AI chip startup Positron is reportedly in discussions to secure $750 million in funding through two rounds, potentially elevating its valuation to $5 billion. The first funding round is expected to value the Reno-based company at $3.5 billion, with the second round pushing it to $5 billion. Founded in 2023, Positron has already raised $309 million, including a $230 million Series B round in February 2026, which valued it at over $1 billion. Positron, known for its energy-efficient AI chips, counts the Qatar Investment Authority and Arm Holdings among its investors. Its Atlas inference system, which boasts over 3.5 times the performance per watt compared to Nvidia on certain workloads, has been shipped to clients like Cloudflare. The company plans to introduce its next-generation chip, Asimov, by the end of 2026, with mass production slated for early 2027.