Source Foundry

Source Foundry is a stealth semiconductor equipment company developing a new paradigm for chip manufacturing, with a focus on advanced lithography and upstream fabrication processes for AI chips. Founded in 2025 by Stanford researchers Abdulmalik Obaid and Joe Burg and headquartered in Stanford, California, the company aims to make chip production simpler, cheaper, and faster by leveraging alternative physics and more efficient tooling. Source Foundry has been described as a potential challenger to ASML in advanced semiconductor manufacturing equipment. In 2025, the company reportedly raised $400 million from Leopold Aschenbrenner's Situational Awareness fund at a $5 billion valuation, with additional backing from Sequoia Capital.