Total reported by Applied Digital · December 2, 2025
AI infrastructure · Chip cooling
Corintis
Corintis designs microfluidic cooling for increasingly power-dense chips, connecting thermal simulation, cold-plate manufacturing and in-chip cooling research.
01 / EARLY-STAGE SCENARIO
Explore what would have to happen.
Use post-investment, fully diluted entry equity value. Ending equity value is after debt. 0 ending value models a total loss. Dilution means ownership lost, not the percentage of a financing round.
Starting reference: ~$400M on 2025-09-25. Approximate reported post-round valuation. Security rights and fully diluted denominator are unverified. Source ↗
Uses hypothetical pro-rata equity, your dilution and fee assumptions. It does not establish actual share rights.
ASSUMPTION SCENARIO · NOT A VERIFIED RETURN
CorintisEarly-stage equity sensitivity
Build a scenario before a public exit exists.
Enter the missing valuations or load the labeled example, then select Calculate.
This simplifies ownership to pro-rata equity. Preferred rights, SAFEs, option pools, conversion terms and actual investor eligibility are not established. Excludes taxes, recurring fund fees, distributions and liquidation preferences. No exit probability or investment recommendation is implied.
Formula, fee treatment & limits
Invested amount = cash outlay × (1 − upfront fee). Gross value = invested amount ÷ entry equity value × (1 − cumulative dilution) × ending equity value. Carry = max(gross value − original cash outlay, 0) × carry rate. Net value = gross value − carry.
Carry here is charged only after recovering the original cash outlay, including the upfront fee. Real fund waterfalls can differ. No share price is inferred from a funding amount or company valuation. Dollar values are rounded only for display; no dates or annualized return are inferred.
AI INFRASTRUCTURE / COMPANY RESEARCH
Could chip cooling produce the next unicorn?
Reviewed Oct 1, 2026 · Dated public evidence; no live private-market quote.
Reuters source report after September 2025 Series A; not a current quote.
- Origins
- EPFL research spinout · Lausanne, Switzerland
- Founders
- Remco van Erp, Sam Harrison and Elison Matioli
What the company is building
Glacierware + Therminator
Design software, microfluidic cold plates and chip-emulation hardware address different parts of thermal development.
Company announcement ↗10,000+ systems
Company-reported output by September 2025, not a count of paid customers or a 2026 production forecast.
Company announcement ↗Up to 3× heat removal
Microsoft reported lab tests versus cold plates and up to 65% lower maximum silicon temperature rise, varying by chip and workload. This is not 3× lower absolute temperature or whole-site energy use.
Technology partner ↗U.S. presence
Applied Digital describes a Bellevue office and plans to expand manufacturing and customer deployments.
Investor announcement ↗Financing history
| Date | Event | Amount · reported currency | Meaning & source |
|---|---|---|---|
| Feb 10, 2023 | 2022 early funding · reported 2023 | CHF 3.85M | EPFL quotes the CEO reporting CHF 3.85M raised in the first half of 2022. February 10, 2023 is the article date; exact closing date unknown. No USD conversion inferred. EPFL reports 2022 early-stage financing ↗ |
| Sep 25, 2025 | Series A | $24M | Led by BlueYard; participants included Founderful, Acequia, Celsius and XTX. Corintis announces $24M Series A ↗ |
| Sep 25, 2025 | Cumulative funding reported | $33.4M | Total disclosed with Series A; not a complete round-by-round reconciliation. Corintis announces $24M Series A ↗ |
| Sep 25, 2025 | Reported valuation | ~$400M | Approximately $400M after the round, attributed by Reuters to a source familiar with the matter. Reuters reports approximate $400M valuation ↗ |
| Dec 2, 2025 | Strategic financing | $25M | Led by Applied Digital, for manufacturing, U.S. expansion and customer rollouts. Applied Digital leads $25M financing ↗ |
| Dec 2, 2025 | Cumulative funding reported | $58M | Reported total; not an independently reconciled cap table. Applied Digital leads $25M financing ↗ |
Business milestones
2022 financing documented
EPFL reports CHF 3.85M raised during the first half of 2022; exact transaction date is not disclosed.
Source ↗Microsoft cooling demonstration
Lab-scale and simulated-service tests demonstrate the approach; fleet-wide economics and reliability remain separate questions.
Source ↗Strategic data-center investor
Applied Digital leads the subsequent financing and describes expansion plans.
Source ↗
CTM INTERPRETATION
The investment question
Cooling could become a larger part of chip performance economics as heat limits usable compute. The investment question is whether Corintis can turn differentiated thermal design into repeatable, profitable manufacturing and durable customer relationships.
What could work
Design tools, test hardware and cooling products could create multiple entry points into chip development and deployment.
What could break the thesis
Qualification cycles, leakage and reliability requirements, manufacturing yields, customer concentration and incumbent cooling competition can slow adoption or compress margins.
What remains unknown
- The December financing does not disclose a new valuation; September’s approximate $400M remains only a dated reference.
- September’s $33.4M cumulative total plus $25M is $58.4M; December reports $58M. Preserve the published totals rather than silently forcing them to reconcile. The earlier CHF financing is retained in its original currency.
- No verified per-share financing price, fully diluted capitalization, security conversion or investor liquidation waterfall is established in this profile.
- Audited revenue, margins, cash burn, runway and customer concentration were not verified in the reviewed public sources.
- Private shares may be illiquid, unavailable to a particular investor, diluted or worth zero. Scenario outputs do not establish investment access or a sale.
Source library
- Corintis announces $24M Series A ↗2025-09-25 · Company announcement
- Applied Digital leads $25M financing ↗2025-12-02 · Investor announcement
- Reuters reports approximate $400M valuation ↗2025-09-25 · Secondary report · unnamed source
- Microsoft explains its microfluidic cooling tests ↗2025-09 · Technology partner
- EPFL reports 2022 early-stage financing ↗2023-02-10 · University report · founder statement
Financial observations & original sources6 sourced observations · expand to inspect each record
Milestones & evidence
6 sourced observationsAnnouncement date
2022 early funding · reported 2023
B · Reported financingCHF 3.85M CHF
funding raised
EPFL quotes the CEO reporting CHF 3.85M raised in the first half of 2022. February 10, 2023 is the article date; exact closing date unknown. No USD conversion inferred.
Primary source checked
EPFL · EPFL reports 2022 early-stage financing (opens in a new tab)Evidence details
- Publisher
- EPFL
- Source location
- EPFL reports 2022 early-stage financing; fundraising disclosure
- Share class
- Not established in this record
- Checked on
- Oct 1, 2026
- Observation ID
- CORINTIS-SEED
Announcement date
Series A
B · Reported financing$24M USD
funding raised
Led by BlueYard; participants included Founderful, Acequia, Celsius and XTX.
Primary source checked
Corintis · Corintis announces $24M Series A (opens in a new tab)Evidence details
- Publisher
- Corintis
- Source location
- Corintis announces $24M Series A; financing disclosure
- Share class
- Not established in this record
- Checked on
- Oct 1, 2026
- Observation ID
- CORINTIS-1
Announcement date
Cumulative funding reported
B · Reported financing$33.4M USD
cumulative funding
Total disclosed with Series A; earlier rounds are not separately reconstructed.
Primary source checked
Corintis · Corintis announces $24M Series A (opens in a new tab)Evidence details
- Publisher
- Corintis
- Source location
- Corintis announces $24M Series A; financing disclosure
- Share class
- Not established in this record
- Checked on
- Oct 1, 2026
- Observation ID
- CORINTIS-2
Announcement date
Reported valuation
B · Reported financing~$400M USD
company equity valuation reported
Approximately $400M after the round, attributed by Reuters to a source familiar with the matter.
Secondary report checked
Reuters · Reuters reports approximate $400M valuation (opens in a new tab)Evidence details
- Publisher
- Reuters
- Source location
- Reuters reports approximate $400M valuation; financing disclosure
- Share class
- Not established in this record
- Checked on
- Oct 1, 2026
- Observation ID
- CORINTIS-3
Announcement date
Strategic financing
B · Reported financing$25M USD
funding raised
Led by Applied Digital, for manufacturing, U.S. expansion and customer rollouts.
Primary source checked
Applied Digital · Applied Digital leads $25M financing (opens in a new tab)Evidence details
- Publisher
- Applied Digital
- Source location
- Applied Digital leads $25M financing; financing disclosure
- Share class
- Not established in this record
- Checked on
- Oct 1, 2026
- Observation ID
- CORINTIS-4
Announcement date
Cumulative funding reported
B · Reported financing$58M USD
cumulative funding
Reported total; not an independently reconciled cap table.
Primary source checked
Applied Digital · Applied Digital leads $25M financing (opens in a new tab)Evidence details
- Publisher
- Applied Digital
- Source location
- Applied Digital leads $25M financing; financing disclosure
- Share class
- Not established in this record
- Checked on
- Oct 1, 2026
- Observation ID
- CORINTIS-5
What’s missing matters.
There are no daily private-market prices between these observations. We do not fill the gaps with an invented curve. Investment returns require the specific security, entry terms, dilution and an actual exit or appropriate mark.
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