Qualcomm announced on June 24, 2026, that it will acquire AI startup Modular in an all-stock transaction valued at approximately $3.9 to $4 billion [1, 2, 3, 4, 5, 6, 7, 8]. The deal will see Qualcomm issue up to 19.2 million shares of its common stock to Modular's equity holders [1, 4, 5, 8]. The acquisition is expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions [1, 3, 5, 6, 8].
Modular, founded in 2022 by Chris Lattner and Tim Davis, both former Google engineers involved in TPU chip development, develops an AI software platform and proprietary programming language called Mojo [4, 6, 9, 7, 8]. The platform enables AI models to run efficiently across various hardware architectures, including CPUs, GPUs, NPUs, and ASICs, without needing to rewrite code for each accelerator [4, 9, 6, 7, 8]. Modular’s technology challenges Nvidia’s CUDA ecosystem by providing an open, developer-friendly platform that supports multiple compute environments [1, 4, 9, 6, 7].
Qualcomm, known primarily for mobile device chips, aims to expand into AI software platforms and data center markets, focusing on inference workloads and edge-to-cloud AI deployments [1, 3, 4, 9, 6, 7, 8]. The acquisition will strengthen Qualcomm’s AI software capabilities and support more efficient AI inference and deployment, accelerating its strategy toward open AI ecosystems [3, 5, 9, 8]. Qualcomm CEO Cristiano Amon said, "We believe the future belongs to developer-friendly, horizontal platforms that can run across diverse compute environments and give customers real choice in how and where they deploy AI" [3].
The Modular acquisition follows Qualcomm’s late-2025 acquisition of Ventana Micro Systems, a RISC-V server CPU startup, furthering Qualcomm’s broader data center AI strategy [4, 6]. Prior to the acquisition announcement, Modular had raised $250 million at a $1.6 billion valuation about nine months earlier [4, 6]. Modular’s team of approximately 150 employees, including both co-founders, is expected to join Qualcomm [4, 6].
Qualcomm did not disclose detailed financial terms publicly. However, external estimates calculated the deal value near $3.9 to $4 billion [1, 2, 3]. The acquisition is anticipated to close in the second half of this year, completing Qualcomm’s expansion into AI hardware and software integration [1, 3, 5, 6, 8].
