The Pulse
Fractile filings show £577.4m Series C share issue
Companies House filings show Fractile allotted £577.4 million in Series C preferred shares between September and October 2026. The top-priced shares imply a value of about £3.84 billion for issued shares, but the company has not publicly co
AI.info Team · Written with AI · fact-checked ·
Fractile’s latest share allotments put its Series C financing at £577.4 million, according to an analysis of Companies House filings published on 30 October. The London AI inference-chip developer issued the preferred shares in several tranches from September into October. The company has not publicly confirmed the round, and the filings do not identify the investors.
Nine filings put the total at £577.4m
Companies House lists nine statements of capital following share allotments, filed on 15 and 28 October. They cover three new preferred share classes: Series C-1, C-2 and C-3. The allotments took place between 9 September and 23 October, according to The Cap Table’s count of the filings.
The updated tally is higher than the £540 million figure Sifted published a day earlier from filings. The Cap Table does not say why its count differs from Sifted’s. The Cap Table calculates the total from three classes with distinct issue prices and amounts.
Three classes carry three prices
The C-1 shares comprise 184,412 shares priced at £801.54 each, for £147.8 million. C-2 comprises 52,877 shares at £707.25 each, worth £37.4 million. The largest tranche, C-3, totals 270,045 shares at £1,452.35 each, or £392.2 million.
The company created the three share classes through resolutions dated 11 September and filed on 12 October. The lower C-1 and C-2 prices mean investors in those classes bought shares on different terms from C-3 investors. Neither the filing record nor the report names the investors or explains the pricing tiers.
The top share price implies £3.84bn
The C-3 price is 5.2 times the £278.37 per share recorded for Series B-1 shares issued on 15 May. Fractile’s May Series B was reported at $220 million. Applying the new C-3 price to the 2,644,736 shares in issue after the latest allotment gives an implied value of about £3.84 billion, based on The Cap Table’s calculation.
That figure is not a fully diluted valuation. It excludes unissued options and any shares still to be allotted, so it does not capture every potential shareholding. The three Series C classes make up 19.2% of currently issued shares, while ordinary shares account for 16.9%.
Funding does not establish that chips are shipping
Fractile, founded in 2022 by Walter Goodwin, is building chips and systems for AI inference—the stage when a trained model generates outputs. The company says it is focused on producing those outputs at high speed while handling large models and long contexts. Its website describes a chip-and-systems effort, not a completed commercial deployment.
The size and pricing of the share issue show investors are backing a company whose stated business is specialized AI hardware. They do not establish that Fractile has shipped production chips, disclose the round’s investors or confirm how the proceeds will be used. For now, the public record is a set of allotments, with the highest-priced class at £1,452.35 per share.