AI Chip Startup Etched Now Worth $21 Billion After Jane Street Invests and Becomes First Customer

Etched, a startup building specialized computer chips for artificial intelligence, raised $700 million at a $21 billion valuation on August 18, 2026 — up from $5 billion last December. The investment was led by Jane Street, a financial firm that also became Etched's first paying customer, installing its AI hardware in its own data center the same day.