Nvidia challenger AI chip startup MatX raised $500M
Source: TechCrunch
Funding Announcement
Posted: 4:45 PM PST · February 24, 2026
Image Credits: sankai / Getty Images
MatX, a chip startup founded by two former Google hardware engineers, has raised a $500 million Series B led by Jane Street and Situational Awareness, an investment fund formed by former OpenAI researcher Leopold Aschenbrenner. The company’s goal is to make its processors 10 times better at training large language models (LLMs) and delivering results than Nvidia’s GPUs.
Investors
Other investors in the round include:
- Marvell Technology
- NFDG
- Spark Capital
- Stripe co‑founders Patrick Collison and John Collison
The announcement was made by the startup’s founder and CEO Reiner Pope in a LinkedIn post.
Competitor Context
Although MatX did not disclose its latest valuation, Bloomberg reported that Etched, MatX’s closest competitor, raised a $500 million round at a $5 billion valuation last month. Etched did not immediately respond to a request for comment.
Prior Funding
MatX’s Series A, raised more than a year earlier, was a $100 million round led by Spark Capital. TechCrunch previously reported that the 2024 round valued the startup at over $300 million (source).
Company Background
Before co‑founding MatX in 2023, Reiner Pope led AI software development for Google’s TPUs, the company’s proprietary AI chips. His co‑founder, Mike Gunter, was a lead designer of the TPU hardware before leaving to launch the startup.
Production Plans
The new funding will enable MatX to produce its chips with TSMC, with plans to start shipping the first silicon in 2027.