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I'm not an ASIC guy but I have a rough idea of the order of magnitude, and I don't think you could get anything serious done for less than 10x as much money and with a timeline at least a year out from getting chips. And that'd still be on the rather low end of the scale.
Looking at SiFive that sounds about right. With a design that had started some form of validation their first round was what? $8.5m
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