AI chip and infrastructure startup Upscale AI is in talks to raise $180–200 million in a Series B at a $2 billion valuation, according to Bloomberg via TechCrunch. The company, which describes itself as pursuing a full-stack custom chip solution with open interconnect standards, has raised over $300 million across a $100 million seed (September 2025) and a $200 million Series A (January 2026) from Tiger Global, Xora Innovation, and Premji Invest—all before releasing a product. The round would give Upscale AI a valuation equal to its total capital raised with nothing yet shipped.