Cerebras Plans Nasdaq IPO at Up to $26.6 Billion Valuation Backed by $20 Billion OpenAI Deal

Cerebras Systems is expected to price its Nasdaq IPO on or around May 13, 2026, with shares priced at $115–$125, valuing the wafer-scale AI chip designer at up to $26.6 billion. The IPO is anchored by a multi-year OpenAI Master Relationship Agreement valued at over $20 billion, committing 750 megawatts of Cerebras compute with a 1.25 gigawatt expansion option. Cerebras reported $510 million revenue in 2025, up 76% year-over-year, and swung to $87.9 million net income from a $485 million loss in 2024. The company's Wafer-Scale Engine 3 is 58 times larger than Nvidia's B200 chip.