Krux
February 26, 2026
AI Chip Startup MatX Raises $500M to Challenge Nvidia
Published: February 26, 2026 at 12:44 AM
Updated: February 26, 2026 at 12:44 AM
100-word summary
MatX just closed a $500 million Series B led by quant giant Jane Street and Situational Awareness LP to build a chip that promises dramatically faster performance for training large language models. The startup is betting it can crack Nvidia's stranglehold on AI hardware with its MatX One chip, set to ship in 2027 via TSMC manufacturing. Bloomberg reports the round values MatX at multiple billions, though the company isn't disclosing exact numbers. Backers include Stripe's Collison brothers and chipmaker Marvell. The investor lineup suggests serious conviction that someone will finally unseat Nvidia in the AI compute race.
What happened
MatX just closed a $500 million Series B led by quant giant Jane Street and Situational Awareness LP to build a chip that promises dramatically faster performance for training large language models. The startup is betting it can crack Nvidia's stranglehold on AI hardware with its MatX One chip, set to ship in 2027 via TSMC manufacturing. Bloomberg reports the round values MatX at multiple billions, though the company isn't disclosing exact numbers. Backers include Stripe's Collison brothers and chipmaker Marvell.
Why it matters
The investor lineup suggests serious conviction that someone will finally unseat Nvidia in the AI compute race.