The defense-technology company is evaluating capital options that could lift its valuation from $61 billion to about $100 billion, but it says no terms, structure, price or timing have been decided.
Bessemer led the Series B, bringing total funding to $153 million as the two-year-old company expands proprietary models and enterprise sales after reporting fourfold revenue growth since leaving stealth.
A $300 million Series C led by Sequoia values Etched at $10.3 billion, backed by $1 billion of booked orders, first client tests and a new 10-megawatt facility—but mass delivery remains the central risk.
