Etched
Designs chips built only for running transformer models, the design behind most current AI.
- Growth
- $500M Series B round in January 2026
- Based in
- United States
- Listed
- Private
A chip made for one job can beat general chips on cost per answer, if the model design stays the same.
A chip built for one model design is exposed if the design changes quickly.
Money coming in
Who pays Etched, and for what.
No customers of Etched mapped yet.
Money going out
Who Etched pays to do what it does.
No suppliers of Etched mapped yet.
Where it sits on the map
Competitors and neighbours
Designs the GPUs that train and run most big AI models, and the CUDA software they run on.
$89.0B data centre revenue in the quarter to July 2026 (fiscal Q2 2027), out of $96.2B total
Open profileMakes ChatGPT, the assistant most people use, and sells its models to businesses through an API.
About $13B revenue in 2025, against about $34B of costs (reported)
Open profileMakes Gemini, the assistant built into Android, Search and Workspace.
25% of AI chip supply (Epoch AI)
Open profileDesigns its own Trainium AI chips and rents them out through AWS.
5% of AI chip supply (Epoch AI)
Open profileDesigns custom AI chips for big clouds and AI labs, and the networking chips that link them.
AI chip revenue $16.7B in a quarter, up 221%
Open profileMakes fast inference chips for running models, built around its own LPU design.
$3.5B in a 2026 round that followed its Nvidia licensing deal
Open profileMakes very large single-chip AI systems built for fast answers from models.
$510M in 2025, with $87.9M net income
Open profileDesigns custom AI chips for large cloud customers, and the optical chips that link data centres.
$2.006B in the quarter to July 2026 (fiscal Q2 2026), up 58%
Open profileLicenses the processor designs (CPU cores) that most of the world's chips are built on, and earns royalties on each chip sold.
$4.92B for the year to March 2026, a record
Open profileSources: cbinsights.com
The map updates three times a week.
241 companies across 25 areas, 62 money flows and 89 openings so far. New research lands every Tuesday, Thursday and Saturday.
Back to the full mapFree daily email
Get the map updates in your inbox
A short read every morning on what is moving in AI, including new areas of the map as they go live. Free.
You are in
Your first AI Pulse lands tomorrow morning. Keep an eye on your inbox.