MatX, an AI chip startup aiming to develop processors 10 times more efficient than Nvidia's GPUs for training large language models, has secured $500 million in a Series B funding round. The investment was led by Jane Street and Situational Awareness, an investment fund formed by former OpenAI researcher Leopold Aschenbrenner, with participation from Marvell Technology, Spark Capital, and Stripe co-founders. This capital will fund chip production with TSMC, with plans to begin shipping in 2027.