Etched emerged from stealth today, announcing a working chip and over $1 billion in signed customer contracts, alongside a total of $800M raised across multiple unannounced financing rounds, the latest being $500 million in financing at a $5 billion post-money valuation in December. The company, based in San Jose, California, unveiled a rack-scale system built for both prefill and decode workloads. Etched achieved first-pass (A0) silicon success on TSMC's N4P process in under three years from seed funding and is now validating its first rack-scale product with customers. Their inference systems are running models including DeepSeek, Qwen, Mamba, and Llama. The company has stood up a Taiwan factory and built a data center, test house, and NPI prototyping lab at its San Jose headquarters, with a path to gigawatt-scale in 2027.