American chipmaking startup founded by James Proud, a London-born entrepreneur and former acolyte of Peter Thiel. Unveiled in October 2025, the firm aims to create a chipmaking machine in America using advanced X-ray lithography, in an effort to revive American semiconductor production and take on ASML, the Dutch firm that is the sole supplier of the extreme-ultraviolet lithography machines used in advanced chipmaking.
Substrate has raised $100m at a valuation of $1bn, backed by venture-capital firms including Thiel's Founders Fund. It hopes eventually to support chipmaking foundries across America, reducing the country's vulnerability to a Chinese invasion of Taiwan. "Most believe we will fail. But this is important enough to do," says Mr Proud.
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