Etched Raises $700M at a $21B Valuation - First Rack Shipped to Jane Street

Etched, which builds inference-specific hardware, announced on August 18, 2026 that it had shipped its first rack to Jane Street. To accelerate production it raised $700M at a $21B valuation, in a round led by Jane Street after it tested the hardware.

Etched AI-chips inference funding hardware

Etched, which builds inference-specific hardware, announced on August 18, 2026 that it had shipped its first rack to Jane Street ¹. To accelerate production, the company said it raised $700M at a $21B valuation ¹. The round was led by Jane Street after testing Etched’s hardware, joined by Kleiner Perkins, Sequoia Capital, Andreessen Horowitz, Tiger Global, Blackstone and others ¹. Jane Street said, “We tested the chip and are pleased with the early results,” adding that “Etched’s unique approach to inference delivers the precision we will need to support our most demanding workloads” ¹. TechCrunch reports that the valuation moved from $5B in December 2025 and $10.3B in July 2026 ². A day earlier, Groq announced a $350 million Series A, continuing the flow of capital toward the inference layer.