Unusually volatile valuation path: $5.1B peak (2021) down to ~$2.4B in a Feb 2026 down round, then rebounding to $11B five months later -- reflecting swings in AI-chip investor sentiment amid competition from Nvidia, Cerebras, and Groq. The July 2026 Series F was explicitly announced as a 'first close'; CEO Rodrigo Liang told TechCrunch a second close was expected 'in the next few weeks,' but no subsequent report confirms it completed, gave a final total raised, or a revised valuation as of Sept 2026 -- treat the round as still officially first-close pending fresher reporting. No S-1 filed; Liang has said on CNBC he is 'strongly considering' an IPO, most likely in the US, in roughly the next 12 months from mid-2026.
| Round | Date | Valuation | Lead |
|---|---|---|---|
| Series D | 2021-04-13 | $5.1B | SoftBank Vision Fund 2 |
| Series E | 2026-02-01 | $2.4B-53% | Co-led by Vista Equity Partners and Cambium Capital (Intel Capital a significant participant) |
| Series F (first close) | 2026-07-08 | $11.0B+358% | General Atlantic (sole lead; Vista Equity Partners, Cambium Capital, and Intel Capital also participated) |
No upcoming rounds currently reported.
| Status | S-1 Not Filed |
|---|---|
| Timing | ~2027 (roughly 12 months out from mid-2026, per CEO) |
| Notes | CEO Rodrigo Liang: 'strongly considering' an IPO, most likely in the US. |
| Source | CNBC, Jun 5 2026 and Jul 8 2026 |
These are cited news signals only, not a PrePost prediction — year/valuation forecasting is on the roadmap but not live yet.
Transparent, formula-based composite (not machine-learned) of five signals: raise velocity, round acceleration, secondary premium/discount vs. the last primary round, up-round streak, and freshness of the last known mark.