SU

Silicon · Practice squad · Independent

Substrate

Startup building an X-ray lithography system to rival ASML.

49OVRProspectDraft · rated on 4 of 6

Ratings

Substrate raised a $100m Series A at a valuation above $1bn in Oct 2025 and targets production in 2028, with no revenue and claims unproven at scale.

  • Dominance42draft

    Pre-revenue, with production targeted for 2028 and claims unproven at scale.

    sourced app.dealroom.co
  • Momentumunrated

    The Atlas gives no growth figure and no stated direction for this company.

  • Leverage50draft

    The Atlas states no company that depends on Substrate.

    sourced app.dealroom.co

    Network base 50, judgment +0.

  • Durability46draft

    It has no revenue and still needs a working tool at commercial scale.

    sourced app.dealroom.co
  • Firepower66draft

    Raised a $100m Series A at a valuation above $1bn in Oct 2025.

    sourced app.dealroom.co
  • Deal Heatunrated

    The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.

DOM 42MOM –LEV 50DUR 46FIRE 66HEAT –

Key figures

From the Atlas key figure: $100m Series A at a valuation above $1bn, Oct 2025. Targets production in 2028. Claims unproven at scale. Source: app.dealroom.co.

Profile

Startup building an X-ray lithography system to rival ASML.

Silicon · Chip equipment · Practice squad

Key figure $100m Series A at a valuation above $1bn, Oct 2025. Targets production in 2028. Claims unproven at scale.

Why it matters Replaces the light source of lithography with a compact particle accelerator that writes patterns with X-rays.

What could change it A working tool at commercial scale. It has no revenue and the founders have no prior chip background.

sourced app.dealroom.co

Connections

Rivals

See Substrate and its connections on the map →

Sector standing

No. 32 of 32 rated in Silicon

  1. 28Tenstorrent57
  2. 29Etched53
  3. 30Rapidus52
  4. 31Intel Foundry51
  5. 32Substrate49

Ratings by Claude (draft), 2026-11-02, read from the Atlas data under the ratings rubric.