Tenstorrent more than doubles its value to US$6.2bn

Tenstorrent has closed a Series E funding round of US$1.5bn (C$2.1bn), BetaKit reported. It values the company at US$6.2bn (almost C$8.8bn), more than double the US$2.6bn set by its Series D in late 2024.

Toronto remains Tenstorrent’s largest office, with 200 of its 1,000 employees, BetaKit reported. The company plans to spend the money on Galaxy server manufacturing, new hardware and hiring, according to BetaKit. Where the new hires will sit is not yet known.

A post-money valuation is a company’s worth once the new cash is counted, so it includes the US$1.5bn just raised. Tenstorrent moved its headquarters from Toronto to Santa Clara, California in 2023 to court American investors and prepare for an eventual initial public offering, BetaKit reported.

BetaKit noted that The Information and Bloomberg reported this summer that Intel and Qualcomm had shown takeover interest. Whether any bid follows is not known.

Sources: BetaKit