MatX Valuation, Funding & Investors

MatX is valued at $300M as of November 2024.

See full MatX profile

Last MatX valuation

$300M

Series A · Nov 2024

Last MatX funding round

$500M

Series B · Feb 2026

Cumulative funding MatX raised

$625M

across 3 funding rounds

Key investors in MatX

  • Spark Capital
  • Nat Friedman
  • Daniel Gross
  • Harpoon
  • Jane Street
  • Triatomic Capital

MatX Overview

About MatX

MatX is a San Francisco-headquartered semiconductor company designing custom AI accelerators for artificial general intelligence training and inference. The firm focuses on single-chip systems that integrate high-bandwidth memory directly with compute cores to handle trillion-parameter models. Founded in 2024 by former Nvidia engineers including Mike McQuaid, MatX targets hyperscale data centers with platforms surpassing Nvidia H100 clusters in efficiency for large language models. The company operates from California and emphasizes modular architectures compatible with PyTorch and TensorFlow frameworks.


Founded

2022

HQ

United StatesSan Francisco, CA

Website

matx.com

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$300M (Nov 2024)

MatX Valuation

MatX is currently valued at $300M, based on its Series A in November 2024.

The $100M round was led by Spark Capital, with participation from Daniel Gross, Adam D’Angelo, Jane Street, Nat Friedman, Triatomic Capital and 2 other investors.

MatX valuation by funding round

MatX valuation by funding round
DateStageValuation
Nov 2024Series A$300M

MatX Funding History

MatX has raised a total of $625M across 3 funding rounds.

MatX's first fundraising round was a $25M seed round in March 2024. The most recent completed round was a $500M Series B in February 2026.

MatX funding rounds

MatX funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2026Series BJane Street (lead); Situational Awareness (lead); Alchip Technologies; Spark Capital; NFDG Ventures; Marvell Technology; Andrej Karpathy; John Collison; Patrick Collison; Triatomic Capital; Dwarkesh Patel; Harpoon$500M--
Nov 2024Series ASpark Capital (lead); Daniel Gross; Adam D’Angelo; Jane Street; Nat Friedman; Triatomic Capital; AIspace Ventures; Harpoon$100M$300MMatX is an AI chip startup founded in 2022 by Reiner Pope (CEO) and Mike Gunter (CTO), both former Google engineers who previously developed Google's TPU line of AI processors. The company designs specialized chips for training large language models and running inference, positioning itself as a cost-effective alternative to NVIDIA GPUs with advanced interconnect technology for scaling to large clusters. MatX claims its chips deliver performance 10 times better than NVIDIA silicon at training LLMs and promises latencies under 0.01 seconds per token for 70 billion parameter models, with support for clusters capable of running models with up to 10 trillion parameters. In November 2024, MatX closed a Series A funding round of $80 million led by Spark Capital, achieving a post-money valuation of approximately $300 million. The round came less than a year after the company's December 2023 seed round of $25 million, which was led by prominent AI investors Nat Friedman (former GitHub CEO) and Daniel Gross (former head of AI at Apple). Spark Capital's investment valued MatX at a pre-money valuation in the mid-$200 million range according to sources who reviewed the deal. The company designs its chips specifically for AI workloads of at least 7 billion parameters, with optimal performance at 20 billion or more activated parameters. MatX prioritizes cost-efficiency over latency and features a streamlined architecture lacking some standard GPU components, allowing for additional AI-optimized circuits. The startup expected to complete development of its first product in 2025 and positions itself within a growing AI chip market alongside competitors like Groq, which achieved a $2.8 billion valuation in August 2024.
Mar 2024SeedNat Friedman (lead); Daniel Gross; SV Angel; Outset Capital; Homebrew; AIspace Ventures$25M--

Who has invested in MatX?

19 investors have backed MatX across its funding rounds, including Spark Capital, Nat Friedman, Daniel Gross, Harpoon, Jane Street and Triatomic Capital.

Lead investors include Jane Street, Situational Awareness, Spark Capital and Nat Friedman.


MatX Investors

Investors in MatX by funding rounds participated
InvestorHQRoundsRoleFirst check
Daniel GrossUnited StatesSan Francisco, CA2ParticipantMar 2024
Spark CapitalUnited StatesSan Francisco, CA2LeadNov 2024
Jane StreetUnited StatesNew York City, NY2LeadNov 2024
Nat FriedmanUnited StatesUnited States2LeadMar 2024
Triatomic CapitalUnited StatesNew York City, NY2ParticipantNov 2024
AIspace VenturesUnited StatesSan Francisco, CA2ParticipantMar 2024
HarpoonUnited StatesSan Diego, CA2ParticipantNov 2024
Alchip TechnologiesUnited StatesUnited States1ParticipantFeb 2026
Adam D’AngeloUnited StatesSan Francisco, CA1ParticipantNov 2024
SV AngelUnited StatesSan Francisco, CA1ParticipantMar 2024
Outset CapitalUnited StatesSan Francisco, CA1ParticipantMar 2024
Situational Awareness--1LeadFeb 2026
NFDG VenturesUnited StatesSan Francisco, CA1ParticipantFeb 2026

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MatX Competitors

MatX competitors include listed companies like SemiFive and Fixstars, and private ones like MangoBoost, The San Francisco Compute Company, Dixin Gravity Technology and Quadric.

Public and private companies comparable to MatX
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
MangoBoostUnited StatesSeattle, WAPrivate--$300M-
The San Francisco Compute CompanyUnited StatesSan Francisco, CAPrivate--$300M-
Dixin Gravity TechnologyChinaHangzhouPrivate--$295M-
QuadricUnited StatesSan Francisco, CAPrivate$20M-$316M15.8x
SemiFiveSouth KoreaSouth KoreaPublicly listed$80M($31M)$372M3.5x
FixstarsJapanJapanPublicly listed$62M$18M$456M5.9x

MatX Public Comps

MatX is still privately-owned, but its public comps include Corvex, SemiFive, QumulusAI, Exascale Labs, Fixstars, Stradvision, Blaize Holdings, Alpha Technology Group, Northern Data and Whitefiber.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Corvex$433K($15M)2054.0x-(57.9x)-
SemiFive$80M($31M)5.5x3.5x(14.0x)(31.6x)
QumulusAI$13M$3M27.0x-122.7x-
Exascale Labs$7M($8M)26.2x-(24.0x)-
Fixstars$62M$18M6.7x5.9x23.5x-
Stradvision$13M($21M)6.6x6.9x(4.2x)-
Blaize Holdings$39M($205M)1.3x1.3x(0.2x)(0.9x)
Alpha Technology Group$942K($9M)84.6x-(9.0x)-

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Common questions about MatX

When was MatX founded?MatX was founded in 2022.
Where is MatX headquartered?MatX is headquartered in San Francisco, CA, United States.
Is MatX publicly listed?No, MatX is a private, VC-backed company.
What is MatX's valuation?MatX was last valued at $300M in its Series A in November 2024.
How much funding has MatX raised?MatX has raised $625M across 3 funding rounds.
What was MatX's last funding round?MatX's last funding round was a $500M Series B in February 2026, led by Jane Street and Situational Awareness.
Who are MatX's investors?MatX's investors include Daniel Gross, Spark Capital, Jane Street, Nat Friedman, Triatomic Capital, AIspace Ventures, Harpoon, Alchip Technologies, Adam D’Angelo, SV Angel and 9 others.
Which companies are comparable to MatX?Companies comparable to MatX include MangoBoost, The San Francisco Compute Company, Dixin Gravity Technology, Quadric, SemiFive and Fixstars.

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