London chip designer Fractile has sold £577.4 million of new Series C shares, according to its own share-allotment returns at Companies House. On 11 November 2026, the UK government said the round values the company at over £5 billion.
The shares were allotted in tranches between 9 September and 23 October, across nine returns and three prices. The largest class, C-3, raised £392.2 million at £1,452.35 a share. C-1 raised £147.8 million at £801.54, and C-2 raised £37.4 million at £707.25. Add them up: £392.2m + £147.8m + £37.4m = £577.4 million.
The press numbers are rounder. The Financial Times put the raise at $720 million and the valuation at $7 billion, as The Next Web reported, up from roughly $1 billion when Fractile raised a $220 million Series B in May. As of 12 November, the company hadn’t confirmed either figure. Thrive Capital, Founders Fund, Lightspeed and Redpoint led, with CapitalG, DST Global, BlackRock, Bain Capital Ventures, T. Rowe Price, Shopify Ventures and Balderton also in.
Two of the new shareholders are state-backed: the Sovereign AI Venture Fund and the British Business Bank. The government won’t say how much they put in, though its own notes put typical Sovereign AI equity checks at £1 million to £10 million.
Fractile hasn’t released a commercial chip, and its first is due in 2027. Bloomberg reported in August that Anthropic, the company behind Claude, had struck an initial deal for about $250 million of those chips. The incumbent is Nvidia, the Santa Clara GPU maker, which launched its own inference chip in March 2026.
