- Companies
- MatX
MatX Valuation, Funding & Investors
MatX is valued at $300M as of November 2024.
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
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
Website
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
| Date | Stage | Valuation |
|---|---|---|
| Nov 2024 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2026 | Series B | Jane 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 2024 | Series A | Spark Capital (lead); Daniel Gross; Adam D’Angelo; Jane Street; Nat Friedman; Triatomic Capital; AIspace Ventures; Harpoon | $100M | $300M | MatX 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 2024 | Seed | Nat 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Mar 2024 | ||
| 2 | Lead | Nov 2024 | ||
| 2 | Lead | Nov 2024 | ||
| 2 | Lead | Mar 2024 | ||
| 2 | Participant | Nov 2024 | ||
| 2 | Participant | Mar 2024 | ||
| 2 | Participant | Nov 2024 | ||
| 1 | Participant | Feb 2026 | ||
| 1 | Participant | Nov 2024 | ||
| 1 | Participant | Mar 2024 | ||
| 1 | Participant | Mar 2024 | ||
| -- | 1 | Lead | Feb 2026 | |
| 1 | Participant | Feb 2026 | ||
This data is available for Pro users. Sign up to see all 19 MatX investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialMatX 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $300M | - | ||
| Private | - | - | $300M | - | ||
| Private | - | - | $295M | - | ||
| Private | $20M | - | $316M | 15.8x | ||
| Publicly listed | $80M | ($31M) | $372M | 3.5x | ||
| Publicly listed | $62M | $18M | $456M | 5.9x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $433K | ($15M) | 2054.0x | - | (57.9x) | - | |||
| $80M | ($31M) | 5.5x | 3.5x | (14.0x) | (31.6x) | |||
| $13M | $3M | 27.0x | - | 122.7x | - | |||
| $7M | ($8M) | 26.2x | - | (24.0x) | - | |||
| $62M | $18M | 6.7x | 5.9x | 23.5x | - | |||
| $13M | ($21M) | 6.6x | 6.9x | (4.2x) | - | |||
| $39M | ($205M) | 1.3x | 1.3x | (0.2x) | (0.9x) | |||
| $942K | ($9M) | 84.6x | - | (9.0x) | - | |||
This data is available for Pro users. Sign up to see all MatX competitors and their valuation data. Start Free Trial | ||||||||
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. |
See companies similar to MatX
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




