The U.S.-backed chip startup xLight is negotiating to raise $350 million, with Boardman Bay Capital Management and Bain Capital expected to lead the round. The U.S. government has invested $150 million in xLight through the CHIPS and Science Act, bringing xLight’s total funding to approximately $200 million. Former Intel CEO Pat Gelsinger serves as executive chairman of xLight, and his firm, Playground Global, invested in xLight in 2025. xLight plans to lobby ASML, TSMC, Intel, and Micron Technology to participate in this financing round, aiming to develop alternative EUV lithography technologies. ASML CEO Christophe Fouquet revealed that ASML is collaborating with xLight on technology demonstrations. xLight intends to build its first prototype site in Albany, New York, and has signed a non-binding project financing agreement worth $4.2 billion with lenders. Substrate is also developing X-ray lithography technology, directly competing with ASML.
U.S.-backed chip startup xLight aims to raise $350 million for an EUV alternative
AiCoinShare
Summary
U.S.-government-backed chip startup xLight is seeking $350 million in new funding, with potential government crypto regulation influencing its strategy. Boardman Bay and Bain Capital are expected to lead the investment round. The U.S. has already contributed $150 million through the CHIPS and Science Act, bringing xLight’s total funding to $200 million. Playground Global, led by former Intel CEO Pat Gelsinger, invested in 2025. xLight aims to encourage ASML, TSMC, Intel, and Micron to join the funding effort to develop an alternative to EUV lithography. ASML CEO Christophe Fouquet confirmed collaboration on a technology demonstration. xLight will build its first prototype in Albany, New York, and has signed a $4.2 billion non-binding financing agreement. Substrate is also accelerating development of X-ray lithography, challenging ASML in a key sector where global crypto policy may play an emerging role.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.