DeepX's $529M valuation from $80.5M round shows AI chip competition for foundry capacity, pressuring crypto mining hardware lead times.
South Korean AI chip startup DeepX completed an $80.5 million Series C round that set its post-money valuation at $529 million, roughly four times the previous valuation, Bloomberg reported. The company, which makes edge AI chips for robotics and on-device processing, has now raised about $103 million to $104 million in total funding.
DeepX targets mass production of its DX-V1 and DX-H1 chips by late 2024. The company is also developing next-generation on-device large language model technology that runs AI directly on hardware without cloud connectivity. A potential IPO around April 2026 has been discussed, though nothing is confirmed, Bloomberg said.
The funding round underscores a dynamic that matters for crypto hardware. AI chip orders compete for the same advanced foundry capacity at TSMC and Samsung that bitcoin mining ASICs use. When a non-crypto maker like DeepX sees its valuation quadruple on AI demand alone, it points to sustained pressure on semiconductor supply chains that mining rig manufacturers rely on.
Edge AI chips are the same category that several decentralized AI inference projects aim to use. If DeepX's IPO prices near its current private valuation, it would further validate the premium on specialized silicon and tighten the hardware economics for crypto infrastructure.
Nvidia, with an Alpha Score of 71, trades at $200.75, up 2.93% today. The AI chip leader's market cap has swelled past $3 trillion on the same demand wave.
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