What are the most valued startups in the AI chip market?

Last updated: 7 September 2026

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The AI chip market has become one of the most valuable parts of the global artificial intelligence ecosystem, with public and private companies building processors for training, inference, edge computing and AI infrastructure.

This ranking tracks the most valuable AI chip startups and former startups using their latest reported market capitalizations, private valuations, acquisition values or carefully estimated valuation ranges.

We update this list every month so the ranking reflects new funding rounds, listings, acquisitions and major changes in public market value.

And if you want to better understand this new industry, you can download our pitch covering the AI chip market.

A quick summary table

Metric Value
Most valuable AI chip company Cambricon, $103.7B
Second most valuable AI chip company Cerebras Systems, $43.8B
Median AI chip valuation Approximately $379M
Share of AI chip valuation captured by top 10 Approximately 79%
Top AI chip valuation vs. median Approximately 274x
Median AI chip valuation-to-capital-raised ratio Approximately 3.5x
AI chip companies valued at $1B+ 35
Market map chart showing top companies and startups in the AI chip market

This market map, featured in our AI chip market deck, highlights top companies and startups in the AI chip market

Top startups in the AI chip market ranked by valuation

Here is an updated table that ranks the top startups in the AI chip market based on their latest reported or estimated valuations.

If you want more details about their fundraising activity, you can check our list of the startups who have raised the most funding in the AI chip market.

# Startup Name What They Do Current Valuation ($) Valuation Confidence Level Valuation Type Evidence Status Total Funding ($) Funding Confidence Level
1 Cambricon Cloud AI accelerators and processors $103.7B Full Confidence Public Market Cap Observed ~$101M Strong Confidence
2 Cerebras Systems Wafer-scale AI training systems $43.8B Full Confidence Public Market Cap Observed $2.9B pre-IPO Strong Confidence
3 MetaX General-purpose GPUs for AI $41.0B Full Confidence Public Market Cap Observed ~$304M Strong Confidence
4 Moore Threads Chinese general-purpose AI GPUs $37.2B Full Confidence Public Market Cap Observed $1.25B Full Confidence
5 Etched Transformer-specialized inference accelerators $21.0B Full Confidence Announced Private Round Valuation Observed $1.9B Full Confidence
6 Kunlunxin Baidu AI data-center accelerators $14.7B–$20.0B Strong Confidence IPO or Listing Range Valuation Estimated $13.9M Partial Confidence
7 Biren Technology Chinese data-center AI GPUs $14.3B Full Confidence Public Market Cap Observed $494M Full Confidence
8 Iluvatar CoreX GPGPUs for training and inference $13.0B Full Confidence Public Market Cap Observed ~$526M Strong Confidence
9 SambaNova Systems Enterprise AI inference systems $11.0B Full Confidence Announced Private Round Valuation Observed $2.4B Strong Confidence
10 Enflame Technology Chinese cloud AI accelerators $9.1B Full Confidence IPO or Listing Range Valuation Observed $746M Full Confidence
11 Fractile In-memory chips for AI inference $5.5B–$7.1B Strong Confidence Active Raise Valuation Observed ~$266M Strong Confidence
12 Lightmatter Photonic AI interconnect infrastructure $4.5B–$5.3B Partial Confidence Comparables-Based Estimate Estimated $850M Full Confidence
13 MatX Custom accelerators for large models $4.2B–$5.1B Partial Confidence Implied Valuation from Raise Implied $605M Full Confidence
14 Unconventional AI Energy-efficient next-generation AI computers $4.3B–$4.8B Strong Confidence Announced Private Round Valuation Observed $475M Full Confidence
15 Positron AI Memory-efficient AI inference accelerators $3.5B–$5.0B Strong Confidence Active Raise Valuation Observed ~$306M Strong Confidence
16 Lightelligence Photonic computing and optical interconnects $4.1B Full Confidence Public Market Cap Observed ~$247M Strong Confidence
17 Groq Ultra-fast AI inference infrastructure $3.5B Full Confidence Announced Private Round Valuation Observed $4.26B Full Confidence
18 Celestial AI Photonic interconnects for AI clusters $3.5B Full Confidence Acquisition Value Observed $594M Full Confidence
19 Tenstorrent RISC-V AI compute processors $2.8B–$4.0B Partial Confidence Comparables-Based Estimate Estimated $1.02B Full Confidence
20 OLIX Computing Optical AI inference accelerators $3.3B Full Confidence Announced Private Round Valuation Observed ~$562M Strong Confidence
21 FuriosaAI Energy-efficient inference NPUs $2.8B–$3.0B Partial Confidence Active Raise Valuation Estimated $246M Strong Confidence
22 Rebellions Korean data-center inference accelerators $2.3B Full Confidence Announced Private Round Valuation Observed $850M Full Confidence
23 Rivos RISC-V CPUs and AI accelerators $2.0B–$2.5B Low Confidence Acquisition Value Estimated $376M Strong Confidence
24 DEEPX Low-power edge AI accelerator chips $2.1B–$2.3B Strong Confidence Announced Private Round Valuation Observed $128M Full Confidence
25 Tachyum Universal processors for AI datacenters $1.5B–$2.8B Partial Confidence Implied Valuation from Raise Implied ~$291M Strong Confidence
26 d-Matrix Digital in-memory inference accelerators $2.0B Full Confidence Announced Private Round Valuation Observed $450M Full Confidence
27 Cornami FHE and reconfigurable compute fabric $1.3B–$2.5B Partial Confidence Active Raise Valuation Implied ~$236M Strong Confidence
28 DenglinAI GPU accelerators for cloud AI $1.4B–$2.4B Partial Confidence IPO or Listing Range Valuation Estimated Undisclosed Low Confidence
29 Habana Labs Datacenter AI training processors $1.7B Full Confidence Acquisition Value Observed $120M Full Confidence
30 Vastai Technologies Data-center and graphics GPUs $1.4B–$1.7B Strong Confidence IPO or Listing Range Valuation Estimated $379M+ Strong Confidence
31 Recogni Energy-efficient AI inference accelerators $1.2B–$1.5B Strong Confidence Announced Private Round Valuation Observed ~$259M Strong Confidence
32 SiMa.ai Edge and physical AI accelerators $1.1B–$1.5B Strong Confidence Announced Private Round Valuation Observed ≥$355M Strong Confidence
33 Mythic Analog compute-in-memory AI accelerators $900M–$1.6B Partial Confidence Implied Valuation from Raise Implied ~$297M Strong Confidence
34 Preferred Networks AI accelerators and computing systems $900M–$1.2B Partial Confidence Announced Private Round Valuation Estimated ~$315M Strong Confidence
35 Axelera AI Edge and datacenter AI accelerators $900M–$1.1B Strong Confidence Comparables-Based Estimate Estimated $450M+ Strong Confidence
36 Enfabrica AI cluster networking accelerator silicon $900M–$1.0B Strong Confidence Acquisition Value Observed $260M Full Confidence
37 Taalas Model-specific AI inference silicon $700M–$1.1B Low Confidence Acquisition Value Estimated $219M Full Confidence
38 Kneron Edge AI chips and software $700M–$1.0B Partial Confidence IPO or Listing Range Valuation Estimated $236M Full Confidence
39 Achronix High-performance FPGA accelerator silicon $450M–$750M Low Confidence Comparables-Based Estimate Estimated ~$142M Strong Confidence
40 EnCharge AI Analog in-memory AI accelerators $550M–$650M Strong Confidence Announced Private Round Valuation Estimated $144M Full Confidence
41 Openchip RISC-V chips for AI HPC $340M–$820M Partial Confidence Implied Valuation from Raise Implied $134M+ Strong Confidence
42 Q.ANT Photonic AI and HPC processors $400M–$670M Partial Confidence Implied Valuation from Raise Implied $80M Full Confidence
43 Graphcore Intelligence-processing AI accelerators $400M–$600M Low Confidence Acquisition Value Estimated ~$700M Strong Confidence
44 Ventana Micro Systems Datacenter RISC-V processor chiplets $300M–$500M Low Confidence Acquisition Value Estimated ~$99M Strong Confidence
45 Mobilint Integrated edge AI accelerator solutions $310M–$470M Partial Confidence Implied Valuation from Raise Implied $65M Full Confidence
46 Nervana Systems Deep-learning silicon and software $350M–$408M Strong Confidence Acquisition Value Observed $24M Full Confidence
47 Vertical Compute Vertically integrated AI memory $270M–$400M Partial Confidence Implied Valuation from Raise Implied ~$67M Strong Confidence
48 Hailo Edge AI processors and software $250M–$400M Partial Confidence Acquisition Value Estimated $344M Full Confidence
49 VSORA Datacenter AI inference accelerator chips $250M–$400M Partial Confidence Comparables-Based Estimate Estimated $65M Full Confidence
50 Cornelis Networks AI and HPC interconnect fabrics $250M–$400M Partial Confidence Implied Valuation from Raise Estimated ~$131M Strong Confidence
51 Neurophos Photonic datacenter AI processors $300M–$330M Strong Confidence Announced Private Round Valuation Observed $118M Strong Confidence
52 Kinara Programmable edge neural processors $307M Full Confidence Acquisition Value Observed $54M Full Confidence
53 Sapeon Datacenter neural-processing accelerators $220M–$380M Low Confidence Acquisition Value Estimated $45M Full Confidence
54 Quadric Programmable neural processor IP $270M–$300M Strong Confidence Announced Private Round Valuation Observed $90M Full Confidence
55 Extropic Thermodynamic processors for generative AI $200M–$350M Low Confidence Proxy-Based Estimate Estimated $14M Full Confidence
56 Oxmiq Labs Licensable GPU IP and software $210M–$290M Strong Confidence Implied Valuation from Raise Implied $60M Full Confidence
57 DeePhi Tech FPGA neural-network acceleration $252M Full Confidence Acquisition Value Observed ~$59M Strong Confidence
58 Salience Labs Photonic switches for AI clusters $190M–$290M Partial Confidence Implied Valuation from Raise Implied $42M Full Confidence
59 Ceremorphic Energy-efficient AI compute architecture $150M–$300M Low Confidence Comparables-Based Estimate Estimated $50M Full Confidence
60 Baya Systems Chiplet data-movement fabric IP $180M–$260M Partial Confidence Comparables-Based Estimate Estimated $47M Full Confidence
61 GSI Technology Associative AI compute and SRAM $205M Full Confidence Public Market Cap Observed N/A Low Confidence
62 NeuReality AI inference server-on-chip infrastructure $150M–$250M Partial Confidence Comparables-Based Estimate Estimated ~$63M Strong Confidence
63 NEUCHIPS AI inference accelerator ASICs $140M–$220M Partial Confidence Implied Valuation from Raise Implied $81M Full Confidence
64 NeuroBlade Processing-in-memory data acceleration $100M–$250M Low Confidence Acquisition Value Estimated ~$111M Strong Confidence
65 AI Analog Inference (Sagence AI) Analog in-memory AI accelerators $120M–$220M Low Confidence Comparables-Based Estimate Estimated $58M Full Confidence
66 Rain AI Neuromorphic AI inference processors $100M–$220M Low Confidence Comparables-Based Estimate Estimated ~$65M Strong Confidence
67 MemryX Memory-centric edge AI accelerators $125M–$175M Partial Confidence Announced Private Round Valuation Estimated $51M Full Confidence
68 Arago Computing Light-powered AI accelerator processors $100M–$150M Partial Confidence Implied Valuation from Raise Estimated $26M Full Confidence
69 Snowcap Compute Superconducting AI compute platform $90M–$150M Partial Confidence Implied Valuation from Raise Estimated $23M Full Confidence
70 Lemurian Labs Hardware-agnostic AI compute platform $100M–$120M Strong Confidence Announced Private Round Valuation Observed $43M Full Confidence
71 Opticore Photonic AI inference chips $65M–$100M Partial Confidence Implied Valuation from Raise Implied ~$15M Strong Confidence
72 Perceive Ultra-low-power edge AI processors $80M Full Confidence Acquisition Value Observed Undisclosed Low Confidence
73 Lumai Optical AI data-center accelerators $60M–$90M Partial Confidence Implied Valuation from Raise Implied $14M Full Confidence
74 Netrasemi Power-efficient edge AI system-on-chips $65M–$80M Strong Confidence Announced Private Round Valuation Estimated $14M Strong Confidence
75 Blaize Programmable edge AI computing chips $69M Full Confidence Public Market Cap Observed $246M Full Confidence
76 Wave Computing Datacenter AI acceleration processors $61M Full Confidence Acquisition Value Observed ~$203M Strong Confidence
77 SEMRON 3D analog AI inference chips $40M–$70M Partial Confidence Comparables-Based Estimate Estimated $10M+ Strong Confidence
78 Flex Logix Embedded FPGA and AI IP $30M–$70M Low Confidence Acquisition Value Estimated ~$89M Strong Confidence
79 GEMESYS Analog brain-inspired edge AI chips $35M–$60M Partial Confidence Implied Valuation from Raise Estimated ~$9M Strong Confidence
80 Myrtle.ai FPGA-accelerated low-latency AI inference $25M–$55M Low Confidence Comparables-Based Estimate Estimated Undisclosed Low Confidence
81 Akhetonics All-optical general-purpose processors $26M–$40M Partial Confidence Comparables-Based Estimate Estimated $8.9M Full Confidence
82 AlphaICs Edge AI inference processor chips $20M–$40M Low Confidence Proxy-Based Estimate Estimated $11M Full Confidence
83 Flow Computing Parallel processing accelerator IP $18M–$30M Low Confidence Implied Valuation from Raise Implied $5M+ Strong Confidence
84 Ubitium Universal RISC-V processor architecture $14M–$25M Low Confidence Implied Valuation from Raise Implied $4M Full Confidence
85 Luminous Computing Photonic accelerators for AI computing $0M–$30M Low Confidence Proxy-Based Estimate Estimated ~$114M Strong Confidence
86 Esperanto Technologies RISC-V processors for AI inference $5M–$25M Low Confidence Acquisition Value Estimated ~$124M Strong Confidence
87 Zettascale Reconfigurable energy-efficient AI chips $10M–$20M Low Confidence Implied Valuation from Raise Estimated ~$2M+ Partial Confidence
88 KRAI AI systems optimization and benchmarking $8M–$20M Low Confidence Proxy-Based Estimate Estimated Undisclosed Low Confidence
89 HyperCIM Compute-in-memory data processing hardware $8M–$15M Low Confidence Proxy-Based Estimate Estimated Undisclosed Low Confidence
90 Morphing Machines Runtime-reconfigurable processor IP $8M–$12M Partial Confidence Comparables-Based Estimate Estimated $14M Strong Confidence
91 Aspirare Semi Analog compute for edge AI $3M–$10M Low Confidence Proxy-Based Estimate Estimated Undisclosed Low Confidence
92 CompuMacy Custom AI and deep-tech R&D $3M–$8M Low Confidence Revenue or ARR Multiple Estimate Estimated No external funding disclosed Low Confidence
93 DinoPlusAI Data-center AI inference processors $3M–$7M Low Confidence Proxy-Based Estimate Estimated $0.04M Partial Confidence
94 Irréversible Ultra-low-power analog edge AI chips $3M–$5M Partial Confidence Implied Valuation from Raise Implied $0.73M equity Strong Confidence
95 Areanna AI / (re)conceive ai Ultra-low-power edge AI hardware $2M–$5M Low Confidence Proxy-Based Estimate Estimated ~$0.23M+ non-equity Partial Confidence
96 Untether AI At-memory AI inference accelerators $0M–$5M Strong Confidence Proxy-Based Estimate Estimated ~$165M Strong Confidence
97 Vathys Energy-efficient deep-learning processors $0M–$2M Low Confidence Proxy-Based Estimate Estimated ~$0.1M Partial Confidence
98 deepsilicon Efficient transformer inference hardware $0M–$2M Low Confidence Proxy-Based Estimate Estimated ~$0.5M Partial Confidence
Chart comparing the 2026 size of the AI chip market with other markets of similar size

This chart, featured in our AI chip market deck, compares the 2026 size of the AI chip market with other markets of similar size

Key valuation trends in the AI chip market

Insights

  • The AI chip market is extremely concentrated. The ten largest companies represent roughly 79% of the combined valuation in this dataset, while Cambricon alone is worth about 274 times the median company.
  • Chinese AI chip companies have created a major public-market value cluster. Cambricon, MetaX, Moore Threads, Biren Technology, Iluvatar CoreX and Enflame together account for roughly $218 billion in market value.
  • Inference-focused AI chip startups are attracting especially aggressive valuations. Etched, Fractile, Unconventional AI and Positron AI together carry roughly $36 billion of valuation despite having raised less than $3 billion combined.
  • Capital efficiency differs dramatically between AI chip companies. DEEPX is valued at roughly 17 times disclosed funding, while Groq has raised more capital than its current $3.5 billion valuation.
  • Photonic computing has become a meaningful AI chip category rather than a small experimental niche. Lightelligence, OLIX Computing, Celestial AI and Neurophos together represent approximately $11.2 billion of valuation.
  • Strategic acquisitions have produced some exceptional outcomes. Habana Labs reached a $1.7 billion acquisition value after raising only $120 million, while Nervana Systems reached roughly $379 million after raising about $24 million.
  • The downside can also be severe because AI chip development requires large amounts of capital. Blaize has about $69 million of market value after raising $246 million, while Wave Computing raised roughly $203 million before reaching a $61 million acquisition value.
Chart showing how Nvidia is leading in the AI chip market

This chart, featured in our AI chip market deck, shows how Nvidia is leading in AI chips

A few words about our methodology

As you can see, we built a database that ranks startups in the AI chip market based on their current valuation.

Estimating AI chip startup valuations is not always straightforward. Many semiconductor companies do not publicly disclose their valuation, and the available information can vary widely depending on the company, geography and stage of development.

To build this ranking, we applied a structured valuation methodology and cross-checked information across multiple reliable sources.

Whenever possible, we relied on direct disclosures. These include announced valuations from completed funding rounds, public filings for listed AI chip companies, or official acquisition prices.

When an AI chip company is publicly listed, we use its current market capitalization as the reference valuation.

If an AI chip startup was acquired and no independent valuation can reasonably be estimated today, we use the acquisition price as the main reference point.

When an AI chip startup recently raised capital but the valuation was not disclosed, we estimate the implied valuation using typical dilution levels for that stage of fundraising.

In some cases, we also estimate valuations using operating metrics such as revenue, customer traction or commercial deployments, combined with valuation multiples from comparable semiconductor and AI hardware companies.

When direct financial data is not available, we may rely on carefully selected comparable AI chip startups and other signals such as hiring growth, investor quality, product traction, chip deployments or strategic partnerships.

All estimates follow a strict evidence hierarchy. Recent funding rounds with announced valuations carry the most weight, followed by public market data, acquisition values, strong operating metrics and comparable company analysis.

We also carefully evaluate the age of every data point. Recent information carries more weight, while older data is treated cautiously and adjusted conservatively when necessary.

Whenever information is uncertain or incomplete, we clearly distinguish between confirmed facts and reasonable inferences.

Because valuation data is not always fully public, each AI chip company in the ranking is assigned a confidence level based on the reliability, recency and consistency of the available evidence.

Full confidence means the valuation is supported by strong and recent evidence. Strong confidence means the estimate is well supported but includes minor inference. Partial confidence means the estimate relies more heavily on indirect signals. Low confidence means available information is limited or inconsistent.

When confidence is lower, we take a more conservative approach by widening the valuation range. This helps reflect the uncertainty and increases the probability that the true valuation falls within the estimated range.

This reflects how we conduct all our research, including the work behind our report covering the AI chip market.

In a world where LLMs hallucinate and unreliable information is everywhere, our goal is simple: provide data you can trust.

If you want the full detail on a specific valuation estimate, feel free to contact us and we will gladly explain.

Finally, know that we update the dataset once per month, so come back here if you need fresh information.

Chart showing the projected CAGR of the AI chip market

This chart, featured in our AI chip market deck, shows annual funding in AI chip startups

Related blog posts

- Who are the top startups in the AI chip market?

- Which companies have raised the most funding in the AI chip market?

- Who’s buying AI chip startups?

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