TensorWave raises $350M in Series B funding led by AMD and Magnetar Capital

TensorWave, a Las Vegas-based AI cloud provider built exclusively around AMD chips, has closed a $350 million Series B funding round. The round, co-led by AMD Ventures and Magnetar Capital, values the company at $1.55 billion, tripling its valuation from over a year ago. Other investors in the round include Maverick Silicon, Nexus Venture Partners, and Western Frontier, bringing total funding to $493 million since its founding in 2023. Founded by CEO Darrick Horton and co-founder Jeff Tatarchuk, TensorWave operates entirely on AMD’s Instinct GPU lineup, including the MI300X, MI325X, and MI355X series, which compete with Nvidia’s data center GPUs. The company has already deployed 8,192 MI325X GPUs across its infrastructure. The new funding will accelerate global data center expansion, particularly for memory-intensive AI workloads, leveraging AMD’s MI300X chips, which feature 192GB of HBM3 memory. TensorWave’s growth has been rapid, raising a $43 million seed round in October 2024 and a $100 million Series A in May 2025. In February 2026, it partnered with Credo, a networking technology company, to enhance reliability for large-scale GPU clusters. AMD’s direct investment through its venture arm underscores its strategic confidence in TensorWave as a key player in proving AMD’s silicon can compete in production AI workloads. The company’s focus on AMD’s Instinct GPUs challenges Nvidia’s dominance in AI infrastructure, appealing to cost-conscious AI teams. With the new funding, TensorWave aims to scale its capacity globally while reinforcing its position as an alternative to Nvidia’s ecosystem.