and workstations to superclusters, while licensing its technology to client companies such as LG and Samsung. A spokesperson for the firm stated that customers seek flexibility and control as artificial intelligence models continue to change.

The company has already started commercial shipments of its Galaxy servers to enterprise clients, including financial trading firm Virtu Financial, data centre manager Equinix, and software vendors ai& and Smallest.ai.