Las Vegas AI startup secures record $350M to expand data center footprint

A Las Vegas-based cloud computing startup has broken a record for the largest Series B funding secured in Nevada history.

TensorWave, the AMD-powered artificial intelligence cloud, has raised $350 million in Series B funding, led by Magnetar and AMD Ventures, with continued participation from Maverick Silicon, Nexus Venture Partners and Western Frontier.

The post-money valuation of $1.55 billion almost quadruples TensorWave’s value from last year, when it raised $100 million in a round led by Magnetar and AMD (Advanced Micro Devices) at a valuation of $400 million that broke a record for the largest Series A funding secured in Nevada history.

The new capital will support the expansion of TensorWave’s global AI infrastructure footprint, including the deployment of next-generation AMD Instinct MI355X GPU clusters designed for memory-intensive workloads such as large language model training and generative AI applications.

“We’re going to be using it for further expansion across the United States. Data centers. Also equity contributions for GPU financings,” Piotr Tomasik, TensorWave co-founder, president and COO, told the Review-Journal on Wednesday. “It’s a stepwise change for us, not only in valuation, but the amount that we raised.

“I think it signals that there’s a lot of demand for AMD GPU compute. And we have a lot of work to do to deploy the capital as quickly as we can.”

‘Proud to create company from Southern Nevada’

Tomasik, a UNLV graduate, said the company plans to add three data centers over the next six to eight months, but declined to specify locations. TensorWave currently has three operational data centers in Arizona, Florida and Pennsylvania.

TensorWave is continuing to invest in its Las Vegas company headquarters, located at Town Square, and plans to expand hiring across engineering, infrastructure, operations, sales and customer success roles. Tomasik said the company expects to double the number of employees over the next 12 months, from about 160 to between 300 and 400.

“I’m proud that we’re able to create a company like this from Southern Nevada,” he said. “It’s a really great thing for diversifying the economy and keeping the tech growing.”

The company previously raised the largest startup funding in Nevada history in October 2024, landing $43 million in seed funding. Less than a month after TensorWave was founded in December 2023 by Tomasik, CEO Darrick Horton and chief growth officer Jeff Tatarchuk, it received an infusion of $2.2 million from StartUpNV.

A GPU (Graphics Processing Unit) is a specialized chip that can process thousands of mathematical computations concurrently to accelerate training and running AI models.

What sets TensorWave apart is that it’s powered exclusively by AMD’s GPUs instead of the market leader Nvidia’s GPUs as part of its mission of “democratizing AI,” the company previously said. In fact, the Wall Street Journal has described TensorWave as an “anti-Nvidia data-center startup,” though Tomasik didn’t mention the company by name in an interview with the RJ.

“The idea was always to get the best product to our customers as possible and there’s different workloads that lend themselves to AMD better, like video workloads and large context workloads. Things that need a lot of memory,” he said. “So it wasn’t just a vengeance quest against anybody. It was just we really have a great product that people need to use to get their companies off the ground.”

TensorWave has expanded significantly following its Series A in May 2025. The company now operates one of the largest AMD-based AI training clusters in North America, with 8,192 AMD Instinct MI325X GPUs online, and is preparing larger MI355X deployments across several new data center regions in North America.

“The next phase of AI will be defined by who can access enough compute to move from experimentation to production,” Horton said in a statement. “As models grow larger and workloads become more demanding, enterprises need infrastructure with the memory capacity, performance and flexibility to scale without being locked into a single ecosystem.

“This investment allows TensorWave to bring AMD Instinct MI355X GPU deployments to more customers and continue building the open, AMD-powered foundation for production AI.”