SambaNova closes first tranche of $1B Series F at $11B valuation, adds JPMorganChase

SambaNova Systems has closed the first tranche of a $1 billion Series F round at an $11 billion post-money valuation, led by General Atlantic. The company also named JPMorganChase as a customer deploying its chips for on-premises AI inference.

The raise cements the AI chipmaker as one of the better-funded challengers to Nvidia in inference — the stage where trained models actually answer queries, as opposed to the training runs that built them. SambaNova is pitching itself to enterprises that want to run large models inside their own data centers rather than send data to a cloud.

General Atlantic led the round, with Seligman Ventures, T. Rowe Price Associates and Capital Group taking part, SambaNova said. A second close is expected in the coming weeks. The financing lands about five months after the company’s $350 million Series E in February 2026, which coincided with the unveiling of its SN50 chip.

JPMorganChase is deploying SambaNova’s SN40L and SN50 systems for secure, on-premises inference at the bank — a reference win in a regulated industry that tends to keep sensitive workloads off public clouds. SambaNova said the new capital will expand chip and systems manufacturing capacity, speed product development, and scale deployments for enterprises, neoclouds, sovereign-AI customers and service providers.

An $11 billion valuation is a marker of investor appetite, not of market share; SambaNova has not disclosed revenue, and the inference market it is chasing is crowded with Nvidia, cloud in-house silicon and other startups. The second close, and whether more banks follow JPMorganChase on-premises, will show whether the round reflects durable demand or momentum financing.