Cerebras Systems Eyes $3.5B in Largest Tech IPO of 2026 on Strength of AI Chip Demand

AI chipmaker Cerebras Systems is moving toward a long-awaited public offering, planning to sell 28 million shares priced between $115 and $125, which would value the company at up to $26.6 billion — a significant jump from its $23 billion Series H valuation just months ago.

The company’s Wafer-Scale Engine 3 chip targets AI inference workloads, claiming speed and power advantages over conventional GPU-based rivals. OpenAI is among its largest customers and has loaned Cerebras $1 billion secured by warrants for over 33 million shares. Angel investors include OpenAI’s Sam Altman and Greg Brockman.

Early demand signals are strong, with banks reportedly fielding $10 billion in orders against the $3.5 billion on offer.