Can You Reverse Engineer an ASIC?

Jane Street has released a new puzzle that challenges you to reverse engineer an ASIC from its GDS layout. The chip's design is unlabeled, so you must recover the netlist, figure out its purpose, and find the output string that triggers the success signal. A warm-up example and open-source tools are provided to get you started.
The GDS is, in a very real sense, the chip. Everything the circuit does is in there. The tricky part: nothing is labeled!