Mythic
Mythic builds analog compute-in-memory chips for low-power AI inference at the edge.
On the record
Checkpoint: Chiplet architecture tape-out, CEO's stated 2026 target for the company's core next-gen bet
The call
Mythic has real backers and old IP, but its whole case rests on a 2026 tape-out that has not happened yet, in a chip race NVIDIA already leads.
Mythic designs computer chips that run artificial intelligence tasks while using less power than traditional options, using a technology called analog computing stored inside memory. The company has real backing from Honda and Lockheed Martin and has raised $175 million, but their main product is still in development and hasn't been independently tested yet, while NVIDIA dominates 92 percent of the market and other startups like Cerebras and Groq are also racing to build similar chips. The one thing that matters most is whether Mythic can successfully release their next-generation chip design in 2026 and prove it actually works as well as they claim, because if regular digital chips become efficient enough on their own, companies might not need Mythic's approach at all.
Why
01
AI pressure: NVIDIA and Qualcomm's AI-assisted digital chip design roadmaps. AI tools now speed digital chip design too, letting rivals close the power-efficiency gap that analog memory compute is built on. Could AI do the core job? Only partly.
02
Bigger players: NVIDIA. NVIDIA holds most inference silicon share, just bought Groq for about $20B, and faces no technical block from entering analog compute in memory itself. Could a giant copy it? Yes, easily.
03
What protects it. Patented analog compute-in-memory IP plus strategic backing from Honda, Lockheed Martin, and SoftBank gives it cash and design-win access smaller rivals lack.
What would change this call
Mythic's chiplet tape-out occurs (or slips past 2026) with independent third-party benchmark results published. Confirms or undercuts the core analog compute-in-memory performance claims underlying the entire moat.
Honda program moves from joint development agreement to a named production SoC design win. Shows whether the strategic automotive anchor converts into locked-in revenue or stays speculative.
Mythic raises another round or faces a down round/layoffs before 2027. Indicates whether the post-2022 collapse pattern of cash depletion is repeating.
Honda program moves from joint development agreement to a named production SoC design win. Shows whether the strategic automotive anchor converts into locked-in revenue or stays speculative.
Mythic raises another round or faces a down round/layoffs before 2027. Indicates whether the post-2022 collapse pattern of cash depletion is repeating.
Key numbers
- $125M round closed, oversubscribed, Dec 17 2025
- Ran out of cash in 2022 after burning over $150M
- NVIDIA holds about 92% of discrete GPU inference share
Named risks
- Next-gen chiplet has not taped out as of 2026; entire architecture thesis depends on this single milestone.
- Company already collapsed once in late 2022 after burning over $150M, laying off most staff.
- NVIDIA holds ~92% inference GPU share and can acquire threats outright, as shown with Groq.
- Performance and revenue claims are vendor-stated with no independent third-party validation found.
- Crowded, well-funded rival field (Etched $10.3B, Cerebras IPO'd) competing for same capital and design wins.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| NVIDIA | losing to | ~92% discrete GPU inference share (mid-2025); acquired rival Groq for ~$20B, Dec 2025 |
| Etched | gaining on | Reached $10.3B valuation after $300M Series C, July 23 2026 |
| Cerebras | gaining on | Completed $5.6B IPO around May 2026, ahead of Mythic's own chiplet tape-out |
| Syntiant | contesting | Filed for US IPO around July 2026 reporting $64.5M revenue, competing in edge AI chips |
| Groq | losing to | Acquired by NVIDIA for ~$20B in Dec 2025, removing an independent inference-chip rival via consolidation |
Questions people ask
- Is Mythic profitable in 2026?
- No confirmed revenue figures exist. Mythic has disclosed no audited revenue; third-party estimates are unverified aggregator data. The company nearly collapsed in late 2022 after burning through over $150M, then restarted with a $13M bridge round in 2023, suggesting it is still pre-profitability as of 2026.
- Could AI replace Mythic?
- No, Mythic is itself an AI chip maker, not a services firm AI could automate. Its real risk is being out-competed by NVIDIA's ~92% inference GPU share (mid-2025) or by improving low-power digital chips that erode the case for its analog compute-in-memory approach.
- Who is Mythic's biggest competitor?
- NVIDIA, which held roughly 92% of discrete GPU inference market share as of mid-2025 and acquired rival Groq for about $20 billion in December 2025, showing it can absorb threats rather than be structurally blocked by analog compute-in-memory startups like Mythic.
- Who owns Mythic?
- Mythic is privately held and VC-backed. Its December 17, 2025 oversubscribed $125M round was led by DCVC with NEA, Atreides, Future Ventures, S3 Ventures, SoftBank, and strategic investors Honda Motor and Lockheed Martin, bringing cumulative outside funding to over $175M.
- Did Mythic raise new funding recently?
- Yes, Mythic closed an oversubscribed $125 million round on December 17, 2025, led by DCVC with participation from Honda Motor and Lockheed Martin as strategic investors, bringing total outside funding to more than $175 million since founding.
- What is Mythic's flagship product?
- The Analog Processing Unit (APU), a compute-in-memory chip storing AI model weights as analog signal levels in Flash memory. First-gen chips M1108 (35 TOPS, launched 2020) and M1076 (25 TOPS, launched 2021) preceded a next-gen chiplet architecture slated to tape out in 2026.
Timeline
- 2026-05-19Mythic acquires Videantis GmbH, adding European investor eCAPITAL and digital processor IP
- 2026-02-06Honda and Mythic announce joint development agreement for automotive AI SoC (>100,000 TOPS)
- 2025-12-17Mythic closes oversubscribed $125M round led by DCVC with Honda and Lockheed as strategic investors
- 2024Dr. Taner Ozcelik, ex-NVIDIA automotive GM, joins Mythic as CEO
- 2023Mythic raises $13M bridge round from Atreides, DCVC, Lux Capital, Catapult Ventures, Hermann Hauser
- 2022Mythic runs out of capital, lays off most staff, halts operations after raising over $150M
- 2021-05-19Mythic raises $70M Series C for mass production of M1108 chip
- 2012Mythic founded by Mike Henry and Dave Fick
Revision history
24 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Wellfound (formerly AngelList Talent)
- Mythic AI gets funding to mass-produce edge chips (2021-05-19)
- AI chip startup Mythic rises from the ashes with $13M, new CEO (2026-05-20)
- Mythic - Overview, News & Similar companies (2026-07-06)
- Mythic Rises from the Ashes with $125M Funding Round (2026-02-11)
- Compute-in-memory chip startup Mythic raises $125M round (2025-12-17)
- Mythic to Challenge AI's GPU Pantheon (2025-12-17)
- Videantis Acquisition Expands Hybrid AI Compute Platform (2026-05-20)
- $6.4M Est. ARR, $19.1M Valuation (2025-06-25)
- Mythic to Challenge AI's GPU Pantheon with 100x Energy Advantage and Oversubscribed $125M Raise (2025-12-17)
- Honda and Mythic Announce Joint Development (2026-02-06)
- Mythic Rises from the Ashes with $125M Funding Round (2026-02-11)