Etched announced a working inference chip and over $1 billion in signed contracts after emerging from stealth with $800 million raised and a $5 billion valuation. Their rack-scale system, built on TSMC’s N4P process, is already running models like DeepSeek, Qwen and Llama, and production is ramping at new Taiwan and San Jose facilities.

• Etched has working A0 silicon on TSMC's N4P process and a rack-scale system already running DeepSeek, Qwen, Mamba and Llama models
• The company raised $800M total, including a $500M round in December at a $5B post-money valuation, backed by Peter Thiel, Karpathy, Hinton, Fei-Fei Li and major trading firms
• It has over $1 billion in signed customer contracts despite being just under three years old
• Etched is building out Taiwan production and a San Jose HQ (data center, test house, NPI lab) with a goal of gigawatt-scale manufacturing by 2027