PathKey.AI (ASX:PKY, PathKey) is an ASX-listed Artificial Intelligence (AI) company that recently acquired Singapore-based Chipforge, which aims to speed up the design process for semiconductors by using AI agents to undertake the time-intensive and costly part of the chip design process for this US$1 trillion industry. PathKey is
simultaneously commercialising TrialKey, an AI-driven clinical trial optimisation and success prediction platform.

Chipforge addresses the key bottlenecks in chip design today

Chipforge is based on an exclusive and commercial IP license from NTU in Singapore, complemented with PathKey’s extensive development work on its proprietary LLM/VLM engine. Combined, this offers a full chip design intent-to-hardware workflow for FPGA and ASIC designs in one environment that is vendor-agnostic. Chipforge addresses the key bottlenecks in chip design today, i.e. a slow and fragmented workflow, prone to costly errors.

Commercialisation to start in late 2026 and into 2027

A major catalyst for Chipforge will be verification of a minimum viable product, which will be the precursor to pilot projects and commercial deals in robotics, drones, industrial automation etc. In parallel, development of Chipforge Citadel, aimed at sovereign markets, like government, defence and other industries that require secure, air gapped chip design environments, is currently ongoing, but we believe commercialisation won’t be too far behind Chipforge’s current “about-to-be commercialised” offering.

Initial valuation of A$0.15-0.20 per share

We value PathKey at A$0.15/share base case and A$0.20/share bull case initially, based on a SOTP valuation of Chipforge and TrialKey. We expect PathKey’s share price can potentially re-rate ahead of actual commercialisation of Chipforge, similar to how other ASX-listed semiconductor stocks, like Weebit Nano (ASX:WBT) and Adisyn (ASX:AI1) have re-rated prior to commercialisation.