Aug 17, 2026
AI hardware startup Etched raised $700 million at a $21 billion valuation in a round led by Jane Street, after the quantitative trading firm tested and purchased the company's systems. The valuation doubled from $10.3 billion just weeks earlier.
Quantitative trading firm Jane Street lost approximately $15 billion in July 2026, its largest monthly loss on record and first negative month since 2016. The firm subsequently executed a massive debt swap to manage the impact.
Etched, a company designing chips specifically for running AI models, has raised $800 million from investors including Jane Street and TSMC-linked VentureTech Alliance, while announcing it has secured over $1 billion in signed customer contracts.
Jane Street filed a motion to dismiss Terraform Labs' lawsuit alleging the trading firm used insider information during the $40 billion Terra/UST collapse. Jane Street argues the timing doesn't support the allegations and that the case rehashes events already settled in court.