Etched Closes $300M Series C at $10.3B Led by Sequoia, Books ~$1B in Pre-Orders for Sohu Inference Chip

Etched has closed a $300M Series C led by Sequoia at a $10.3B valuation, roughly double its December 2025 $5B mark. Co-investors include Andreessen Horowitz, SK Hynix, Jane Street, Diffusion Capital, Peter Thiel, Andrej Karpathy, Dylan Field and Amjad Masad, with TSMC as manufacturing partner. The company says it has ~$1B in pre-booked orders for its Sohu transformer-specialized inference chip and is positioning as a Nvidia inference alternative.