Cerebras Initiates IPO Aiming for $26.6 Billion Valuation After $3.5 Billion Raise Plan

Cerebras Systems, a California-based manufacturer of specialized chips for artificial intelligence, has officially initiated preparations for an initial public offering that targets a valuation of $26.6 billion at the top end of its price range.

“Bloomberg — OpenAI signed a multi-year deal to use Cerebras Systems Inc”

Bloomberg Línea

The company plans to issue 28 million Class A shares at a price between $115 and $125 per share, a structure that could allow it to raise approximately $3.5 billion.

Bloomberg Línea

Multiple outlets tie the IPO to a second attempt after an earlier effort was postponed, with CNBC saying Cerebras filed for an IPO for a second time in April after withdrawing paperwork in 2024.

CNBC also reports that the updated prospectus was filed on Monday, and that at the $115 to $125 range the company could be worth up to $26.6 billion based on shares outstanding.

The American Bazaar similarly frames the move as the company’s second attempt after withdrawing a previous IPO filing last October, and it says the offering would sell 28 million shares priced between $115 and $125 apiece.

TechCrunch adds that Cerebras said on Monday it is preparing to sell 28 million shares at $115 to $125 a share, which it says would raise $3.5 billion and give it a $26.6 billion market cap at the high end.

In the same reporting thread, TechCrunch emphasizes that the company’s chip is the Wafer-Scale Engine 3, which it describes as challenging GPU-based AI chips.

Across the coverage, the IPO is positioned as a major test for public-market appetite for AI infrastructure companies, with the American Bazaar quoting IPOX Research Associate Lukas Muehlbauer saying it is “an important signal deal for the IPO market.”

The IPO bid is framed as a valuation jump from Cerebras’ most recent venture round, which CNBC and other outlets describe as occurring in February at a $23 billion valuation.

CNBC says that in February the company announced a venture round that gave it a $23 billion valuation, and it also reports that Cerebras’ fourth-quarter revenue grew about 76% year over year to $510 million while it showed $87.9 million in net income for the period.

CNBC

Let’s Data Science echoes the same IPO math, saying the offering of 28 million shares at $115 to $125 each could raise up to $3.5 billion and imply a valuation of up to $26.6 billion based on shares outstanding.

That same outlet reports that CNBC said Cerebras previously had a valuation of about $23 billion in February.

It also adds details about the CEO’s posture in the offering, stating that CNBC reports CEO Andrew Feldman is not selling shares and would hold 10.3 million post-IPO.

TechCrunch similarly says Andrew Feldman is not selling shares and that he will own 10.3 million shares after the IPO, worth up to $1.28 billion at the high end of the range.

The underwriting mechanics are also consistent across outlets: the trendingtopics.eu report says the underwriting banks have an option to purchase up to 4.2 million additional shares within 30 days, while CNBC says the company has an option to sell an additional 4.2 million shares to underwriters after the IPO that would yield another $525 million in proceeds at the high end of the range.

In the same vein, TechCrunch says the IPO would be the largest tech IPO of 2026 so far if priced at or above the high end, and it ties the potential market reaction to the company’s late investors who piled into its $1 billion Series H at a $23 billion valuation in February.

Cerebras’ IPO push is closely linked in the coverage to its relationship with OpenAI and to a large compute agreement that both companies describe as a major infrastructure bet.

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EBC Financial Group

Unite.AI reports that OpenAI announced a multi-year deal with chip startup Cerebras Systems that will deliver 750 megawatts of dedicated AI compute to the ChatGPT maker, and it describes the deal as “the largest high-speed inference deployment ever attempted.”

Unite.AI says the deal is valued at more than $10 billion according to people familiar with the terms, and it adds that Cerebras will build and host the systems in phases through 2028, with the first capacity online this year.

Bloomberg Línea similarly says OpenAI signed a multi-year deal to use Cerebras Systems Inc. hardware worth 750 megawatts of computing power, and it reports that people familiar with the matter pegged the size of the deal at more than US$10 billion.

Bloomberg Línea also quotes Greg Brockman, co-founder and president of OpenAI, saying, “This partnership will make ChatGPT not only the most capable AI platform, but also the fastest in the world,” and it adds that “This speed will help unlock the next generation of use cases and onboard the next billion users into AI.”

Unite.AI provides a direct quote from Sachin Katti, who leads OpenAI’s computing strategy, saying, “Cerebras adds a dedicated low-latency inference solution to our platform,” and it continues with the quote about “faster responses, more natural interactions, and a stronger foundation for scaling real-time AI to many more people.”

The American Bazaar also ties the IPO to OpenAI’s demand, stating that earlier this year OpenAI signed a deal to purchase up to 750 megawatts of computing power over three years from chipmaker Cerebras, and it says the deal is worth more than $10 billion over the life of the contract.

TechCrunch adds that OpenAI loaned Cerebras $1 billion in December, secured by warrants that allow OpenAI to buy over 33 million shares, as disclosed in the S-1.

The IPO coverage also details a dense roster of investors and highlights how OpenAI-linked backers sit alongside major financial and technology firms.

The trendingtopics.eu report says that according to a filing with the U.S. Securities and Exchange Commission (SEC), investors each hold more than five percent of the company’s shares, naming Alpha Wave (Rick Gerson), Benchmark (represented by partner Eric Vishria), Eclipse (Lior Susan), Fidelity, and Foundation Capital (represented by partner Steve Vassallo).

Let's Data Science

It further lists additional backers including Altimeter, AMD, Coatue, Tiger Global, Valor Equity Partners, Abu Dhabi Growth Fund, and G42 from Abu Dhabi.

TechCrunch similarly describes the largest shareholders with more than a 5% stake as Rick Gerson’s Alpha Wave; Benchmark (via partner Eric Vishria); Lior Susan’s Eclipse; Fidelity; and Foundation Capital (via partner Steve Vassallo), and it repeats that these are “according to the company’s SEC filing.”

TechCrunch also expands the investor list by naming 1789 Capital, Abu Dhabi Growth Fund, Abu Dhabi’s G42, Altimeter, AMD, Atreides Management, Coatue, Moore Strategic Ventures, Tiger Global, Valor Equity Partners, and VY Capital.

On the angel side, trendingtopics.eu lists OpenAI founder and CEO Sam Altman, OpenAI co-founder and President Greg Brockman, former OpenAI Chief Scientist Ilya Sutskever, and OpenAI board member and Quora CEO Adam D’Angelo, while also naming Intel CEO Lip-Bu Tan and Sun Microsystems co-founder Andy Bechtolsheim.

CNBC provides a different but complementary investor angle by describing how Cerebras’ business model shifted away from selling hardware toward operating a cloud service based on its own chips, and it notes that Cerebras sought to go public in 2024 but withdrew paperwork as the model changed.

Finally, the EBC Financial Group source includes extensive regulatory and marketing language about CFD accounts and disclaimers, but it does not provide additional IPO-specific investor facts beyond its own compliance and risk statements.

The finance sources place Cerebras’ IPO within a broader market context for technology listings and emphasize how the deal could influence investor appetite for other high-profile offerings.

“According to CNBC,Cerebrasis offering28 millionshares at a price range of$115 to $125per share in an initial public offering, a sale that could raise up to$3”

Let's Data Science

CNBC notes that relatively few technology companies have gone public since central banks raised interest rates in 2022 to fight rising prices, making investors less interested in unprofitable names, but it says investors have become “rabid” about betting on companies that benefit from generative AI products such as OpenAI’s ChatGPT.

TechCrunch

The American Bazaar similarly says the IPO market is picking up speed again, and it quotes IPOX Research Associate Lukas Muehlbauer describing the deal as a test of whether public investors are ready to fund high-growth AI infrastructure companies after a softer start to the year.

It also quotes Muehlbauer saying, “There is also a race to get deals done before SpaceX. The SpaceX IPO will be so large and high-profile that there are concerns it could absorb a lot of investor attention and capital.”

TechCrunch adds that if Cerebras pulls off an initial public offering at or above the high end, it would be the largest tech IPO of 2026 so far, and it says it could prove the appetite for even bigger blockbuster offerings in the wings, like SpaceX and possibly OpenAI and Anthropic.

In parallel, trendingtopics.eu says the shares are to be traded under the ticker symbol CBRS on the Nasdaq Global Select Market, and it names Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank as lead banks for the transaction.

It also says the underwriting banks have an option to purchase up to 4.2 million additional shares within 30 days, linking the potential proceeds to the final pricing.

TechCrunch goes further by stating that “Banks are already fielding $10 billion worth of orders for the $3.5 billion worth of shares on offer,” and it says that kind of demand indicates the company will likely price its shares even higher than this announced range.