Oxide Computer raises $445 million Series D led by Eclipse

Oxide Computer Company said Friday it raised $445 million in a Series D led by Eclipse, adding working capital so the Emeryville hardware maker can buy components and expand manufacturing against a backlog that still outruns supply.

The round

Oxide's Oct. 9 company blog said Eclipse led a $445 million Series D. Existing investors US Innovative Technology Fund (USIT), Riot Ventures, and Jane Street took large pieces, with Friends and Family Capital and Counterpart also joining. New investors Atreides Management and AMD Ventures came onto the cap table; Oxide called AMD a strategic investor.

The same-day PR Newswire release matched the $445 million size and Eclipse lead, named the same existing and new investors, and framed the cash as working capital to secure components, raise manufacturing, and serve new and existing customers while demand exceeds production capacity.

SiliconANGLE independently reported the $445 million Series D led by Eclipse Capital, with AMD Ventures, Riot Ventures, Jane Street, Atreides Management, and USIT participating. The outlet said USIT led Oxide's prior $200 million raise in February. None of the three freezes disclosed a valuation.

Why Oxide says it needed the cash

On the company blog, Oxide said ordinary operations — selling computers — generated taxable income in the spring after components, manufacturing, salaries, and the rest of the business. That profitability milestone sits beside what the company called a very large order backlog: hardware makers must commit cash to parts and manufacturing well before finished racks reach customers.

Between prior equity, existing debt facilities, and cash from operations, Oxide said it could cover the current backlog but would have had to be cautious about taking more demand. The Series D, it said, lets the company satisfy that backlog, keep accepting new orders, expand manufacturing capacity, and keep investing for a long-lived independent company — language that builds on its earlier $200 million Series C de-risking message.

Demand and the product

In the PR Newswire release, co-founder and chief executive Steve Tuck said on-prem cloud projects forced Oxide to scale manufacturing capacity by 20 times over the past 12 months, and that demand still exceeds supply. SiliconANGLE repeated that quote and described Oxide's rack-scale computer: an integrated rack with purpose-built hardware and open-source software meant to bring hyperscale-style automation into a customer's own data center.

Co-founder and chief technology officer Bryan Cantrill, in the same release, said Oxide was founded in 2019 around the idea that organizations should own and operate their own compute without giving up cloud-style modernity. Eclipse partner Seth Winterroth said demand for CPU-based systems is accelerating as AI work shifts from generating answers toward executing work. Oxide did not name customers, publish a valuation, or set a public-listing timetable.