The Information reports that Eliyan told some investors it had received an unnamed takeover offer and has worked with an investment bank since the summer. In July it closed a $145 million Series C at a $1 billion valuation. Founded in 2021, it has raised more than $250 million from AMD, Cisco and Meta plus Seligman Ventures and Tiger Global. Eliyan and Arm declined to comment. Eliyan licenses NuLink PHY and NuGear chiplet IP for die to die and chip to chip links between compute chiplets and high bandwidth memory, the bandwidth layer that limits how fast large accelerators can feed themselves. The bid follows Nvidia's $20 billion Groq licensing deal and its investment in inference chip startup d-Matrix. For builders and investors, interconnect is now pricing like scarce infrastructure. Startups working on memory bandwidth, packaging or networking for AI clusters have a growing list of strategic buyers, many of them already on their cap tables.