Trace Capital
Trace Capital is a private investment firm that invests in, builds, and owns exceptional businesses across industries. Founded in 2026 by Ben Mahdavi.
Investing activity
Trace Capital appears in 1 AI deal tracked by the AI Lounge deals desk, rounds totalling $1.5B, and led 1 of them. The rounds are mostly Series E, with a median round size of $1.5B. The most recent is Tenstorrent (Series E, $1.5B, Oct 2026).
Trace Capital most often invests alongside Innovation X, and the companies it backs on AI Lounge are mostly in AI chips.
Deals
Frequently asked questions about Trace Capital
What AI companies has Trace Capital invested in?
Trace Capital's AI investments include Tenstorrent. The 1 round on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is Trace Capital based?
Trace Capital is based in Los Angeles, California, United States.
What stage does Trace Capital invest at?
In the rounds tracked on AI Lounge, Trace Capital has invested at Series E, with a median round of $1.5B. Trace Capital led 1 of those rounds.
Who does Trace Capital co-invest with?
Trace Capital's most frequent co-investors on AI Lounge are Innovation X (1 deal).
How can founders reach Trace Capital?
Founders on AI Lounge can see Trace Capital's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add Trace Capital to their Investor Pipeline to track the conversation.