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AI chip startup Groq targets $6 billion valuation in new funding round amid Saudi deal

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U.S.-based semiconductor startup Groq is in talks with investors to raise between $300 million and $500 million, aiming for a post-investment valuation of $6 billion, according to a report by The Information on Wednesday citing sources familiar with the matter.

The funding is intended to support Groq’s recently announced agreement with Saudi Arabia, which includes a $1.5 billion commitment secured in February to expand the delivery of Groq’s advanced AI chips to the kingdom.

Groq has indicated to investors that these contracts with Saudi Arabia could generate approximately $500 million in revenue in 2025, underscoring the significance of the deal in its growth trajectory.

The Silicon Valley-based company, known for manufacturing AI inference chips designed to optimize speed and efficiently execute commands from pre-trained models, has not yet responded to requests for comment.

In its previous financing round last August, Groq raised $640 million in a Series D round led by Cisco Investments, Samsung Catalyst Fund, and BlackRock Private Equity Partners, which valued the company at $2.8 billion.

Applied Intuition Surges to $15 Billion Valuation After $600 Million Investment Boost

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Applied Intuition, a leading autonomous vehicle software firm, has secured $600 million in a new funding round and tender offer, doubling its valuation to $15 billion, underscoring a renewed investor confidence in the self-driving vehicle sector.

The round was co-led by BlackRock-managed funds and Kleiner Perkins, with additional support from Franklin Templeton and the Qatar Investment Authority. The funding marks a significant jump from the startup’s previous valuation of $6 billion in March 2023, which included backing from Porsche—its first investment from an automaker.

Founded in 2017 and based in Mountain View, California, Applied Intuition develops software platforms for autonomous systems used in vehicles, defense, and logistics. The company counts major automotive brands like Toyota and Volkswagen among its customers.

CEO Qasar Younis stated the funds would fuel expanded investments in intelligent mobility technology, aiming to integrate autonomous capabilities into a wide range of vehicles and machinery.

Applied Intuition’s rise comes amid a broader resurgence of investor interest in autonomous driving, bolstered by expectations of regulatory easing under the Trump administration, including potential exemptions from certain safety standards.

Last week, the company also announced a new partnership with OpenAI, aimed at embedding generative AI into driving experiences to create more personalized vehicle behavior.

Trump Media Files for Bitcoin and Ethereum ETF Amid Crowded Crypto Market

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Trump Media & Technology Group, the parent company of Truth Social, has filed with the U.S. Securities and Exchange Commission (SEC) to launch a new exchange-traded fund (ETF) that would invest in both bitcoin and ethereum, the two largest cryptocurrencies by market value.

This marks the company’s second crypto ETF filing in under two weeks, following an earlier bid to launch the Truth Social Bitcoin ETF. If approved, the new Truth Social Bitcoin & Ethereum ETF would enter a highly competitive space already led by financial giants like BlackRock, whose iShares Bitcoin ETF manages $72.5 billion in assets.

ETF analysts say new entrants will struggle to compete without a clear edge. “The only way to stand out will be through fees or brand,” said Bryan Armour of Morningstar. Trump Media has not yet disclosed management fees for either ETF, though competitors typically charge around 0.12%.

The proposed bitcoin and ethereum ETF would initially maintain a 3:1 ratio in favor of bitcoin, according to the issuer Yorkville America Digital. This allocation strategy may help attract retail crypto enthusiasts, especially those aligned with the Truth Social platform.

Sui Chung, CEO of CF Benchmarks, said the move may be less about innovation and more about leveraging brand loyalty: “Given Truth Social’s involvement, it may be marketed directly to individual investors—just like how some people buy Apple stock because they love their iPhones.”

If approved, the ETFs could appeal to politically engaged investors and retail traders loyal to former President Donald Trump, further blending political branding with financial products in the digital asset space.