Oxide raises $445M Series D after turning profitable, funding inventory to meet surging hardware demand

Oxide says it raised a $445M Series D after reaching an unusual startup milestone: paying income tax from ordinary profitable operations. The company says demand for its computers now exceeds supply, requiring substantial upfront cash for components and manufacturing before systems ship to customers.

The raise highlights how fast-growing hardware startups can need major capital even after achieving profitability, because inventory and production scale consume cash ahead of revenue collection. It also signals investor appetite for infrastructure companies with real customer demand, not just growth narratives.