+20%

est. 2Y upside i

HardwareSeries B

Etched is building the world’s first AI inference system purpose-built for transformers - delivering over 10x higher performance and dramatically lower cost and latency than a B200. With Etched ASICs, you can build products that would be impossible with GPUs, like real-time video generation models and extremely deep & parallel chain-of-thought reasoning agents.

Rank

#1611

Sector

Application Specific Semiconductors

Est. Liquidity

~3Y

Data Quality

Data: Low

Etched offers high-risk, high-reward upside.

Last updated: July 21, 2026

Bull (20%)+220%

Etched successfully raises at $20B valuation and goes public, delivering 4x before 20% dilution. Specialized ASIC gains significant market share as Nvidia's dominance wanes.

Base (35%)+60%

Etched executes well, raises at $10B, and achieves steady revenue growth. Exit at $10B yields 2x before dilution.

Bear (45%)-100%

Etched fails to commercialize or transformer architecture shifts, leading to exit below $800M. Common stock worthless.

Est. time to liquidity~2.5 years

Preference Stack Risk

high

Funding Intensity

16%

Total preferred $800M equals 16% of current valuation, creating a high preference overhang.

Dilution Risk

high

Likely additional rounds given $800M raised and pre-revenue status; recent reports of seeking $10-20B round confirm dilution.

Secondary Liquidity

none

No secondary market activity reported; no liquidity for employees.

Software — 24 roles

Architecture — 5 roles

Operations — 4 roles

GTM — 2 roles

Leadership — 1 role

View all 96 open roles at Etched →

Last updated: February 22, 2026

Questions to Ask at the Interview

Strategic questions based on Etched's data — designed to show you've done your homework.

  • 1

    “How does Etched plan to compete against Nvidia's ecosystem and software stack?”

  • 2

    “What is the expected timeline to generate meaningful revenue from the $1B contracts?”

  • 3

    “Given the capital intensity, what is the dilution risk for employees in future rounds?”

Community

Valuation Sentiment

Our model estimates +20% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.