Etched Stock Price, Valuation & IPO
Private company — Etched is privately held. Its shares are not listed on any public exchange and can only be accessed through private secondary transactions.
Status source: AXEVIL investment team
$10.60 per share (AXEVIL consensus estimate)
Source: AXEVIL consensus of recent secondary transactions · as of 20 August 2026
Last round valuation: $21B
Source: C, August 2026, post-money
Total raised: ~$1.8B
Data last updated: 20 August 2026
About Etched
Designs the Sohu chip — a specialized microchip hardwired solely for the transformer architecture — and builds the racks and software around it. Claims roughly 500,000 tokens per second on Llama 70B versus about 25,000 for a comparable H100 setup. Manufactured on TSMC's 4nm process.
Etched is an American developer of specialized inference chips, founded in 2022 by three Harvard students, headquartered in San Jose. It designs Sohu — a chip that can run only transformer neural networks, the architecture behind all major large language models: giving up general-purpose flexibility frees up nearly the entire die for computation. The chip ships inside the company's own liquid-cooled racks; the first is already running in trading firm Jane Street's data center. Signed contracts exceed $1 billion and span cloud providers and AI labs. In August 2026 the company raised $700 million led by Jane Street at a $21 billion valuation — four times its December level; total funding raised is about $1.8 billion.
- Sector: Semiconductors
- Headquarters: San Jose, California, USA
- Founded: 2022
Key highlights
- Delivering on $1 billion in contracts. Signed orders convert into revenue as racks ship, and the first is already installed at Jane Street. Each subsequent delivery validates the technology for customers still waiting in line.
- Reaching gigawatt scale in 2027. A fab in Taiwan and a Milpitas site with a 10 MW data center and board-assembly line are preparing for volume production. Larger batches lower the cost per rack and enable orders on the scale of cloud giants.
- Three hardware generations in parallel. The company is developing its next versions simultaneously, including a separate chip for long-context processing. This schedule shortens the gap between generations and lets it respond faster to new model architectures.
- Access to scarce capacity through partners. Investors include VentureTech Alliance, a TSMC partner, and memory maker SK hynix. Their involvement helps secure manufacturing allocation and HBM memory, both in short supply industry-wide.
- Growth in step with model size. Trillion-parameter models are increasingly bottlenecked by memory and power, and Etched's shared rack memory and reduced voltage target exactly that constraint. The larger customers' models get, the more the gap widens versus general-purpose GPUs.
- A broadening customer base. Beyond trading firms, contracts span cloud providers and both private and public AI labs. A broad base reduces dependence on any single buyer and opens the door to selling compute capacity as a cloud service.
Funding rounds
| Date | Round | Price / share | Post-money valuation |
|---|---|---|---|
| 18 August 2026 | C | $10.60 | $21B |
| 13 January 2026 | B | $3.11 | $5B |
| 25 March 2025 | AI | $1.17 | $1.5B |
| 25 June 2024 | A0 | $0.33 | $333M |
| 16 May 2023 | A0-2 | $0.05 | $31M |
Frequently asked questions
How can I buy Etched stock before the IPO?
Not on a public exchange — Etched is privately held. Shares change hands only in private secondary transactions. AXEVIL structures those as dedicated US special purpose vehicles for accredited investors, subject to availability and to the rules of your jurisdiction.
What is the Etched stock price?
A private company has no single official share price. AXEVIL's consensus estimate is $10.60 per share as of 20 August 2026. Its most recent round implied a post-money valuation of $21B (August 2026).
What is Etched's valuation (net worth)?
Etched's most recent funding round valued the company at $21B post-money (August 2026) — the latest primary-market measure of what the company is worth. Secondary trades can price its shares above or below that round.
When will Etched IPO?
No listing has been announced. AXEVIL does not forecast IPO dates — this page states what has actually been filed or reported, with the date it was last checked.
Is Etched publicly traded?
No. Etched is a private company and its shares are not listed on any public exchange.
Does Etched have a stock symbol?
No. Etched has no ticker symbol because its shares are not listed on any exchange; a symbol is assigned only at an IPO or direct listing.
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Risk disclosure
Nothing on this page is an offer to sell or a solicitation to buy any security, and it is not investment advice. Valuations and share prices shown here are AXEVIL estimates built from primary sources — filings, announced rounds and completed secondary transactions — not quoted market prices, and they can be revised. Private-company shares are illiquid, may be impossible to sell, and the entire amount invested can be lost. Availability depends on your jurisdiction and on accredited-investor status.