Coatue Management, led by Philippe Laffont, is in preliminary discussions with MatX to create a multibillion-dollar joint venture that would finance large chip purchases and help the startup scale its hardware. Neither party has publicly confirmed the arrangement. Founded in 2023 by former Google engineers Reiner Pope and Mike Gunter, MatX is developing silicon optimized for large language model workloads rather than a general-purpose GPU. Its MatX One chip is slated for volume production in 2027. MatX has raised roughly $605 million, including a $500 million Series B completed in February 2026, and is reportedly seeking additional funding at an estimated $4 billion valuation. Anthropic reportedly considered acquiring MatX for about $7 billion before exploring a partnership instead. The proposed joint venture could help MatX secure foundry capacity, wafers and inventory, but it faces production, yield and software-ecosystem risks as Nvidia, AMD, hyperscalers and other chip startups compete in the market.