Cerebras Files for US IPO Targeting $26.6 Billion Valuation, $3.5 Billion Raise

AI chipmaker Cerebras Systems filed updated IPO terms to sell 28 million shares at $115–$125 each, targeting a $3.5 billion raise at a $26.6 billion valuation — up from $23 billion in its February 2026 Series H. This is Cerebras' second IPO attempt after withdrawing in October 2025. The company reported $510 million in 2025 revenue (up 76% YoY) and $87.9 million Q4 net income. In January 2026, Cerebras signed a multi-year deal with OpenAI worth over $20 billion through 2028 for 750 megawatts of computing power, which may give OpenAI warrants for up to 10% ownership. The company's revenue backlog stands at $24.6 billion.