November 4, 2025
X-ray or X-aggeration?
US startup Substrate announces chipmaking tool that it says will rival ASML
Startup vows to beat chip kings with X‑ray machine; commenters yell 'pics or it didn’t happen'
TLDR: Substrate claims an X‑ray chip tool to challenge ASML and cut costs, backed by $100M and lab demos. Commenters are largely skeptical—citing hype, software costs, thin details, and the founder’s past—while a few note national‑security backing and SpaceX‑style potential if it actually delivers.
Silicon Valley drama alert: tiny San Francisco startup Substrate says it’s built an X‑ray chip machine that can rival ASML’s ultra‑rare tools and make U.S. chips cheaper. They’ve raised $100M at a $1B+ valuation, flashed high‑res images from lab demos, and name‑dropped national security vibes with CIA‑backed investor In‑Q‑Tel. Big promise: break the ASML–TSMC dominance and slash costs like a “SpaceX for chips.” Reuters notes it couldn’t verify the tech, and that’s where the comments went nuclear.
On cue, skeptics took the mic. One top voice called it “investor bullsh—ting” with “pictures, no process.” Another blasted the site’s “nationalistic fluff” and asked how a startup beats ASML’s decade‑deep edge. A practical crowd piled on: even if the tool works, most chip costs are in software, so don’t expect miracle savings. Others pointed out ASML is already tinkering with X‑ray, so this isn’t unique. Meanwhile, a link to a NYT explainer kept the debate buzzing.
Still, a national lab director vouched they “know what they’re doing,” and a chip analyst teased SpaceX‑style ripple effects if costs really fall. The memes? “Pics or it didn’t happen,” “X‑Files energy,” and “from alarm clocks to atom‑thin lines”—a jab at the founder’s past product—turned a moonshot into message‑board mayhem
Key Points
- •Substrate announced an X-ray lithography tool it says can rival ASML’s most advanced systems.
- •The startup plans a U.S.-based contract chip-manufacturing business to compete with TSMC on leading-edge AI chips.
- •Substrate raised $100 million at a valuation above $1 billion from investors including In-Q-Tel and General Catalyst.
- •Demonstrations were conducted at U.S. National Laboratories and in San Francisco; Reuters could not independently verify the claims.
- •Experts cite significant challenges ahead, noting ASML’s unique EUV capability and the multibillion-dollar cost and complexity of advanced fabs.