The vast majority of the ecosystem seems to be focused on uCs until very recently. So it'll take time for the applications processors to be competitive.
Tenstorrent Ascalon, expected later this year, is expected to be AMD Ryzen 5 speeds. Tenstorrent hopes to achieve Apple Silicon speeds in a few years.
The SpacemiT K3 is about half as fast as Ascalon and available in April. K3 is 3-4 times faster than the K1 (previous generation).
This should give you an idea about how fast RISC-V is improving.
Certainly not in the Atlantis SoC, due to the older fab node used. Zen2-3 territory IPC is the expectation, with lower clocks than these actually got.
By the time they have the necessary scale to use the best fabs, they'll be tapping out something newer than the Ascalon that went into Atlantis.
Tenstorrent expects to reach parity with the best x86 and arm chips by 2028.
I can't see any reason why the father of Zen and the designer of the M1 can't make a core for the simpler RISC-V ISA with basically the same (or better) µarch than the M1.