AI Chipmaker Cerebras Files for $3.5 Billion IPO at $26.6 Billion Valuation
Cerebras Systems filed updated IPO paperwork on May 4, 2026, planning to raise up to $3.5 billion on the Nasdaq at a valuation of up to $26.6 billion. The company reported $510 million in Q4 revenue and holds a multi-year deal with OpenAI worth more than $20 billion.
Cerebras Systems filed updated paperwork for a Nasdaq IPO on May 4, 2026, planning to sell 28 million shares at a price between $115 and $125 per share. The offering would raise up to $3.5 billion and value the company at up to $26.6 billion.
That valuation is up from $23 billion in a February venture round backed by AMD. Cerebras builds wafer-scale engines, a chip design that differs from the GPU-based approach used by Nvidia. The company has positioned its chips as an alternative for AI inference and training workloads.
Cerebras reported fourth-quarter revenue of $510 million, a 76 percent increase year-over-year, and net income of $87.9 million. The company has shifted from selling hardware directly to offering a cloud service model.
Its largest deal is a multi-year agreement with OpenAI for up to 750 megawatts of compute capacity, valued at more than $20 billion through 2028. CEO Andrew Feldman is not selling shares in the IPO and will retain significant ownership after the offering.
The IPO comes as competition in the AI chip market intensifies. Qualcomm announced plans to ship a custom data center processor to a major hyperscaler, marking its entry into the high-margin inference and training chip market. Nvidia continues to dominate, but investors are watching for alternatives.
KKR also announced it secured more than $10 billion to launch Helix Digital Infrastructure, a new company focused on building and operating AI data centers and power generation facilities. The moves reflect growing demand for AI infrastructure beyond just the chips themselves.
