How to invest in SambaNova Systems stock pre-IPO
The AI market has exploded in recent years3, but the sector isn't just limited to the biggest names like OpenAI and Nvidia. Plenty of smaller yet still unicorn-status AI startups have also emerged, such as SambaNova Systems.
SambaNova makes custom chips designed specifically for AI inference and it operates in segments that overlap with chipmaker companies such as Nvidia, but the difference is that SambaNova does not sell individual AI chips. Instead, it sells an integrated AI platform across hardware, software, networking, and models.4 This AI platform can be deployed either in the cloud, on-premise or using a hybrid approach.5
Even before ChatGPT came out in 20226 and Nvidia's stock took off,7 SambaNova was quickly rising. From its founding in 2017 to its Series D in 2021, SambaNova hit a peak primary funding round valuation above $5 billion.8 However, not every AI company's stock chart goes up and to the right indefinitely.
In October 2025, after struggling to raise new funding, SambaNova explored a sale, according to The Information. BlackRock also marked down its SambaNova holdings to a $2.4 billion valuation.9
In December, Wired reported that Intel signed a non-binding term sheet,10 and Bloomberg reported that the deal would be for $1.6 billion.11
Still, the details might end up changing, if Intel is able to finalize the acquisition at all. Meanwhile, interested investors may be able to identify potential trading interest in SambaNova shares on private marketplaces like Forge while it remains private, subject to availability and eligibility requirements.
Unaccredited investors may also be able to get indirect exposure through other assets — even before waiting for a potential Intel acquisition — as we'll examine in this article.
SambaNova Systems: Company background
SambaNova was founded in 2017 in Silicon Valley12 by Rodrigo Liang, Kunle Olukotun, and Christopher Ré.13
Liang, the CEO, has a background in semiconductor engineering and has worked at companies like Sun Microsystems and Oracle.14 Olukotun and Ré are Stanford professors. Olukotun is considered a pioneer in chip multiprocessor design, and he previously founded Afara Websystems, designing multi-core processors that today power Oracle's SPARC-based servers.15 Ré is a computer science professor with a background in machine learning and database research.16
In 2024, Lip-Bu Tan joined as executive chairman. Tan founded the investment firm Walden International, which is an investor in SambaNova.17 In March 2025, Tan became CEO at Intel,18 which is now pursuing an acquisition of SambaNova.
SambaNova stock and funding history
Forge Data as of 03/04/2026
SambaNova has raised over $1 billion since its founding, starting with a 2017 seed round that Walden International invested in. This round raised $4 million at an implied stock price of $0.79 and an $18 million valuation.19
In 2018, the SambaNova Systems Series A raised $56.6 million, with its stock price jumping to $6.51 and its valuation to about $211.6 million. This round included investment from Walden International, GV, Atlantic Bridge Ventures, and Redline Capital.20
The following year, in 2019, the SambaNova Series B raised $141.6 million, which more than quadrupled its valuation to about $883.3 million and its stock price rose to $22.07. This round included Intel Capital, along with the aforementioned Series A investors.21
In 2020, BlackRock and WRVI Capital joined some existing investors for SambaNova's Series C, which raised $208.1 million at a $53.24 stock price and brought its valuation all the way to $2.5 billion.22
A little over a year later, in 2021, SambaNova then more than doubled its valuation to $5.1 billion with its Series D, which brought in $676 million at a stock price of $95.02. This round brought in new investors SoftBank, Temasek and GIC, alongside several existing investors.23
That was the company's most recent primary funding round, but SambaNova's Forge Price has fluctuated over time, including periods of decline in the years since. In late 2022, SambaNova's Forge Price was $60, implying a $3.22 billion valuation. That fell to $16.73 in mid-2023, implying a valuation of $899.22 million. While it recovered somewhat to reach $45.24 in early 2025 — a $2.4 billion valuation — it has since fallen again to $30.99 in late February 2026, implying a $2.24 billion valuation.24
Forge Data as of 03/04/2026
Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information and secondary market transactions on Forge.
How to buy SambaNova stock
If a sale to Intel goes through, then Intel, as a publicly traded company,25 would be open to essentially any investor. However, as a private company, at least for now, SambaNova's stock is not for sale to the general public. Still, accredited investors may be able to buy SambaNova stock through Forge's next-generation marketplace for private market trades, subject to availability.
Forge's technology and relationships can help facilitate the trading of private company shares in companies like SambaNova, along with other private market tech companies, when shares are available from willing buyers and sellers.
For indirect exposure, investors meeting accreditation requirements could also explore other alternatives such as looking at private market shares in other types of data/AI companies like:
- Dataminr: Focuses on real-time event and risk detection
- SandboxAQ: Uses large quantitative models (LQMs) instead of LLMs to try to tackle problems in scientific contexts like healthcare and cybersecurity
- DataRobot: Provides a platform for implementing enterprise AI, such as for building and managing AI agents
- ThoughtSpot: Offers an AI-powered alternative to traditional business intelligence (BI) tools
Who can invest in SambaNova Systems pre-IPO?
Investment in a non-public company like SambaNova Systems is typically limited to accredited investors, due to U.S. regulations that generally restrict the offer and sale of private company securities to such investors.
Some accredited investors, such as VC funds and certain high-net-worth individuals, may be able to invest in SambaNova if selected to participate in primary funding rounds or strategic investment partnerships. Smaller accredited investors may be able to buy SambaNova stock through a private stock marketplace like Forge, subject to the availability of shares.
Granted, if Intel completes its acquisition of SambaNova, then the general public could buy Intel stock through essentially any brokerage, as Intel is publicly traded. Similarly, if SambaNova were to pursue and complete an initial public offering (IPO), its shares would become publicly traded and broadly accessible to investors.
Where to buy pre-IPO SambaNova Stock
While pre-IPO SambaNova stock is not for sale to the general public, accredited investors may be able to find shares for sale through Forge's marketplace for private market trading.
Through Forge, you can access SambaNova's Forge Price, which provides real-time transparency by synthesizing data from various sources, including secondary market transactions, recent funding rounds and active bids and asks on Forge.
These contextual pricing insights are intended to provide private market investors with additional background when reviewing or negotiating an existing ask, or see if they would like to create a new bid for SambaNova shares.
Potential indirect exposure to SambaNova for non-accredited investors
While retail investors may be able to invest in SambaNova via Intel if an acquisition goes through, for now, direct pre-IPO investment in SambaNova is generally limited to accredited investors. However, there are publicly available investment options that may provide exposure to broader trends in the AI or broader tech sectors, which could, in turn, impact companies like SambaNova.
The following are general categories of publicly traded companies that operate in areas related to SambaNova Systems:
1. Publicly Traded AI Hardware Companies
There are several publicly traded chip and other hardware companies that serve the AI market, such as Nvidia, AMD, Intel, and Micron, to name a few. These companies may be structured a bit differently than SambaNova, such as some focusing mainly on hardware, while SambaNova's chips are sold as part of a full AI platform. Still, there can be some competition and overlap. It's possible that growth in the AI market overall may influence sentiment, although performance may differ depending on factors like how these companies fare in competing for customers, expanding product lines, and optimizing capital.
2. Publicly Traded AI Software Companies
Other options include AI software companies, such as Palantir Technologies, UiPath, or more diversified tech giants like Alphabet or Meta that have built their own LLMs. SambaNova supports Meta's Llama 4 models within SambaNova Cloud, for example.26 Yet here too, there's not always direct comparisons with SambaNova, as SambaNova combines different aspects of AI software, hardware, and models, but there could be some correlation based on how the AI market as a whole fares. Still, much depends on how these companies perform based on whatever market conditions and internal operational choices unfold.
3. Broader Tech Sector Funds
Retail investors may obtain broader technology exposure through ETFs or mutual funds that hold a range of companies in areas like AI, cloud computing, and other innovative areas like robotics and quantum computing. These funds might have varying degrees of overlap with SambaNova, so investors have to weigh what level of indirect exposure to SambaNova and AI in general that they want vs. more diversified tech exposure.
How to analyze SambaNova stock
Considering that private companies generally do not face the same disclosure requirements as public companies, analyzing SambaNova stock can be more challenging than analyzing a publicly traded stock.
Some third-party companies report estimated revenue, such as LeadIQ reporting that SambaNova's estimated annual revenue is $100-$250 million.27
Some market participants review estimated revenue figures alongside information about comparable AI companies (recognizing limitations in private company data). That, combined with reviewing SambaNova's valuation data across its funding rounds and its current Forge Price, may provide context for how SambaNova's stock compares to similar private companies listed on Forge's private stock marketplace.
In addition to looking at real-world market signals informing SambaNova's current Forge Price, investors can discover other available investments and review market interest signals in real time. Seeing how other AI companies are trading on Forge could help you determine what seems like a fair valuation for SambaNova. There also might be some parallels to draw with public market AI companies.
That said, data on SambaNova's financials is quite limited, even with real-time pricing insights on Forge. So, there can be more subjectivity involved in analyzing SambaNova stock, along with the valuations of other private market companies, compared with public market companies (while recognizing the limitations inherent in private market data).
Get started investing SambaNova on Forge
To explore the opportunity to invest in SambaNova Systems pre-IPO, if and when shares become available, start by creating a free Forge account. Forge operates a leading marketplace that seeks to connect accredited investors with shareholders of private company stock.
After verifying your accreditation, you may gain access to tools and insights intended to support your experience in the private market, including active private market opportunities and a platform experience designed for independent investors. If you're unfamiliar with the process, our buyer’s guide aims to offer a helpful starting point. And should you need additional support, Forge’s knowledgeable team is available to assist.
Sample of active market opportunities available on Forge marketplace as of 02/04/2026. Image displayed is for illustrative purposes only.
FAQs about investing in SambaNova
Where do I buy SambaNova stock?
For now, SambaNova remains a private company, so its stock is generally limited to accredited investors. If eligible, however, you may be able to buy and sell SambaNova stock through a private marketplace such as Forge.
Who can invest in SambaNova?
Typically, only accredited investors can invest in private market companies like SambaNova. This can include institutional investors such as VC firms that might participate in primary funding rounds, as well as high-net-worth individuals who may qualify to trade private market stocks in companies like SambaNova, subject to availability, through a secondary marketplace such as Forge. If Intel were to acquire SambaNova, exposure would come indirectly through this company, which is publicly traded.
Who are SambaNova's competitors?
SambaNova competes in various ways with several other AI companies such as Groq, Tenstorrent, Cerebras Systems, Nvidia, and AMD.
