SambaNova Systems, the Palo Alto-based AI chip maker, is looking to raise up to $1 billion at a post-money valuation of $10 billion. That figure is roughly five times what the company was valued at just four months ago.

From $2B to $10B in four months

SambaNova closed its Series E round in February 2026, raising approximately $350 million. That round, led by Vista Equity Partners and Cambium Capital with Intel participating, implied a valuation somewhere between $2.2 billion and $4.8 billion.

Now, a few months later, the company is targeting a valuation that would blow past even the upper end of that range by more than double. It would also nearly double its previous all-time high valuation of $5.1 billion, which came after a $676 million Series D round in 2021 led by SoftBank Vision Fund 2.

The centerpiece of that story is the SN50 chip, which SambaNova has positioned squarely in the agentic AI inference market, competing not on training massive AI models from scratch but on the hardware needed to actually run those models once they’re built.

A rocky road to this moment

SambaNova’s trajectory has not been a clean upward line. The company went through acquisition talks with Intel that ultimately fell apart in 2025. For a startup that had once been valued at $5.1 billion, entertaining a buyout conversation suggests things weren’t exactly going according to plan.

The company then executed a strategic pivot, shifting its emphasis toward inference chips and away from broader ambitions.

What this means for the AI hardware race

If SambaNova successfully closes this round at $10 billion, it would rank among the most valuable private AI hardware companies in the world.

SambaNova is far from the only company chasing this opportunity. Groq, Cerebras, and a handful of other startups are all making the case that the inference market is big enough, and differentiated enough, to support multiple winners. A $10 billion valuation for SambaNova could serve as a benchmark for how investors price these companies going forward.

The gap between a $2.2 billion to $4.8 billion implied valuation in February and a $10 billion target now is enormous, and it assumes that either the February round dramatically underpriced the company or that something fundamental changed in the business during that window. Early-stage rounds with strategic investors like Intel often come with terms that compress headline valuations.