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Jane Street Releases ASIC Reverse-Engineering Puzzle Ahead of Chip Design Contest
Jane Street has published a hardware puzzle challenging participants to reverse engineer an ASIC given only its physical layout mask and sample inputs and outputs.
Participants must extract a gate netlist from an unlabeled GDS layout file, determine the circuit's purpose, and find the input that drives the [success] signal high.
Submissions close on September 4, 2026, with Jane Street asking participants not to feed puzzle files into AI tools or post spoilers before the deadline.
A binary adder warm-up example using open-source PDKs and layout tools is provided to help participants understand GDS mapping.
Jane Street plans to launch a subsequent competition later this year challenging participants to design their own chips, with select designs to be physically fabricated.
The ASIC Reverse-Engineering Challenge
The challenge provides participants with the final GDS mask containing the metal, routing, and active transistor layers of an ASIC along with sample inputs and outputs. To solve it, participants must reconstruct the gate-level netlist from the layout polygons, deduce the circuit's function, and simulate the system to discover the target string value that sets the [success] signal high after toggling [rst_n]. Jane Street notes the physical layout contains visual hints, one output-generating section can be bypassed for initial reverse engineering, and easter eggs are hidden throughout the repository.
Guidelines, Resources, and Future Fabrication Contest
Participants may collaborate and use AI to write auxiliary scripts or complete the warm-up, but direct AI analysis of the puzzle files and spoiler writeups before the September 4, 2026 deadline are disallowed. For newcomers, a warm-up package featuring a binary adder's Verilog source, netlist, and GDS is available to explore with open-source tools like KLayout and Magic VLSI. Jane Street also announced that later this year it will host a competition inviting participants to design original chips, with the most compelling entries being sent for physical fabrication.
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Earlier this year we published a
puzzle
that
handed you a complete neural network and asked you to figure out what it did. The response
was great, so we’ve made another one! This time, we’re going much deeper down the tech
stack.
For this puzzle we’ve designed a chip, but we’re only giving you the layout.
A crash course in how chips get made
Modern chips start life as code. A hardware designer describes a circuit in a hardware
description language like Verilog, which gets
synthesized
into a netlist of logic
gates—NANDs, NORs, XORs, flip-flops. Then electronic design automation tools place and
route those gates: they pick a physical location for every gate on the die and draw the
metal wires that connect them, across many stacked routing layers connected by vias. The
end result is a GDS file: a geometric description of every polygon on every layer of the
chip, from the transistors that do the actual logic to all the metal on top of them.
That’s the file a foundry such as Intel or TSMC uses to fabricate the physical silicon.
The GDS is, in a very real sense, the chip. Everything the circuit does is in there. The
tricky part: nothing is labeled!
The puzzle
We’ve designed an ASIC, and we’re giving you its final mask: all of its metal, routing,
and active transistor layers, along with some sample inputs and outputs.
Your job is to reverse engineer it. First, recover a netlist from the layout. Then
figure out the circuit’s true purpose. And then comes the puzzle within the puzzle: once
you understand what the chip does, use it to tease out the output it’s looking for, and
find the string value that’s your final answer.
You can find everything you need
here
.
Some pointers for getting started:
The circuit is physically arranged to hint at its functionality, so look closely at
the layout!
There is one section of the design that is used to generate the output but does not
affect the
[success]
output. You can safely ignore it for the initial
reverse-engineering steps.
You’ll need to come up with a way to simulate the underlying circuit to test your
solution and get the final output!
You’ll know you have the correct solution when the
[success]
output signal goes
high. Don’t forget to toggle
[rst_n]
before each input attempt.
We hid a few fun Easter eggs in the circuit and in the repository (including in parts
you don’t need to look at to solve the main puzzle), see if you can spot them once
you’re done with the puzzle.
Once you figure it out, submit your answer
here
along with a brief description of how you did it. Submissions close on September 4th, 2026.
Feel free to collaborate with friends on the puzzle, but please refrain from posting
spoilers (or a full writeup) online until the submissions are closed. If you do publish
your solution (on a personal blog or repository) after submissions are closed, email us
and we may include the link in our follow-up post!
Please don’t feed the puzzle files directly into an AI tool, nor use it to generate your
writeups. Feel free to use AI for writing any scripts or code you may need as part of
solving the puzzle, though! It’s also fair game to use AI to work through the warm-up
puzzle, see below.
If you have questions as you go, please reach out to
asic-puzzle@janestreet.com
— we can’t give hints, but
we’re happy to help otherwise.
We’ll feature the most interesting writeups and techniques in a follow-up post, and send
swag for our favorite solutions.
A warm-up
If you’ve never opened a GDS file before, don’t worry: most people haven’t either. To help
you get started, we’re providing a small worked example: a simple binary adder, with its
Verilog source, its gate-level netlist, and the resulting GDS. You can use it to get
familiar with how a circuit maps onto a layout, and to test any tools you build before
pointing them at the real puzzle.
The warm-up files are available in the
puzzle repository
.
Everything you need is free and open source: the design uses an open-source PDK, and tools
like
KLayout
or
Magic
VLSI
will happily open the GDS and let you poke
around the layers.
And a bigger challenge is coming
Consider this puzzle a warm-up of its own. Later this year we’ll be launching a
competition where, instead of reverse engineering our chip, we’ll challenge you to design
your own - and the most interesting entries will actually get fabricated, so you can test
your chip in real life.
Stay tuned—we’ll announce the details here on the blog in the coming months.
Hardware at Jane Street
The hardware team at Jane Street designs FPGAs and ASICs that run some of the fastest
trading systems in the world, and the day-to-day work is full of puzzles just like this
one: staring at a sea of gates, timing reports, or waveforms and slowly teasing out what’s
really going on. These problems are hard in a way that’s deeply satisfying to solve, and
honestly, it’s a big part of why we like working here.
If that sounds intriguing, some ways of learning more:
Check out our hardware (FPGA and
ASIC)
internships
and
full-time
roles.
Read about
Hardcaml
(our open-source OCaml hardware design
libraries)
On the academic side, read about our
visiting
researcher
and
graduate
fellowship
programs.
If you just want to stay in touch, you can fill out
this form
.