Rivos and Nvidia-Backed Lambda Pursue Funding at Multi-Billion Valuations

Two emerging semiconductor companies are courting fresh capital at multi-billion-dollar valuations as investors look for challengers to Nvidia’s dominance in artificial-intelligence hardware. Rivos, a startup backed by Intel board chair Lip-Bu Tan, is seeking to raise between $400 million and $500 million at a valuation topping $2 billion, according to people familiar with the matter. The company is developing a graphics processing unit aimed at AI inference workloads and targets a commercial release as early as 2026. Separately, cloud-infrastructure firm Lambda, which counts Nvidia among its investors, is in discussions to secure several hundred million dollars in new funding that would value it between $4 billion and $5 billion, the people said. The round would precede a potential initial public offering that Lambda is considering for as soon as the end of 2025.