Nvidia challenger AI chip startup MatX raised $500M

Nvidia challenger AI chip startup MatX raised $500M

MatX, a chip startup based by two former Google {hardware} engineers, has raised a $500 million Series B led by Jane Street and Situational Awareness, an funding fund shaped by former OpenAI researcher Leopold Aschenbrenner.

The company’s aim is to make its processors 10 instances better at training LLMs and delivering outcomes than Nvidia’s GPUs.  

Other traders in the round embody Marvell Technology, NFDG, Spark Capital, and Stripe co-founders Patrick Collison and John Collison, the startup’s founder and CEO Reiner Pope announced Tuesday in a publish on LinkedIn.

Although the company didn’t release its latest valuation, Etched, MatX’s closest competitor, raised a $500 million round at a $5 billion valuation, Bloomberg reported last month. Etched didn’t instantly reply to a request for remark.

MatX’s latest round comes more than a 12 months after its Series A of about $100 million, which was led by Spark Capital. TechCrunch earlier reported that the 2024 round valued the startup at more than $300 million.

Before co-founding MatX in 2023, Pope led AI software development for Google’s TPUs, the tech big’s proprietary AI chips. His co-founder, Mike Gunter, was a lead designer of the TPU {hardware} before leaving to launch the startup.

The new funding will assist MatX produce its chips with TSMC, with plans to start delivery them in 2027.

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June 9, 2026

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