Cerebras targets $26.6B valuation in Nasdaq IPO, revealing $20B+ multi-year deal with OpenAI

Cerebras Systems filed for a Nasdaq IPO targeting up to $3.5B in proceeds at a $26.6B valuation, up from $23B in its February 2026 venture round. The wafer-scale AI chipmaker, which achieves 76% YoR revenue growth to $290.3M in FY25 with $87.9M net profit, disclosed a multi-year agreement with OpenAI for up to 750MW of compute capacity valued at over $20B through 2028. This marks Cerebras' second IPO attempt after withdrawing a filing in October 2025.