Etched is a private semiconductor company building custom AI chips for transformer inference. Founded in 2022, it is headquartered in San Jose, California, and led by CEO Gavin Uberti.
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Etched shares are not on public exchanges. UpMarket provides accredited investors access through secondary market transactions.
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| Date | Round | PPS (split-adj.) | Valuation |
|---|---|---|---|
| Jul 2026 | Series C | $10.3B | |
| 2025 | Series B | $5B | |
| Jun 2024 | Series A |
Reuters reported Etched closed a $300 million round at a $10.3 billion valuation in July 2026. EETimes also said the company had $1 billion in pre-orders and planned to start shipping racks to customers that summer.
The company said it builds frontier inference clusters to make AI inference dramatically faster, cheaper, and more abundant. Bloomberg reported in June 2024 that Etched was raising $120 million to expand production of its specialized chip meant to rival Nvidia.
TechCrunch said Etched was founded by three Harvard dropouts in 2022 and closed its July 2026 Series C with Sequoia leading the round. Reuters and TechCrunch both said Andreessen Horowitz and SK Hynix also participated, underscoring strong investor backing.
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No. As of August 2026, Etched is a private company and does not trade on any public stock exchange. Accredited investors can access Etched shares through UpMarket, a FINRA-registered broker-dealer that specializes in pre-IPO investments.
Etched does not have a public stock price because it is privately held. The most recent known share price comes from its last funding round. Pre-IPO share prices on the secondary market may differ from the last round price depending on supply, demand, and market conditions.
Yes. Accredited investors can indicate interest in Etched shares through UpMarket by filling out the form on this page or creating an account at upmarket.co. All pre-IPO offerings are subject to availability and require a $50,000 minimum investment. UpMarket is a FINRA-registered broker-dealer and has brokered alternative investments since 2019.
Pre-IPO investments carry significant risks. Etched shares are illiquid, meaning there is no public market to sell them quickly. There is no guaranteed exit timeline or return. The investment is speculative in nature, and investors should be prepared for the possibility of total loss. Valuations of private companies can fluctuate substantially between funding rounds. Investors should consult their financial advisor and review all offering documents before investing.
In a pre-IPO transaction, accredited investors purchase shares from existing shareholders (such as employees, early investors, or other holders) through secondary market platforms. The company itself does not issue new shares in these transactions. UpMarket facilitates these trades as a FINRA-registered broker-dealer, handling compliance, documentation, and settlement on behalf of both parties.
There are two primary exit paths for pre-IPO holdings: selling your shares on the secondary market to another buyer, or holding until the company completes an IPO or is acquired. Both paths are subject to transfer restrictions, company approval (right of first refusal), and market conditions. The timing of any exit is unpredictable, and investors should plan for a multi-year holding period.
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UpMarket's valuation estimate is derived from a proprietary model that incorporates multiple data sources: funding round data (Caplight), revenue estimates (Sacra), secondary market pricing, and public company comparables. The model applies a private company discount to the public comp multiple to account for illiquidity and information asymmetry. This estimate is not investment advice and may differ substantially from the price at which shares actually trade.
Etched builds custom AI chips for transformer inference and raised $300M at a $10.3B valuation after securing $1B in pre-orders, signaling strong customer demand and capital support. Accredited investors can access Etched stock through UpMarket.