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Las Vegas AI Cloud Startup TensorWave Secures $350 Million Series B, Setting Nevada Record
A record‑shattering $350 million Series B round has landed in Las Vegas, propelling TensorWave to a $1.55 billion valuation and cementing its place among America’s most valuable AI cloud startups. The funding, led by Magnetar Capital and AMD Ventures, was joined by Maverick Silicon, Nexus Venture Partners and Western Frontier.
TensorWave, which powers all of its artificial‑intelligence workloads on AMD GPUs, will use the new capital to grow its global AI infrastructure. The company plans to deploy AMD Instinct MI355X GPU clusters—designed for memory‑intensive tasks such as large‑language‑model training and generative‑AI applications—across three new data centers slated for construction over the next six to eight months. The round will also fund an expansion of the firm’s headquarters in Las Vegas.
According to Piotr Tomasik, TensorWave’s president and chief operating officer, the investment will “enable us to add three new data centers and scale our Las Vegas hub.” The company’s current footprint includes 8,192 AMD Instinct MI325X GPUs spread across operational facilities in Arizona, Florida and Pennsylvania.
TensorWave’s valuation jump is dramatic. The Series B valuation of $1.55 billion nearly quadruples the $400 million valuation that set a Nevada record when the company raised $100 million in a Series A round led by Magnetar and AMD in 2024. That earlier round also paved the way for TensorWave’s initial deployment of MI325X GPUs.
Founded in December 2023 by Tomasik, CEO Darrick Horton and chief growth officer Jeff Tatarchuk, the company’s early funding milestones are notable. A $43 million seed round closed in October 2024— the largest startup seed round in Nevada history—followed by a $2.2 million infusion from the state‑run accelerator StartUpNV less than a month after launch.
TensorWave’s focus on AMD hardware is part of a broader strategy to offer an “anti‑Nvidia” alternative for AI workloads. Tomasik explained that AMD’s GPUs excel at memory‑heavy tasks such as video processing and large‑context workloads, and that the goal is to give customers the best product for their needs rather than compete on brand. The Wall Street Journal has described TensorWave as an “anti‑Nvidia data‑center startup.”
In a statement released after the Series B announcement, Horton underscored the need for scalable compute in the next phase of AI. He said, “As models grow larger and workloads become more demanding, enterprises need infrastructure with the memory capacity, performance and flexibility to scale without being locked into a single ecosystem.” He added that the new investment would allow TensorWave to bring MI355X deployments to more customers and continue building an open, AMD‑powered foundation for production AI.
The company plans to double its workforce from roughly 160 employees to between 300 and 400 over the next year, expanding roles in engineering, infrastructure, operations, sales and customer success. Tomasik noted that the growth is a “proud achievement for Southern Nevada” and a contribution to diversifying the state’s economy.
Industry observers see the round as a sign of growing demand for AMD GPU compute in the AI sector. AMD’s Instinct line competes directly with Nvidia’s Tesla GPUs and Intel’s Xeon Phi, and the MI355X offers 256 GB of HBM3e memory and 6,400 GB/s bandwidth, making it well‑suited for large‑scale training.
TensorWave’s expansion will also involve equity contributions for GPU financing—a strategy that could help the company secure additional hardware at favorable terms. Leadership has indicated that the capital will be deployed quickly to meet the rising demand for AI infrastructure.
The Series B round marks the latest milestone in TensorWave’s rapid growth trajectory. With a valuation that now places it among the most valuable AI cloud startups in the United States, the company is poised to expand its footprint across North America and potentially beyond, while continuing to offer an AMD‑centric alternative to Nvidia‑dominated data‑center solutions.
The funding round also underscores the broader trend of venture capital interest in AI infrastructure providers that can deliver high‑performance compute without vendor lock‑in. As AI workloads become more demanding, companies that can scale memory and compute efficiently are likely to attract further investment.
In summary, TensorWave’s $350 million Series B round, led by Magnetar and AMD Ventures, sets a new Nevada record for a Series B investment and nearly quadruples the company’s valuation. The capital will fund the addition of new data centers, the deployment of next‑generation AMD Instinct GPUs, and significant hiring, positioning TensorWave to compete more aggressively in the AI cloud market.
TensorWave, which powers all of its artificial‑intelligence workloads on AMD GPUs, will use the new capital to grow its global AI infrastructure. The company plans to deploy AMD Instinct MI355X GPU clusters—designed for memory‑intensive tasks such as large‑language‑model training and generative‑AI applications—across three new data centers slated for construction over the next six to eight months. The round will also fund an expansion of the firm’s headquarters in Las Vegas.
According to Piotr Tomasik, TensorWave’s president and chief operating officer, the investment will “enable us to add three new data centers and scale our Las Vegas hub.” The company’s current footprint includes 8,192 AMD Instinct MI325X GPUs spread across operational facilities in Arizona, Florida and Pennsylvania.
TensorWave’s valuation jump is dramatic. The Series B valuation of $1.55 billion nearly quadruples the $400 million valuation that set a Nevada record when the company raised $100 million in a Series A round led by Magnetar and AMD in 2024. That earlier round also paved the way for TensorWave’s initial deployment of MI325X GPUs.
Founded in December 2023 by Tomasik, CEO Darrick Horton and chief growth officer Jeff Tatarchuk, the company’s early funding milestones are notable. A $43 million seed round closed in October 2024— the largest startup seed round in Nevada history—followed by a $2.2 million infusion from the state‑run accelerator StartUpNV less than a month after launch.
TensorWave’s focus on AMD hardware is part of a broader strategy to offer an “anti‑Nvidia” alternative for AI workloads. Tomasik explained that AMD’s GPUs excel at memory‑heavy tasks such as video processing and large‑context workloads, and that the goal is to give customers the best product for their needs rather than compete on brand. The Wall Street Journal has described TensorWave as an “anti‑Nvidia data‑center startup.”
In a statement released after the Series B announcement, Horton underscored the need for scalable compute in the next phase of AI. He said, “As models grow larger and workloads become more demanding, enterprises need infrastructure with the memory capacity, performance and flexibility to scale without being locked into a single ecosystem.” He added that the new investment would allow TensorWave to bring MI355X deployments to more customers and continue building an open, AMD‑powered foundation for production AI.
The company plans to double its workforce from roughly 160 employees to between 300 and 400 over the next year, expanding roles in engineering, infrastructure, operations, sales and customer success. Tomasik noted that the growth is a “proud achievement for Southern Nevada” and a contribution to diversifying the state’s economy.
Industry observers see the round as a sign of growing demand for AMD GPU compute in the AI sector. AMD’s Instinct line competes directly with Nvidia’s Tesla GPUs and Intel’s Xeon Phi, and the MI355X offers 256 GB of HBM3e memory and 6,400 GB/s bandwidth, making it well‑suited for large‑scale training.
TensorWave’s expansion will also involve equity contributions for GPU financing—a strategy that could help the company secure additional hardware at favorable terms. Leadership has indicated that the capital will be deployed quickly to meet the rising demand for AI infrastructure.
The Series B round marks the latest milestone in TensorWave’s rapid growth trajectory. With a valuation that now places it among the most valuable AI cloud startups in the United States, the company is poised to expand its footprint across North America and potentially beyond, while continuing to offer an AMD‑centric alternative to Nvidia‑dominated data‑center solutions.
The funding round also underscores the broader trend of venture capital interest in AI infrastructure providers that can deliver high‑performance compute without vendor lock‑in. As AI workloads become more demanding, companies that can scale memory and compute efficiently are likely to attract further investment.
In summary, TensorWave’s $350 million Series B round, led by Magnetar and AMD Ventures, sets a new Nevada record for a Series B investment and nearly quadruples the company’s valuation. The capital will fund the addition of new data centers, the deployment of next‑generation AMD Instinct GPUs, and significant hiring, positioning TensorWave to compete more aggressively in the AI cloud market.
