Hyperbolic Raises $30 Million From Lip-Bu Tan's Walden Catalyst to Pool GPU Capacity Across Hundreds of Cloud Providers
GPU marketplace and software company Hyperbolic said on October 27 that it raised a $30 million Series A1 led by Walden Catalyst, the venture firm founded by Intel CEO Lip-Bu Tan and Young Sohn, to build software that runs workloads across many GPU providers and a planned market for trading unused capacity. Business Insider reports that Hyperbolic has raised $50 million to date and that CEO Jasper Zhang is targeting $150 million in annual recurring revenue by year-end.
Hyperbolic's pitch, in its own words, is that the GPU shortage is partly a coordination problem: capacity sits idle across hundreds of providers while AI teams struggle to buy it, and the company has raised $30 million to stitch that capacity together.
The round and its backers#
Hyperbolic says its $30 million Series A1 was led by Walden Catalyst, the venture firm founded by Intel CEO Lip-Bu Tan and Young Sohn, a former Samsung Electronics corporate president and chief strategy officer. Dell Technologies Capital, General Catalyst, Vista Equity Partners, Cambium Capital and Salience Capital also took part, according to the company, and it lists Tan among its angel investors. Tan said in Hyperbolic's announcement that the value of adding hardware "depends on how effectively the capacity is put to work and made available to the teams that need it."
What it sells#
Hyperbolic says the GPU cloud market spans more than 300 providers with different hardware, networking and software, and that teams often pay for capacity that sits idle between workloads. It says Forge, its control plane, standardizes bare-metal GPU clusters from different providers behind one dashboard, alongside managed Kubernetes and inference services. The company says the new money will also go toward what it calls the first Global Compute Grid, where suppliers and customers could buy, sell and resell eligible GPU capacity, with planned spot instances and dynamic pricing. It says more than 250,000 AI builders use Hyperbolic, including teams at Modal, Higgsfield and Daytona.
The numbers Zhang gave Business Insider#
Business Insider reports that Hyperbolic works closely with about 30 neoclouds, including WhiteFiber and Vector Core Compute, and says it has roughly $200 million worth of compute connected to its software annually. Zhang told the publication the company is aiming for $150 million in annual recurring revenue by the end of the year and is already breaking even. Business Insider says Hyperbolic previously raised a $12 million Series A in 2024, led by Variant and Polychain Capital, after a $7 million seed round, and expects to have 50 employees by year-end. Zhang, a former quantitative researcher at Citadel Securities, told Business Insider that letting companies resell unused compute could help pave the way for a futures market.
Limits#
- Business Insider puts total funding at $50 million to date; the rounds it itemizes are $7 million, $12 million and $30 million, which add to $49 million. We present them separately and do not reconcile the difference.
- The $150 million ARR figure is a target, and the break-even and $200 million compute figures are the company's statements to Business Insider; none is audited.
- The Global Compute Grid and spot pricing are plans, not shipped products, according to Hyperbolic's own description.
- Neither source states a valuation or a headquarters location.