# Oxide's $200M Series C

- Show: [Oxide and Friends](https://hardwarepodcasts.com/podcast/oxide-and-friends)
- Published: 2026-02-27
- Length: 1h 45m
- Episode: 5
- Page: https://hardwarepodcasts.com/podcast/oxide-and-friends/2026-02-27-oxides-200m-series-c
- Listen: https://share.transistor.fm/s/8b15251a

## Summary

Oxide Computer Company CEO Steve Tuck and CTO Bryan Cantrill, joined by host Adam Leventhal, discuss the company's recent $200 million Series C funding round, which closed in late December. They explain the strategic use of a tranche structure to balance valuation upside with capital security, the decision to raise despite having no immediate capital needs to ensure long-term customer confidence, and the operational shifts toward better supply chain terms and debt financing. The episode also covers the launch of the new Cosmo platform featuring AMD Turin processors, comparisons to competitors like AWS Outposts and Nutanix, and the company's commitment to maintaining founder control and independence.

## Chapters

- [0:00](https://hardwarepodcasts.com/podcast/oxide-and-friends/2026-02-27-oxides-200m-series-c#t=0) Introduction: Audio checks and banter
- [2:47](https://hardwarepodcasts.com/podcast/oxide-and-friends/2026-02-27-oxides-200m-series-c#t=167) Series C announcement and SEC Form D filing
- [10:05](https://hardwarepodcasts.com/podcast/oxide-and-friends/2026-02-27-oxides-200m-series-c#t=605) Series B tranche structure and milestone-based valuation
- [27:44](https://hardwarepodcasts.com/podcast/oxide-and-friends/2026-02-27-oxides-200m-series-c#t=1664) Supply chain optimization and negative cash conversion
- [36:30](https://hardwarepodcasts.com/podcast/oxide-and-friends/2026-02-27-oxides-200m-series-c#t=2190) Rationale for raising: customer confidence and stormy weather
- [41:34](https://hardwarepodcasts.com/podcast/oxide-and-friends/2026-02-27-oxides-200m-series-c#t=2494) Board dynamics, governance, and founder control
- [48:04](https://hardwarepodcasts.com/podcast/oxide-and-friends/2026-02-27-oxides-200m-series-c#t=2884) Managing oversubscription and pro rata rights
- [1:00:07](https://hardwarepodcasts.com/podcast/oxide-and-friends/2026-02-27-oxides-200m-series-c#t=3607) Hacker News Q&A: Product value and competitors
- [1:15:27](https://hardwarepodcasts.com/podcast/oxide-and-friends/2026-02-27-oxides-200m-series-c#t=4527) The IBM AS/400 analogy and product history
- [1:33:41](https://hardwarepodcasts.com/podcast/oxide-and-friends/2026-02-27-oxides-200m-series-c#t=5621) Cosmo platform launch and AMD Turin chips
- [1:39:53](https://hardwarepodcasts.com/podcast/oxide-and-friends/2026-02-27-oxides-200m-series-c#t=5993) Use of proceeds: DRAM, test equipment, and expansion

## Topics

- [Fundraising & investors](https://hardwarepodcasts.com/topic/fundraising)
- [Sourcing & supply chain](https://hardwarepodcasts.com/topic/sourcing-and-supply-chain)
- [Leadership, teams & culture](https://hardwarepodcasts.com/topic/leadership-and-culture)
- [Industrial & consumer product design](https://hardwarepodcasts.com/topic/industrial-design)
- [Retail, wholesale & distribution](https://hardwarepodcasts.com/topic/retail-and-distribution)

## Most relevant to

companies scaling up

## Mentioned

- Oxide Computer Company (company)
- Steve Tuck (other)
- Bryan Cantrill (other)
- Adam Leventhal (other)
- USIT (company)
- AWS Outposts (product)
- Nutanix (company)
- Cosmo (product)
- AMD Turin (chip)
- AMD Milan (chip)
- IBM AS/400 (product)
- Dell (company)
- Costco (company)
- Western Digital (company)
- Pure Storage (company)
- GitHub (company)
- Tom Preston Werner (other)
- Docker (company)
- Valve (company)
- Hacker News (other)

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## Citing this page

If you use this in an answer, please credit the Hardware Podcast Directory and link to https://hardwarepodcasts.com/podcast/oxide-and-friends/2026-02-27-oxides-200m-series-c. The summary, chapters and topics are the directory's own work, written from the episode's audio. The episode itself, its title and its audio belong to Oxide and Friends.