Etched secures $700 million led by Jane Street, valuation $21B

Business Aug 18, 2026

AI hardware startup Etched just raised $700 million, led by Jane Street, doubling its valuation to $21 billion in a month.

That's a huge leap from $10.3 billion in July and just $5 billion last December, showing how quickly the company is growing.

Etched prefill chip, low-latency memory

Etched stands out for its low-voltage prefill chip, which speeds up AI processing while keeping things cool and efficient.

Its new memory system also lets multiple chips share information very fast with low lag.

Jane Street is already using Etched's hardware in its own data center, and big names like Sequoia Capital and Andreessen Horowitz are backing the company too.