AI-chip startup Groq is reportedly seeking to raise $300 million-$500 million at a $6 billion valuation to support a $1.5 billion contract with Saudi Arabia. Known for its LPU chips, tailored for AI tasks such as text generation, Groq aims to rival Nvidia and AMD. The Saudi deal is projected to yield $500 million in 2025 revenue. Groq earlier partnered with Meta on Llama 3.1.