American chipmaking startup founded by James Proud, a London-born entrepreneur and former acolyte of Peter Thiel. Unveiled in October 2025, the firm aims to create a chipmaking machine in America using advanced X-ray lithography, in an effort to revive American semiconductor production and take on ASML, the Dutch firm that is the sole supplier of the extreme-ultraviolet lithography machines used in advanced chipmaking.
Substrate has raised $100m at a valuation of $1bn, backed by venture-capital firms including Thiel's Founders Fund. It hopes eventually to support chipmaking foundries across America, reducing the country's vulnerability to a Chinese invasion of Taiwan. "Most believe we will fail. But this is important enough to do," says Mr Proud.
For large values of one, one equals two, for small values of two.