MatX Raises $500M Series B to Power the Future of AI Chips

MatX, a chip startup founded by two former Google hardware engineers, has secured $500 million in a Series B funding round led by Jane Street and Situational Awareness, an investment fund formed by former OpenAI researcher Leopold Aschenbrenner.

The round also included participation from Marvell Technology, NFDG, Spark Capital, and Stripe co-founders Patrick and John Collison.

MatX is developing specialized AI processors designed to make training and inference of large language models (LLMs) up to 10 times more efficient, with the ambition to outperform traditional GPUs from NVIDIA.

Although the company did not disclose its updated valuation, previous reports in 2024 valued the startup at over $300 million.

The newly raised capital will support chip manufacturing in partnership with TSMC, with plans to begin shipping in 2027.