AI chip startup MatX raises $500M Series B to challenge Nvidia with 10x LLM training performance

MatX, founded by two former Google TPU engineers, raised a $500M Series B led by Jane Street and Situational Awareness, the investment fund of former OpenAI researcher Leopold Aschenbrenner. Stripe co-founders Patrick and John Collison, Marvell Technology, and Spark Capital also participated. The company targets processors 10x better at training LLMs and running inference than Nvidia GPUs. MatX plans to ship chips manufactured by TSMC starting in 2027. The round places MatX in a growing cohort of Nvidia challengers; rival Etched raised $500M at a $5B valuation in January. MatX declined to share its current valuation, confirming only it is now 'several billion dollars.'

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