Cerebras Files for $3.5B IPO at $26.6B Valuation, Largest Tech Offering of 2026

Cerebras Systems, the AI chipmaker known for its wafer-scale engine architecture, filed an amended registration statement with the SEC on May 4, 2026, targeting a $26.6 billion valuation in its IPO — up from $23 billion in a February Series H round. The company aims to sell 28 million shares at $115-$125 each, raising up to $3.5 billion. This is Cerebras's second IPO attempt after withdrawing in October 2025 due to CFIUS concerns over its UAE-based customer G42. Since then, CFIUS granted clearance after G42's equity was restructured to non-voting shares, and Cerebras signed a multi-year compute agreement with OpenAI valued at over $20 billion covering up to 750 megawatts of capacity through 2028. Q4 2025 revenue grew 76% YoY to $510 million with $87.9 million net income.