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Coatue is structuring a first-of-its-kind JV to finance chip component purchases and negotiate manufacturing capacity for Maddox, using its capital scale to help startups overcome TSMC allocation constraints that favor hyperscalers.

Jane Street is an early investor in Maddox, signaling proprietary trading firms are allocating capital to AI hardware startups addressing compute bottlenecks.

Maddox aims to build chips optimized for both training and inference, backed by Jane Street and Leopold Aschenbrenner's Situation Awareness, with Coatue discussing participation in a new round that could double its $4B valuation despite first silicon not arriving until 2027.

Edge's $21B valuation reflects intense investor appetite for Nvidia challengers, creating a aggressive comp for Maddox's upcoming fundraise.

SoftBank paying $6B for 1X (up from <$1B in Jan 2025) reflects Masa Son's conviction on physical AI as next frontier, but 1X has shipped few robots and generates little revenue, making it a high-risk bet.

Hugging Face's $150M revenue and 80x multiple reflect its role as the central distribution hub for open-weight models, which Nvidia values strategically to lock in chip demand rather than for standalone financial returns.

Nvidia is buying Hugging Face not for its $150M revenue but to own the strategic distribution layer for open-weight models, ensuring they run on Nvidia chips and reinforcing its hardware moat.