AsianFin -- Groq, a rising challenger to Nvidia in the AI chip space, is in advanced discussions to raise $600 million in fresh funding at a valuation approaching $6 billion, according to people familiar with the matter. The terms are not yet finalized and could still shift, the sources said.

The potential deal would mark a sharp jump from Groq’s last fundraising round in August 2024, when it secured $640 million at a $2.8 billion valuation. To date, the company has raised roughly $1 billion in total.