AI chip company Cerebras is aiming for a valuation of up to $26.62 billion in its US initial public offering, according to Reuters.
The company is offering 28 million shares of Class A common stock priced between $115 and $125 each, which could help it raise up to $3.5 billion, and make it the largest tech IPO of 2026 so far
Banks are already fielding approximately $10 billion in orders for the $3.5 billion on offer, according to Bloomberg, suggesting the company will likely price above its announced range. Underwriters have a 30-day option to purchase an additional 4.2 million shares.
The stock will trade on the Nasdaq Global Select Market under the ticker CBRS. Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank are leading the offering.
The listing marks Cerebras’ second attempt to go public, following its earlier IPO filing in October 2025, which it withdrew after the US government raised national security concerns about a major customer. This time, the conditions are considerably more favourable: AI infrastructure spending is accelerating, the IPO market is reopening, and Cerebras arrives with a multi-billion dollar commercial relationship with OpenAI already in place.
Founded in 2015 by Andrew Feldman, Gary Lauterbach, Michael James, Sean Lie, and Jean-Philippe Fricker, the company makes wafer-scale engine chips, large AI processors designed to speed up the training and inference of big models.
Cerebras is pitching itself as a specialist player in a market still led by NVIDIA. Reuters said the company’s argument is that there is room for rival chipmakers if they can offer customers a clear advantage in speed or cost. That pitch comes as spending on AI data centres, cloud infrastructure, and computing power continues to rise sharply.
Its most recent private round, a $1 billion Series H led by Tiger Global in February 2026, valued it at $23 billion, with Benchmark, Fidelity, Altimeter, AMD, and Coatue also participating. The IPO range implies a roughly 15% step-up from that private valuation in just three months.
There is a race to get deals done before SpaceX, whose IPO will be so large and high-profile that there are concerns it could draw significant investor attention and capital. Cerebras is positioning itself as the signal deal for the current IPO window.
