Wafer, An Inference Provider That Uses Non-Nvidia Chips, Lands Acquisition Offers and $200 Million-Plus Valuation

One-year-old inference provider Wafer raised a $40 million Series A co-led by Marathon Management Partners and Chemistry at a valuation above $200 million. Founded by Emilio Andere and Steven Arellano, it uses AI agents to optimize open-source models for specific workloads across Nvidia and AMD chips, with ambitions to support Google, SambaNova and Cerebras hardware. Wafer says it reached roughly $8 million annualized revenue in 12 weeks, runs at about 50% gross margin and rejected acquisition offers from larger inference and cloud providers.