Tenstorrent
Hybrid: (1) sells AI-accelerator hardware (Wormhole, Blackhole PCIe cards and Galaxy rack systems) and developer-cloud access; (2) licenses RISC-V CPU IP (Ascalon) and AI-accelerator IP (Tensix) to partners who build their own silicon (capital-light royalty/licensing model); (3) open-source software stack (TT-Metalium / TT-NN / TT-Forge) as adoption flywheel.
Post-money marks on real equity rounds. The Series C ~$1B is the approximate first-unicorn mark; Series D $2.6B post is the last confirmed priced round; the Series E ~$3.2B is a reported 'in talks' valuation not confirmed by the company. Excluded: the reported $8-10B Qualcomm acquisition approach (mid-Jun 2026) — an M&A rumor publicly denied by CEO Jim Keller on Jun 30, 2026, not a priced funding round, so it is not a valuation point.
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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