Substrate
PrivateLast Round
Early Funding
Oct 29, 2025
Est. Valuation
$1B
Total Funding Raised
$100M
Company Overview
Substrate operates in Frontier & Industrial Tech and is based in San Francisco, California. Its latest recorded funding round was an Early Funding round in October 2025.
Substrate is a semiconductor company that develops advanced X-ray lithography systems and vertically integrated foundry services to manufacture next-generation AI chips.
Sector
Frontier & Industrial Tech
Verticals
Semiconductors, Smart Manufacturing
Business Model
B2B
Customer Profile
Services & Consulting
AI Layer
Non-AI
Historical Pricing
Historical view of private secondary pricing and transaction trends.
Substrate Comparables
Compare Substrate with similar companies based on industry and business-model similarity.
| Company | Similarity | Market Cap |
|---|---|---|
| Source Foundry | 86% | |
| Lace Lithography | 85% | |
| Inversion Semiconductor | 82% |
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Substrate Funding Rounds
Historical fundraising activity
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Key People
Founding team and executive leadership
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Substrate Investors
Notable investors and investment history
| Investor | Rounds |
|---|---|
| Allen & Company | Early Funding |
| Founders Fund | Early Funding |
| General Catalyst | Early Funding |
| Long Journey Ventures | Early Funding |
| Valor Equity Partners | Early Funding |
| In-Q-Tel | Early Funding |
Market signals
Structured signals derived from secondary market and firmographic data.
- Jun 6, 2026
Grew 46% QoQ, from 13 to 19 employees.
- May 22, 2026
Grew 67% QoQ, from 12 to 20 employees.
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Recent news
Latest coverage and updates
- expands_facilitiesOct 16, 2026
Substrate expands its electronics facilities in Andhra Pradesh through a Rs 1,222 crore project that creates 5,075 jobs on Oct 16th '26.
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Substrate Filings
Explore SEC and related filing metadata, where available.
| Type | Date | Amount Offered | Amount Sold | Filing | Pages | Download |
|---|
Filing documents are not displayed on this public page. Request access to learn about available coverage.
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Frequently Asked Questions
Common questions about Substrate's valuation, stock price, and market status.
Is Substrate a public or private company?
Substrate is a private company.
What is the current stock price of Substrate?
Substrate is a private company, so its shares have no public market price. Caplight tracks Substrate's secondary market activity and provides MarketPrice™ estimates of its share price to Caplight users.
How much is Substrate worth (valuation)?
Substrate's valuation is estimated at $1.0B based on funding round data.
Can I buy Substrate stock?
Substrate shares may be available on secondary markets subject to transfer restrictions. Caplight facilitates secondary market transactions for accredited investors.
When was Substrate's last funding round?
Substrate's most recent funding round was Early Funding on October 29, 2025.
Who are the main investors in Substrate?
Key investors in Substrate include Allen & Company, Founders Fund, General Catalyst, Valor Equity Partners.
Will Substrate IPO soon?
No public IPO plans have been announced for Substrate.
How can I track Substrate secondary market activity?
Caplight tracks bids, offers, and trades in Substrate's shares on secondary markets.