Together AI raised $800M in a Series C led by Aramco's Prosperity7 fund, joined by Nvidia, Vista Equity Partners, General Catalyst, Emergence Capital, March Capital, Pegatron Ventures, and Salesforce's S-Ventures, lifting its valuation to $8.3B from $3.3B five months ago. The company says annualized bookings have crossed $1.15B, with customers including Cursor, Cognition, and Decagon, and it has locked in more than 500MW of compute capacity to fund roughly 50x growth over five years.
Capital keeps flowing into the inference-serving layer at hyperscaler-like multiples, increasingly from strategic and sovereign money rather than pure venture funds, underwritten by multi-year power and compute commitments rather than current revenue. Nvidia's participation is notable in this round. This announcement comes on the heels of massive fundraises at the inference layer, including Baseten's recent Series F.
DriveNets launched two AI networking platforms — liquid-cooled 2600SL and air-cooled 2601S — built on Broadcom's newest Tomahawk 6 ASIC, delivering 102.4 TBps across 64 ports of 1.6Tbps. Shipping in Q3 to hyperscalers running clusters of hundreds of thousands of XPUs, the launch follows DriveNets' $410M Series D at an $8.5B valuation in June. CEO Ido Susan's framing is direct: an idle GPU waiting on the network is AI infrastructure's most expensive asset, positioning DriveNets against Cisco and Arista for the next fabric upgrade.
Oxmiq Labs, founded by former Intel chief architect Raja Koduri, raised a $35M Series A co-led by Samsung Catalyst Fund and Fundomo, with MediaTek, Intel Capital, and Pegatron Venture Capital also participating, bringing total funding to $60M. The company licenses OxCore, an IP block fusing a CUDA-compatible GPU engine, a tensor engine, and orchestration logic, letting cloud providers build custom AI silicon without running a full SoC program. Backing from Samsung, MediaTek, and Intel Capital signals foundry interest in an IP-licensing alternative to Nvidia's integrated stack.
French inference-chip startup VSORA added Ardian to its cap table in a new round alongside returning investor Otium, plus XAnge, NJJ Capital, Capgemini's ISAI Cap Venture, CloudHQ, and Germany's SPRIND agency. Proceeds fund manufacturing scale-up of Jotunn8, taped out in 2025, with a larger raise planned for 2027. A global infrastructure-PE firm the size of Ardian backing a European inference-chip challenger, rather than a pure venture round, reflects institutional appetite for chip-manufacturing scale-up bets outside the US-China axis.
Renesas closed the $3B sale of its timing and clock-chip business to SiTime on July 1, booking an estimated $2.7B gain on a deal first agreed in February. Shares rose 6.6% same-day — the market rewarding a legacy-line divestiture that funds AI-cycle capital allocation.
National Grid is investing $1.75B for a minority stake in Joulent, a power developer whose "Across-the-Meter" model builds dedicated generation — including a 2.67GW gas plant under a 20-year deal with Microsoft — directly adjacent to hyperscale campuses rather than through the standard utility interconnection queue. A regulated utility co-investing in off-grid, purpose-built generation is a concrete signal that power access, not chip supply, is now the binding constraint on AI datacenter timelines, and that utilities would rather own a piece of the workaround than lose the load.
No issue of The Compute 100 will go out; US markets close early ahead of the July 4th holiday. Publication resumes Monday, July 6.
SK Hynix's F-1/A registration statement, filed June 30, is set to take effect, opening institutional bookbuilding and the roadshow for its roughly $29B Nasdaq ADR offering — the largest US semiconductor listing on record if it prices as planned.