MatX, a microchip enterprise initiated by two erstwhile Google hardware specialists, has secured a $500 million Series B funding round, spearheaded by Jane Street and Situational Awareness, a capital firm established by Leopold Aschenbrenner, a former OpenAI researcher.
This entity’s stated objective is to enhance its processing units to be ten times more effective at both training large language models (LLMs) and yielding outcomes than Nvidia’s GPUs.
Additional backers in this funding stage encompass Marvell Technology, NFDG, Spark Capital, alongside Stripe co-founders Patrick Collison and John Collison, as revealed by Reiner Pope, the venture’s chief executive and originator, in a Tuesday LinkedIn publication.
While the firm did not disclose its most recent market assessment, Etched, MatX’s primary rival, secured $500 million in funding, valuing it at $5 billion, as indicated by Bloomberg the previous month. Etched did not promptly reply to an inquiry for remarks.
MatX’s most recent funding event follows over a year subsequent to its Series A, which totaled approximately $100 million and was spearheaded by Spark Capital. TechCrunch had previously stated that the 2024 funding round estimated the venture’s worth at over $300 million.
Prior to jointly establishing MatX in 2023, Pope headed artificial intelligence software creation for Google’s TPUs, the technology behemoth’s exclusive AI microprocessors. His fellow founder, Mike Gunter, served as a principal architect of the TPU hardware before departing to initiate the venture.
This fresh capital will aid MatX in manufacturing its microchips alongside TSMC, with an anticipated commencement of deliveries in 2027.
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June 9th, 2026
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