Etched
ConvictionModerate
Fabless transformer-only inference ASIC (Sohu) sold as a full-stack rack-scale datacenter system (Frontier Inference Clusters); systems-integration + hardware, not a pay-per-token cloud
Revenue
Not disclosedno audited financials). Backlog signal: $1B+ in signed customer contracts for full Frontier Inference Cluster systems (company-disclosed 2026-06-30); first racks ship summer 2026, so this is order backlog, not recognized revenue.Rev growth
Not disclosedpre-revenue-scale; first racks shipping summer 2026).Gross margin
Not disclosed. Selling full rack systemschip + racks + cooling + networking + software) is structurally higher-margin and stickier than a bare-chip sale, but no margin has been disclosed and the systems business is unproven.Op margin
Not disclosedCapex intensity
Not disclosedfabless — TSMC carries wafer capex; Etched funds NRE, packaging, and system build-out from equity).Valuation
~$5B post-money valuation last disclosed2026-06-30). ~$800M raised total (cumulative across rounds; latest a $500M round led by Stripes — labeled Dec-2025/Jan-2026, source-dependent). PRIVATE / pre-IPO — no public price.Across the boards
The thesis on this name
subject
Scaling the AI Cloud
Full context
The read
Where our coverage leans
Coverage leans bearish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Q3 2026 (Jul 2026)· sign in (free) for the analyst summary; Pro unlocks full intelligence