Cerebras · TechCrunch AI
OpenAI’s cozy partner Cerebras is on track for a blockbuster IPO
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In the long-running saga that is Cerebras Systems’ IPO, the finish line is finally in sight.
Key facts
- The AI chipmaker said on Monday that it is preparing to sell 28 million shares at $115 to $125 a share
- In September, it raised $1.1 billion at an $8.1 billion post-money valuation led by Fidelity and Atreides
- In fact, in December, OpenAI loaned Cerebras $1 billion, secured by warrants that allow OpenAI to buy over 33 million shares, the S-1 discloses
- Banks are already fielding $10 billion worth of orders for the $3.5 billion worth of shares on offer, Bloomberg reports
Summary
That would be a nice bump in a couple of months for the late investors who piled into its $1 billion Series H at a $23 billion valuation in February. Should Cerebras pull off an initial public offering at or above the high end, this will be the largest tech IPO of 2026 so far. Cerebras offers an AI-specific chip called the Wafer-Scale Engine 3 that challenges GPU-based AI chips. A long list of top-name investors stands to gain from a healthy IPO.