Upscale AI, an AI infrastructure company, is reportedly in talks to raise its third funding round, aiming for $180 million to $200 million, which would value the company at approximately $2 billion. This follows a $200 million Series A in January and a $100 million seed round in September, despite the company not yet releasing a product. Upscale AI focuses on building custom chips and infrastructure for scalable AI.
Upscale AI’s fundraising pace shows how quickly capital is still flowing into AI infrastructure, even before a product ships. The company has already completed a $100 million seed round, a $200 million Series A, and is now seeking up to $200 million more, which points to investor appetite for full-stack chip and infrastructure bets. That matters for the broader AI stack because Upscale AI is explicitly building around custom chips and open standards. The next concrete signal to watch is whether the company closes this round at the reported $2 billion valuation and whether it finally releases a product.
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