What are the most valued startups in the semiconductor industry?

Last updated: 13 July 2026

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The semiconductor industry includes chip designers, foundries, memory manufacturers, connectivity specialists, power-semiconductor companies and emerging AI hardware startups.

This ranking compares public market capitalizations, private funding-round valuations, acquisition prices and carefully developed valuation estimates.

We update this semiconductor startup list every month to reflect new funding rounds, listings, acquisitions and public-market movements.

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

A quick summary table

Metric Value
Most valuable semiconductor company Kioxia, $262.5B
Second most valuable semiconductor company ChangXin Memory Technologies, $42.0B–$440.0B
Median semiconductor valuation Approximately $1.8B
Semiconductor valuation captured by the top 10 Approximately 75%
Top semiconductor valuation vs. median Approximately 146 times
Median valuation-to-capital-raised ratio Approximately 4.7 times
Semiconductor companies valued at $1B+ 62
Market map chart showing top companies and startups in the semiconductor industry

This market map, featured in our semiconductor industry deck, highlights top companies and startups in the semiconductor industry

Top startups in the semiconductor industry ranked by valuation

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

If you want more detaild about their fundraising activity, you can check our list of the startups who have raised the most funding in the semiconductor industry.

# Startup Name What They Do Current Valuation ($) Valuation Confidence Level Valuation Type Evidence Status Total Funding ($) Funding Confidence Level
1 Kioxia NAND flash memory manufacturing $262.5B Full Confidence Public Market Cap Observed $800M Strong Confidence
2 ChangXin Memory Technologies DRAM and AI memory chips $42.0B–$440.0B Low Confidence IPO or Listing Range Valuation Estimated $5.3B Partial Confidence
3 Cambricon AI processor chips $130.0B Full Confidence Public Market Cap Observed $469M Partial Confidence
4 GigaDevice Memory, MCU and analog chips $69.1B Full Confidence Public Market Cap Observed $1.3B Partial Confidence
5 Astera Labs AI data-center connectivity chips $67.4B Full Confidence Public Market Cap Observed $232M Strong Confidence
6 Montage Technology Memory interface and AI chips $51.4B Full Confidence Public Market Cap Observed $1.4B Partial Confidence
7 Moore Threads General-purpose GPU processors $45.8B Full Confidence Public Market Cap Observed $1.2B Partial Confidence
8 Hua Hong Semiconductor Specialty semiconductor wafer foundry $44.7B Full Confidence Public Market Cap Observed $3.3B Partial Confidence
9 MetaX Integrated Circuits Data-center AI GPU chips $42.0B Full Confidence Public Market Cap Observed $915M Partial Confidence
10 Yangtze Memory Technologies 3D NAND flash memory $35.0B–$45.0B Partial Confidence IPO or Listing Range Valuation Estimated $1.5B Partial Confidence
11 GlobalFoundries Global specialty semiconductor foundry $37.3B Full Confidence Public Market Cap Observed $1.4B Strong Confidence
12 Tower Semiconductor Analog specialty semiconductor foundry $24.2B Full Confidence Public Market Cap Observed Not provided Low Confidence
13 OmniVision Technologies CMOS image sensor chips $18.4B Full Confidence Public Market Cap Observed $801M Partial Confidence
14 Nexchip Twelve-inch semiconductor wafer foundry $17.5B Full Confidence Public Market Cap Observed $1.4B Full Confidence
15 Iluvatar CoreX Data-center AI GPU chips $12.0B–$15.0B Strong Confidence Public Market Cap Observed $806M Strong Confidence
16 Biren Technology High-performance AI GPU chips $13.4B Full Confidence Public Market Cap Observed $1.6B Partial Confidence
17 Rockchip AIoT application processor chips $12.8B Full Confidence Public Market Cap Observed $58M Partial Confidence
18 Cerebras Systems Wafer-scale AI accelerators $11.4B Full Confidence Public Market Cap Observed $8.5B Strong Confidence
19 Vanguard International Semiconductor Specialty analog wafer foundry $10.3B Full Confidence Public Market Cap Observed Not provided Low Confidence
20 Unisoc Mobile and IoT SoCs $9.5B–$10.5B Strong Confidence IPO or Listing Range Valuation Estimated $1.9B Strong Confidence
21 GalaxyCore Image sensors and display drivers $9.6B Full Confidence Public Market Cap Observed $562M Partial Confidence
22 Loongson Technology Domestic general-purpose CPU processors $8.8B Full Confidence Public Market Cap Observed $357M Strong Confidence
23 Horizon Robotics Automotive AI computing platforms $8.1B Full Confidence Public Market Cap Observed $4.1B Partial Confidence
24 Powerchip Semiconductor Manufacturing Memory and logic wafer foundry $7.1B Full Confidence Public Market Cap Observed Not provided Low Confidence
25 Groq AI inference chips and cloud $6.5B–$7.5B Strong Confidence Announced Private Round Valuation Estimated $2.4B Strong Confidence
26 ASR Microelectronics Wireless baseband and IoT chips $6.8B Full Confidence Public Market Cap Observed $1.4B Strong Confidence
27 Ampere Computing Cloud-native Arm CPUs $6.5B Strong Confidence Acquisition Value Observed $340M Partial Confidence
28 Innoscience GaN power semiconductors $6.4B Full Confidence Public Market Cap Observed $1.0B Partial Confidence
29 Amlogic Multimedia system-on-chip processors $6.0B Full Confidence Public Market Cap Observed $375M Partial Confidence
30 Phytium Technology Domestic server and desktop CPUs $4.0B–$7.0B Low Confidence Proxy-Based Estimate Estimated Not provided Low Confidence
31 Lightmatter Photonic AI chip interconnects $4.4B–$5.5B Strong Confidence Announced Private Round Valuation Estimated $850M Strong Confidence
32 GTA Semiconductor Automotive power semiconductor foundry $4.4B–$5.0B Strong Confidence Announced Private Round Valuation Estimated $3.3B Partial Confidence
33 Allwinner Technology Consumer and automotive application processors $4.7B Full Confidence Public Market Cap Observed $82M Strong Confidence
34 MatX Accelerators for large language models $3.8B–$5.0B Strong Confidence Implied Valuation from Raise Implied $605M Full Confidence
35 DB HiTek Analog and mixed-signal foundry $4.1B Full Confidence Public Market Cap Observed Not provided Low Confidence
36 Espressif Systems Wireless IoT chip platforms $4.0B Full Confidence Public Market Cap Observed $429M Strong Confidence
37 Bestechnic Low-power wireless audio SoCs $4.0B Full Confidence Public Market Cap Observed $744M Partial Confidence
38 Goodix Technology Touch, biometric and connectivity chips $4.0B Full Confidence Public Market Cap Observed $131M Partial Confidence
39 Ayar Labs Optical AI chip interconnects $3.8B Full Confidence Announced Private Round Valuation Observed $845M Strong Confidence
40 Ambarella Edge AI vision processors $3.4B Full Confidence Public Market Cap Observed $51M Strong Confidence
41 Celestial AI Photonic fabric for AI clusters $3.3B Full Confidence Acquisition Value Observed $589M Strong Confidence
42 Navitas Semiconductor GaN and silicon-carbide power chips $3.3B Full Confidence Public Market Cap Observed $370M Strong Confidence
43 Tenstorrent AI and RISC-V processors $2.7B–$3.3B Strong Confidence Announced Private Round Valuation Estimated $1.0B Strong Confidence
44 Rebellions AI inference chips $2.2B–$2.5B Strong Confidence Announced Private Round Valuation Observed $850M Strong Confidence
45 Axelera AI Edge AI acceleration chips $1.8B–$2.8B Partial Confidence Implied Valuation from Raise Implied $381M Strong Confidence
46 SemiDrive Automotive-grade system-on-chip platforms $2.0B–$2.5B Strong Confidence Announced Private Round Valuation Estimated $655M Strong Confidence
47 FuriosaAI Data-center AI processors $2.0B–$2.3B Partial Confidence Active Raise Valuation Estimated $779M Partial Confidence
48 Rivos RISC-V AI server processors $1.8B–$2.3B Partial Confidence Comparables-Based Estimate Estimated $250M Strong Confidence
49 Zhaoxin Domestic x86-compatible processors $1.5B–$2.5B Low Confidence Comparables-Based Estimate Estimated $145M Strong Confidence
50 d-Matrix In-memory AI inference chips $2.0B Strong Confidence Announced Private Round Valuation Observed $429M Partial Confidence
51 Upscale AI AI data-center networking chips $2.0B Full Confidence Announced Private Round Valuation Observed $390M Partial Confidence
52 Ambiq Ultra-low-power edge AI chips $1.8B Full Confidence Public Market Cap Observed $660M Partial Confidence
53 Empower Semiconductor Integrated power delivery semiconductors $1.5B Strong Confidence Acquisition Value Observed $215M Strong Confidence
54 Nuvia Custom CPU cores $1.4B Full Confidence Acquisition Value Observed $293M Full Confidence
55 Calterah Semiconductor Automotive millimeter-wave radar chips $1.1B–$1.6B Partial Confidence Implied Valuation from Raise Implied $172M Partial Confidence
56 InvenSense MEMS motion sensor chips $1.3B Full Confidence Acquisition Value Observed $38M Full Confidence
57 X-FAB Silicon Foundries Analog mixed-signal specialty foundry $1.2B Full Confidence Public Market Cap Observed $455M Strong Confidence
58 Positron AI Energy-efficient AI inference systems $1.0B–$1.2B Strong Confidence Announced Private Round Valuation Observed $305M Full Confidence
59 Black Sesame Technologies Automotive AI computing chips $1.1B Full Confidence Public Market Cap Observed $702M Partial Confidence
60 Innovium Cloud Ethernet switching silicon $1.1B Full Confidence Acquisition Value Observed $350M Strong Confidence
61 Alif Semiconductor Edge AI microcontrollers $1.0B–$1.2B Strong Confidence Announced Private Round Valuation Observed $342M Partial Confidence
62 Canaan Bitcoin-mining ASIC processors $1.1B Full Confidence Public Market Cap Observed $305M Strong Confidence
63 Mythic Analog AI inference chips $850M–$1.3B Partial Confidence Implied Valuation from Raise Implied $274M Partial Confidence
64 Telink Semiconductor Low-power wireless IoT chips $1.0B Full Confidence Public Market Cap Observed $232M Partial Confidence
65 indie Semiconductor Automotive semiconductor platforms $975M Full Confidence Public Market Cap Observed $400M Partial Confidence
66 Enfabrica AI networking silicon fabric $900M–$1.0B Strong Confidence Acquisition Value Observed $240M Full Confidence
67 Gowin Semiconductor FPGA chips and development platforms $700M–$1.2B Low Confidence Implied Valuation from Raise Implied $132M Partial Confidence
68 Achronix Semiconductor FPGA chips and embedded IP $700M–$1.2B Low Confidence Comparables-Based Estimate Estimated $122M Strong Confidence
69 Beken Wireless connectivity integrated circuits $894M Full Confidence Public Market Cap Observed $96M Partial Confidence
70 EnCharge AI Analog in-memory AI chips $650M–$1.0B Partial Confidence Implied Valuation from Raise Implied $144M Strong Confidence
71 Hejian Technology Mature-node semiconductor wafer foundry $757M Strong Confidence Acquisition Value Implied Not provided Low Confidence
72 SiMa.ai Physical AI edge SoCs $550M–$950M Partial Confidence Implied Valuation from Raise Implied $355M Partial Confidence
73 Retym Coherent DSP networking chips $500M–$900M Partial Confidence Implied Valuation from Raise Implied $115M Partial Confidence
74 StarFive Technology RISC-V processors and platforms $500M–$900M Low Confidence Comparables-Based Estimate Estimated $146M Partial Confidence
75 Graphcore IPU AI accelerators $600M Strong Confidence Acquisition Value Observed $684M Strong Confidence
76 EFFECT Photonics Coherent optical networking chips $410M–$780M Partial Confidence Implied Valuation from Raise Implied $166M Partial Confidence
77 Morse Micro Wi-Fi HaLow IoT chips $400M–$700M Partial Confidence Implied Valuation from Raise Implied $193M Partial Confidence
78 Cornami Massively parallel computing processors $500M–$570M Strong Confidence Announced Private Round Valuation Observed $236M Partial Confidence
79 Tachyum Universal AI and HPC processors $300M–$700M Low Confidence Proxy-Based Estimate Estimated $300M Partial Confidence
80 pSemi Radio-frequency semiconductor chips $465M Full Confidence Acquisition Value Observed $95M Strong Confidence
81 Aquantia Multi-gigabit Ethernet transceivers $452M Full Confidence Acquisition Value Observed $230M Partial Confidence
82 Hailo Edge AI processors $400M–$500M Partial Confidence Active Raise Valuation Estimated $341M Strong Confidence
83 Atmosic Technologies Ultra-low-power wireless chips $270M–$500M Partial Confidence Implied Valuation from Raise Implied $162M Strong Confidence
84 Annapurna Labs Custom AWS infrastructure chips $350M–$400M Strong Confidence Acquisition Value Estimated Not provided Low Confidence
85 Icera Cellular modem semiconductor chips $367M Full Confidence Acquisition Value Observed $205M Partial Confidence
86 Uhnder Digital automotive radar chips $250M–$450M Low Confidence Comparables-Based Estimate Estimated $145M Strong Confidence
87 Kneron Edge AI processors and models $250M–$400M Partial Confidence Comparables-Based Estimate Estimated $226M Partial Confidence
88 Kinara Edge AI neural processors $307M Full Confidence Acquisition Value Observed $54M Partial Confidence
89 Everactive Batteryless industrial IoT sensors $180M–$300M Low Confidence Comparables-Based Estimate Estimated $165M Strong Confidence
90 Valens Semiconductor High-speed connectivity chipsets $220M Full Confidence Public Market Cap Observed $215M Partial Confidence
91 eSilicon Custom ASIC design services $216M Full Confidence Acquisition Value Observed $118M Partial Confidence
92 GreenWaves Technologies Ultra-low-power AI processors $100M–$220M Low Confidence Implied Valuation from Raise Implied $8M Partial Confidence
93 Blaize Edge AI processors $151M Full Confidence Public Market Cap Observed $155M Strong Confidence
94 Flex Logix Embedded FPGA and AI IP $75M–$150M Low Confidence Acquisition Value Estimated $82M Partial Confidence
95 Perceive Low-power edge AI processors $80M Full Confidence Acquisition Value Observed Undisclosed Low Confidence
96 GrAI Matter Labs Neuromorphic edge AI processors $40M–$100M Low Confidence Proxy-Based Estimate Estimated $29M Full Confidence
97 Arbe Robotics 4D imaging radar chipsets $58M Full Confidence Public Market Cap Observed $287M Strong Confidence
98 Rain AI Analog compute-in-memory AI chips $30M–$70M Low Confidence Proxy-Based Estimate Estimated $38M Partial Confidence
99 Esperanto Technologies Many-core RISC-V AI processors $5M–$20M Low Confidence Acquisition Value Estimated $63M Strong Confidence
100 Untether AI At-memory AI inference accelerators $0M–$10M Low Confidence Proxy-Based Estimate Estimated $152M Partial Confidence
Chart comparing the 2026 size of the semiconductor industry with other markets of similar size

This chart, featured in our semiconductor industry deck, compares the 2026 size of the semiconductor industry with other markets of similar size

Key valuation trends in the semiconductor industry

Insights

  • AI networking has become a major semiconductor value pool. Astera Labs, Lightmatter, Ayar Labs and Enfabrica collectively approach $77 billion in valuation, showing that data movement can rival computation in economic importance.
  • Astera Labs has reached approximately $67.4 billion after raising only $232 million. Its valuation is about 291 times tracked funding, an exceptional result for an AI data-center connectivity company.
  • Lightmatter and Ayar Labs are collectively valued at approximately $8.8 billion against $1.7 billion in funding. This premium reflects growing demand for optical interconnects that reduce AI cluster bandwidth constraints.
  • Cerebras and Groq have raised a combined $10.9 billion. This exceeds the funding raised by Tenstorrent, Rebellions, Lightmatter, Ayar Labs, MatX and Positron AI combined by roughly three times.
  • Foundry businesses continue to create substantial value from external capital. Nexchip, GlobalFoundries and X-FAB are worth about $56 billion in total after raising approximately $3.3 billion.
  • Ambarella and Allwinner show strong semiconductor capital efficiency. The companies have valuation-to-funding ratios of roughly 67 times and 57 times, respectively, despite operating outside the largest AI accelerator segment.
  • Semiconductor acquisition outcomes vary widely. Nuvia reached a $1.4 billion exit after raising $293 million, while Graphcore sold for about $600 million after raising approximately $684 million.
  • Public markets remain skeptical about some automotive chip companies. Arbe Robotics is worth about one-fifth of its cumulative funding, suggesting concern about radar adoption timelines and commercial execution.
  • Power delivery is becoming strategically important to AI infrastructure. Empower Semiconductor achieved a $1.5 billion acquisition value, nearly seven times its funding, as computing systems consume more energy.
  • The semiconductor valuation hierarchy remains concentrated. Companies above $10 billion are mostly listed memory manufacturers, foundries, connectivity suppliers and established chip platforms rather than private accelerator startups.
Chart showing TSMC’s strategy in the semiconductor industry

This chart, featured in our semiconductor industry deck, looks at TSMC’s strategy in semiconductors

A few word about our methodology

As you can see, we built a database that ranks startups and semiconductor companies based on their current valuation.

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

To build this semiconductor 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 semiconductor companies, or official acquisition prices.

When a semiconductor company is publicly listed, we use its current market capitalization as the reference valuation.

Public semiconductor valuations can move significantly with share prices. This is especially true for AI processors, memory chips, foundries and data-center connectivity companies.

If a semiconductor company was acquired and no independent valuation can reasonably be estimated today, we use the acquisition price as the main reference point.

When a semiconductor 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, design wins, customer traction, production capacity or intellectual property, combined with valuation multiples from comparable semiconductor companies.

The most relevant comparable companies depend on the semiconductor segment. A chip foundry, AI accelerator designer, automotive semiconductor supplier and optical interconnect company should not be valued with the same assumptions.

When direct financial data is not available, we may rely on carefully selected comparable startups and other signals such as hiring growth, investor quality, product traction, tape-outs, manufacturing partnerships or announced customers.

All estimates follow a strict evidence hierarchy. Recent funding rounds with announced valuations carry the most weight, followed by public filings, acquisition disclosures, 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.

Semiconductor development cycles can be long. Funding raised several years ago may still support product design, fabrication, packaging, testing and customer qualification today.

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

Because valuation data is not always fully public, each semiconductor 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.

For valuation ranges, the midpoint can be used for high-level calculations such as median valuation, market concentration and valuation-to-funding comparisons.

Funding totals represent the best available estimate of disclosed external capital. Funding figures may exclude debt facilities, government subsidies, undisclosed strategic investments or capital raised by a former parent company.

This distinction is particularly important in the semiconductor industry, where fabrication plants, manufacturing partnerships and government support can involve capital that does not appear in conventional startup funding databases.

This reflects how we conduct all our research, including the work behind our report covering the semiconductor industry.

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 semiconductor industry

This chart, featured in our semiconductor industry deck, shows annual funding in semiconductor startups

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