Oxide Computer Company has raised $445 million in a Series D funding round, money the company will use to secure components and expand manufacturing capacity for its rack-scale on-prem cloud systems.

Eclipse led the round. Existing investors — including the US Innovative Technology Fund (USIT), Riot Ventures and Jane Street — participated, alongside new investors Atreides Management and AMD Ventures.

What does the funding change?

Oxide says it reached profitability earlier this year and now faces a supply problem rather than a demand problem: customers want more systems than the company can produce. The Series D capital will fund component procurement, manufacturing expansion and service for both new and existing customers.

"The accelerating pace of on-prem cloud computing projects has required us to scale manufacturing capacity by 20x over the past 12 months, and yet demand still exceeds supply," said Steve Tuck, co-founder and CEO at Oxide. "We're well-capitalized, and hit an important profitability milestone earlier this year. This funding will allow us to aggressively invest in the materials and manufacturing scale our customers need for years to come."

Why is Eclipse backing the round?

Eclipse partner Seth Winterroth framed the investment around a shift in AI workloads, arguing that compute demand is moving from model inference toward execution of work — a pattern that favors CPU-based systems.

"The next infrastructure bottleneck is already taking shape. As AI shifts from generating answers to executing work, demand for CPU-based systems is accelerating dramatically," Winterroth said. "Oxide was built for this moment. Steve, Bryan, and the team saw years ago that enterprises would need cloud-scale computing they could own and control, and they built the full system to deliver it. Now they're scaling to meet a market that is moving faster than anyone anticipated."

What does Oxide build?

The company's core product is the Oxide Cloud Computer, a rack-scale integrated system that combines purpose-built hardware with open-source software. The design brings the architectural model of the hyperscale cloud — the kind operated by the largest public cloud providers — into an organization's own data center.

AMD has worked with Oxide across the company's hardware and software stack, a relationship that extends to the new round through AMD Ventures' participation.

Known customers of the Oxide Cloud Computer include:

• CoreSite
• Lawrence Livermore National Laboratory
• Switch

How did the company get here?

Oxide launched in 2019 and announced its on-prem cloud computing rack system in November 2023. The Series D continues a rapid fundraising cadence. The company previously secured $200 million in a funding round in February 2026, and before that raised $100 million in its Series B.

With the $445 million Series D, Oxide has now raised at least $745 million across its three most recent rounds — capital the company intends to convert into materials and manufacturing capacity to close the gap between demand and supply.