Positron AI Raises $875 Million at a $5 Billion Valuation to Bring Its Next-Generation Inference Silicon to Market

Positron AI, building the future of AI acceleration, led by Mitesh Agrawal, Thomas Sohmers, and the team, announced an $875 million Series C financing at a $5 billion post-money valuation. The round was co-led by NEA, Atreides Management, Valor Equity Partners, Andra Capital, Dylan Patel's SemiAnalysis Capital, and Jim Clark, the founder of Silicon Graphics and Netscape. As part of the financing, Forest Baskett of NEA, Gavin Baker of Atreides Management, Thomas Jermoluk from Jim Clark Office, and Dylan Patel will join Positron's board of directors.

AI’s center of gravity is shifting from model training to inference, as agents, assistants, and copilots drive growing demand for compute. That demand is increasingly constrained by memory capacity, bandwidth, and power.

Positron builds memory-first inference systems designed around these constraints. Its next-generation systems achieve more than 90% memory-bandwidth utilization, use commodity LPDDR5X memory to reduce reliance on constrained HBM and CoWoS supply chains, and target leading tokens per dollar and tokens per watt. Their energy efficiency allows deployment across both air- and liquid-cooled data centers at varying rack densities.

"Speed matters in this market, both in how quickly we ship new generations of silicon and in how quickly they reach customers. Deploying Atlas at scale taught us an enormous amount about what inference customers actually need, and we have carried those lessons directly into Asimov and Titan. Our focus now is to tape out Asimov, bring Titan to production, and scale manufacturing to meet the demand in front of us. This financing gives us the resources to do exactly that," said Mitesh Agrawal, CEO of Positron AI.

Positron is deploying more than 50 racks of Atlas, its first-generation inference system, at Oracle Cloud Infrastructure. Key partner Parasail uses the capacity to power its inference service, while other Atlas production customers include Jump Trading and i3D.net.

The Round and What the Capital Funds.

The financing was raised in two tranches: a $375 million Series C at a $3.5 billion pre-money valuation, co-led by NEA, Andra Capital, Atreides Management, Valor Equity Partners and SemiAnalysis Capital, followed by a Series C-1 of up to $500 million led by NEA and Jim Clark. The round also includes a broad group of financial and strategic investors, including QIA, DFJ Growth, Cisco Investments, Hudson River Trading and Naver Ventures.

The capital will fund the tapeout of Asimov, Positron’s next-generation chip; development of a 2MW+ engineering data center and emulation platform; and the production ramp of Titan, including LPDDR5X supply, manufacturing capacity, system integration and go-to-market expansion.

Asimov is expected to tape out on TSMC N3P by the end of 2026, with production targeted for the second half of 2027. Each chip will support 288GB to 2,304GB of memory. Titan will combine four to eight Asimov chips into a single system, designed to handle models exceeding 16 trillion parameters and context windows beyond 10 million tokens in a single node, with the architecture scaling to thousands of nodes.

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