Etched has Raised $300M at a $10.3B Valuation to Accelerate Inference

Etched, building frontier inference clusters, led by Gavin Uberti, Robert Wachen, and Chris Zhu, has raised $300M at a $10.3B valuation, led by Sequoia Capital alongside Andreessen Horowitz, Jane Street, Diffusion, Argo, and SK Hynix.

The mission is to build the infrastructure that powers the world’s AI inference. Frontier models require a new generation of computing systems, from custom chips and advanced packaging to optimized interconnects and cooling, designed end-to-end to deliver the performance and efficiency needed for the most demanding AI workloads.

Today, access to the most advanced AI models remains limited to less than 1% of the global population. Expanding access will require more efficient computing infrastructure capable of delivering more tokens per watt and scaling to gigawatts of AI capacity.

The company has begun fabricating hundreds of millions of dollars’ worth of inference clusters and has built a 10-megawatt lab to support continuous hardware deployment and rapid development of future generations. The focus is clear: production itself is the product.