AI chip startup Etched builds its own chips and lands $1 billion in orders

Etched, founded in 2022 by three Harvard dropouts, says it has manufactured its own computer chips designed specifically to power AI programs. Clients began testing full systems in June 2026. The startup reports $1 billion in booked orders, about three years after raising just $5.4 million in early funding. Sequoia led a $300 million investment round in July 2026, valuing Etched at $10.3 billion.