NEW YORK – Cerebras Systems raised US$5.55 billion (S7.1 billion) in its US initial public offering (IPO), as the artificial intelligence chipmaker seizes on the surging demand for semiconductors.
The company priced its shares at US$185 each, above the marketed US$150 to US$160 range.
The pricing gives Cerebras a market value of about US$40 billion, based on the shares offered and outstanding in its filings. Accounting for restricted share units, employee options and warrants, the company has a fully diluted value of around US$49 billion, according to Bloomberg calculations.
The IPO is the largest so far in 2026, according to data compiled by Bloomberg. Cerebras’ first-time share sale arrived ahead of what could be the biggest listing of all time this summer, if Elon Musk’s SpaceX raises the US$75 billion it’s been targeting.
Cerebras is set to join a cohort of public chipmaking companies seeking to challenge market-leader Nvidia. Cerebras already has ties to top AI names including Amazon.com, which earlier in 2026 said it plans to use its chips alongside Trainium processors to run AI software, and OpenAI, which released its first model running on Cerebras chips in February.
OpenAI has 33.4 million warrants for Cerebras shares, some of which are subject to vesting conditions including delivery dates for compute and the chipmaker’s market value exceeding US$40 billion, the filings show.
Cerebras’ IPO drew orders for more than 20 times the number of shares available, people familiar with the matter have said.
Arm Holdings and its majority owner SoftBank Group made an approach to acquire Cerebras weeks before its IPO, people familiar with the matter have said.
The company had net income of US$87.9 million on revenue of US$510 million for 2025, compared with a net loss of US$484.8 million on revenue of US$290.3 million a year earlier, its filings show. BLOOMBERG
