Innovation X Co-Leads Tenstorrent’s $1.5 Billion Series E at a $6.2 BillionValuation
Investment backs Jim Keller’s RISC-V AI compute company as it scales Galaxy server
deployments and global IP licensing
NEW YORK–(BUSINESS WIRE)–Innovation X, a late-stage venture capital firm
investing in privately held technology leaders, today announced that it co-led
Tenstorrent’s $1.5 billion Series E financing at a $6.2 billion post-money valuation.
The financing positions Tenstorrent to move its Galaxy AI server platform into high
volume production and to grow its customer base worldwide.
Why Innovation X Invested
Tenstorrent is one of the few AI compute companies that controls its full stack, from
processor design to the open-source software developers use to run models.
Customers can start with a single developer card and grow into superclusters, or
license Tenstorrent’s CPU and AI core designs to build custom chips of their own.
That flexibility matters as AI demand spreads beyond the largest cloud providers.
Chipmakers, national governments and inference providers increasingly want
compute they control, and Tenstorrent gives them an open alternative to closed,
single-vendor platforms.
“Jim Keller has a rare record of building processor architectures that changed the
industry, at Apple, AMD and Tesla, and he has assembled a team that designs both the
silicon and the software behind it,” said Roger Monteforte, Founder, Chairman and
CEO of Innovation X. “Tenstorrent lets customers own their AI infrastructure at any
size. We are proud to co-lead this round and to support the company as Galaxy moves
into volume production.”
“We’re ramping Galaxy production and expanding globally, and the Innovation X team
knows what it takes to scale,” said Jim Keller, CEO of Tenstorrent. “We’re glad to have
them as co-leads for this round.”
About Tenstorrent
Tenstorrent builds RISC-V-based AI processors, servers and workstations for
developers, enterprises and sovereign infrastructure, and licenses its TT-Ascalon CPU
and Tensix AI core IP to chip designers including Samsung and LG. The company is led
by CEO Jim Keller, whose prior work includes the Apple A4/A5, AMD Zen and Tesla Full
Self-Driving chips. Tenstorrent has oAices in Santa Clara, Austin, Toronto, Belgrade,
Tokyo and Bangalore. tenstorrent.com
About Innovation X
Founded in 2016 by Roger Monteforte, Innovation X is a late-stage venture capital firm
that invests in privately held companies with innovative or disruptive technologies
across defense technology, fintech, artificial intelligence, infrastructure and the
space economy. Innovation X Advisors has over $4.5 billion under management across
multiple funds (as reported on Form ADV as of December 31, 2025).
Important Disclosures
Relationship and conflict disclosure. Forte Capital Group is a division of Ceros Financial
Services, Inc., member FINRA/SIPC. Innovation X Advisors LLC is a commonly owned
affiliate of Ceros Financial Services, Inc. Roger Monteforte serves as Chairman and CEO of Innovation X Advisors LLC and as founder and CEO of Forte Capital Group. Innovation X currently holds an investment position in Tenstorrent and has raised capital in
connection with that investment and therefore has a financial interest in Tenstorrent.
Risk. Investments in late-stage private companies involve substantial risk, including the
potential loss of the entire amount invested. Such investments are illiquid, may not have a public market, have long and uncertain time horizons, and their values can decline. There is no guarantee that any company referenced will achieve its objectives or that any
investment will be profitable.
Past performance. Any reference to prior investments reflects selected examples that do not represent all investments made by Innovation X. Not all investments were or will be profitable. Past performance does not guarantee future results.
No offer. This communication is for informational purposes only and is not an offer to sell
or a solicitation of an offer to buy any security or investment advisory service. Valuation
figures reflect the terms of the referenced financing and are not a measure of Innovation X’s investment performance or realized returns.
Contacts
Media Contact
Isabella Matrone
Investor Relations Associate
[email protected]
