Amp Raises $1.3 Billion to Build Shared AI Compute Grid

Amp, a Menlo Park startup founded by Anjney Midha, has raised $1.3 billion to build an AI grid that aims to make computing power more accessible, according to The New York Times. The company plans to acquire excess compute capacity from data centers in the United States and abroad and redistribute it to smaller organizations, universities, and startups that lack the resources to compete with larger technology firms.

Amp describes its approach as similar to an electrical grid, creating a shared pool of chips that coalition members can access. Founding members include France's Mistral, voice AI company ElevenLabs, and Germany's Black Forest Labs. The company targets a total capacity of 1.9 gigawatts within five years, with 200 megawatts expected to come online by the end of 2026.

The funding round includes contributions from venture capital firm Andreessen Horowitz and startup accelerator Y Combinator. Amp also plans to establish a public wealth fund to support communities affected by AI infrastructure expansion, pledging up to $500 million of profits toward the initiative by 2030.