Eliyan Weighs Takeover Interest at Potential $3 Billion Valuation

Eliyan is weighing strategic options after receiving at least one takeover bid, with potential deal discussions placing the Santa Clara, California, chiplet startup’s target valuation near $3 billion.

The potential valuation is not an agreed purchase price, and no bidder or transaction terms have been identified. Eliyan has worked with an investment bank since summer to assess its options.

Arm held preliminary discussions about acquiring Eliyan but did not submit a bid. Eliyan and Arm declined to comment.

Eliyan raised $145 million in a Series C financing that closed July 29, 2026, at a $1 billion valuation. Seligman Ventures led the round, which included Cisco Investments and Lumentum.

The potential valuation would represent a major increase from the financing valuation. The July funding is intended to support product development, ecosystem partnerships and manufacturing scale-up as Eliyan moves toward commercialization.

Eliyan develops NuLink PHYs and NuGear chiplets for die-to-die, chip-to-chip and rack-to-rack connectivity in artificial-intelligence and high-performance-computing systems. The products are designed to move data among chiplets, processors, memory and networking components.

The company says its technology is silicon-proven on advanced manufacturing nodes, including 3-nanometer processes, and that it holds more than 100 patents. Founded in 2021, Eliyan has raised more than $250 million across multiple financing rounds.

Eliyan announced $50 million in strategic investments on Jan. 28, 2026, from AMD, Arm, Coherent and Meta. Samsung Catalyst Fund and Intel Capital also continued participating in the company’s financing. Arm separately disclosed a $5 million investment in Eliyan for the fiscal year ended March 31, 2026.

“AI infrastructure is undergoing one of the largest architectural transitions in computing history,” Eliyan CEO and co-founder Ramin Farjadrad said.

“The evolution of AI systems increasingly depends on scalable, energy-efficient architectures and strong ecosystem collaboration,” Arm Executive Vice President of Cloud AI Mohamed Awad said.

The next step for Eliyan is continued product development and manufacturing scale-up while it evaluates strategic options. No acquisition has been announced.