Cerebras targets $26.6B valuation in second IPO attempt, largest tech IPO of 2026

Cerebras Systems launched its IPO roadshow on May 4, offering 28 million shares at $115-$125 each, targeting a $26.6 billion valuation and $3.5 billion in gross proceeds. This is the company's second IPO attempt after withdrawing in October 2025 due to CFIUS obstacles. Cerebras reported FY2025 revenue of $510 million (up from $290.3M prior year) and turned profitable at $1.38/share (from a $9.90 loss). Its wafer-scale engine chips compete with Nvidia on AI inference. A multi-year contract with OpenAI valued at over $20 billion calls for 750 megawatts of Cerebras computing capacity, and AWS signed a binding term sheet to be the first hyperscaler to deploy Cerebras systems. Morgan Stanley, Citigroup, Barclays, and UBS are lead underwriters. IPO expected to price around May 13.