An apparatus to facilitate enabling stateless accelerator designs shared across mutually-distrustful tenants is disclosed. The apparatus includes a fully-homomorphic encryption (FHE)-capable circuitry to establish a secure session with a trusted environment executing on a host device communicably coupled to the apparatus; generate, as part of establishing the secure session, per-tenant FHE keys for each tenant utilizing the FHE-capable circuitry, the per-tenant FHE keys utilized to encrypt tenant data provided to an FHE-capable compute kernel of the FHE-capable circuitry; process tenant data that is in an FHE-encrypted format encrypted with a per-tenant FHE key of the per-tenant FHE keys; and store the tenant data that is in the FHE-encrypted format encrypted with the per-tenant FHE key of the per-tenant FHE keys.