Etched raises $700M at a $21B valuation led by Jane Street

Etched secured a $700 million financing round at a $21 billion valuation, led by Jane Street, doubling its July valuation of $10.3 billion. The company shipped its first customer rack to Jane Street and has signed over $1 billion in contracts, with its chips built on TSMC’s N4P process and a design that separates prefill and decode functions for latency-critical inference workloads.