Etched’s valuation doubles to $21B in a month

Etched on Tuesday announced that it has raised another $700 million at a $21 billion valuation, led by Jane Street after the famed quant fund tested and bought the startup’s AI hardware. Even by AI standards, this valuation step-up is jaw-droppingly fast. Etched was valued at $5 billion in December. It raised a $300 million Series C at a $10.3 billion valuation in July . Now investors have doubled its valuation to $21 billion, up nearly $11 billion, in a month.