Etched is fielding new funding offers at $40B to $50B. These offers come just two months after its $700M raise at $21B. Bids are early and terms may still change. Etched declined to comment. The startup builds AI hardware systems with its own chips. It claims faster and cheaper processing than Nvidia. Jane Street led the last round and is a customer. Etched has $1B in customer orders. It operates a 10-megawatt data center in Silicon Valley. It also has a facility in Taiwan near TSMC. The figures come from sources familiar with the company.

• $40B to $50B valuation offers
• $700M last round at $21B valuation
• $1B in customer orders
• 3.5 years of runway