Artificial intelligence chipmaker Cerebras is targeting a $26.62 billion valuation in its latest attempt at a U.S. IPO. The company plans to sell 28 million shares in the offering, priced between $115 and $125 apiece, to raise $3.50 billion in the company’s second attempt to go public after withdrawing a previous IPO filing last October.
Cerebras is known for its wafer-scale engine chips, designed to speed up the training and inference of large AI models. It is in direct competition with AI chip giant Nvidia.
“By bringing massive compute and memory onto a single piece of silicon and integrating it into a purpose-built system and software stack, we deliver exceptional AI speed for customers on premises and via the cloud,” Cerebras said.
READ: OpenAI signs $10 billion computing deal with chipmaker Cerebras (January 16, 2026)
The AI boom has led to a rise in demand for the high-performance chips needed to train and run complex models, turning semiconductors into a key bottleneck in the technology supply chain. Chipmakers have gained increasing prominence following the AI boom.
“Nvidia remains dominant as the market leader for AI inference as well as training infrastructure, however, Cerebras is pitching the idea that there is room for specialist chip companies if they can offer clear speed or cost advantages,” IPOX Research Associate Lukas Muehlbauer said.
Earlier this year, Cerebras raised $1 billion in a late-stage funding round, led by tech-investing giant Tiger Global, that valued it at $23 billion. Other high-profile investors included Benchmark, Fidelity Management Altimeter, AMD, and Coatue.
Earlier this year, OpenAI signed a deal to purchase up to 750 megawatts of computing power over three years from chipmaker Cerebras. The deal is worth more than $10 billion over the life of the contract. OpenAI plans to use the systems built by Cerebras to power its popular chatbot ChatGPT.
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According to Reuters, the IPO market is picking up speed again as investor concerns over Middle East tensions take a back seat and equities trade near record highs. Analysts say sectors such as AI and financials are set to stand out, as they remain relatively insulated from supply chain disruptions and pricing pressures stemming from oil market volatility.
“Cerebras is an important signal deal for the IPO market as a test of whether public investors are ready to fund high-growth AI infrastructure companies after a softer start to the year,” Muehlbauer said. “There is also a race to get deals done before SpaceX. The SpaceX IPO will be so large and high-profile that there are concerns it could absorb a lot of investor attention and capital.”