The brief

Analyst view

• Uses particle accelerators to generate X-rays for lithography at 2nm and below, without ASML's EUV infrastructure constraints.
• October 2025: emerged from stealth with $100M Series A, shifted from selling tools to building its own US foundries.
• Unicorn at $1B+ pre-revenue; building production-quality lithography tools and planning US fab construction.

Technical approach

As reported

Light source

Particle accelerator

Radio-frequency cavity accelerator generates X-rays; accelerating electrons and capturing their energy as high-intensity light for lithography.

Advantages over EUV

Simpler process, single exposure

Single-pass X-ray patterning reduces process complexity and costs versus EUV multi-patterning.

Vertical integration

Foundry business model

Building a vertically-integrated foundry in the US rather than selling tools, controlling the full stack from light source to wafer production.