SiFive Raises $400M Series G, Eyes IPO With NVIDIA Backing

SiFive has raised $400M in an oversubscribed Series G led by Atreides, with NVIDIA and Apollo onboard, as the RISC-V chip firm targets a public listing.

SiFive, the Silicon Valley-based RISC-V semiconductor IP company, has officially closed a $400 million oversubscribed Series G funding round and, notably, its CEO has confirmed this is likely the company’s final private fundraise before heading toward an initial public offering (IPO).The announcement, made on April 9, 2026, positions SiFive as one of the most closely watched pre-IPO names in the global semiconductor space.

Contrary to early headlines, the round was not led by NVIDIA or Apollo. Instead, it was Atreides Management a Boston-based investment firm founded by Gavin Baker that spearheaded the financing.
The round, furthermore, was oversubscribed signalling strong institutional demand for SiFive’s RISC-V story at a time when the data center chip market is heating up considerably.

As a result of this round, SiFive’s valuation has climbed to $3.65 billion, a meaningful step up from its $2.5 billion valuation in 2022. That increase, in turn, reflects the growing market conviction around open-source chip architectures as viable alternatives to Arm-based designs.In other words, SiFive is not just building chips it is building the foundation for a full RISC-V data center platform.

Perhaps the most significant element of this round is what CEO Patrick Little told Reuters: this Series G is, in all likelihood, the company’s last private funding round before an IPO. No exchange or pricing timeline has been confirmed as of publication. Nevertheless, the statement itself functions as a clear signal to institutional investors.

To understand why this round attracted such a heavyweight group of backers, it helps to step back and look at the broader context. RISC-V, the open-source instruction set architecture originally developed at UC Berkeley, the same institution where SiFive’s founders built their careers has matured rapidly over the past five years.

Moreover, the current competitive dynamics in the data center chip market are unusually favourable for an independent RISC-V player. Arm recently launched a new data center CPU offering. NVIDIA is entering the CPU space for data centers. Intel, meanwhile, is reportedly facing demand it cannot fully service.

As Patrick Little put it, major customers have become comfortable with RISC-V after working alongside SiFive for nearly a decade. That maturity, combined with geopolitical pressure on chip supply chains, is driving enterprise and hyperscaler interest in architecture diversification.

SiFive operates on an IP licensing model much like Arm Holdings. Rather than fabricating chips itself, it designs and licenses processor IP to companies that then manufacture their own chips. This capital-light, high-margin business model is precisely what attracted public market investors to Arm’s IPO.

Disclaimer: This report is based on publicly available information. Nervnow has not independently verified any claims.

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