Cerebras Systems Targets Up to $26.6 B Valuation in U.S. IPO Amid AI Chip Boom

Cerebras Systems Inc. filed to sell 28 million shares on Nasdaq at $115-$125 each, targeting up to $3.5 billion and a $26.6 billion valuation under ticker “CBRS.” Morgan Stanley, Citigroup, Barclays and UBS are lead underwriters.

BenzingaCerebras Systems Targets $26.6B Valuation in Major AI Chip IPOCNBCCerebras Systems IPO: Nvidia rival targets $40B valuation at $115-$125 per share

Cerebras makes wafer-scale engine (WSE) chips that combine compute and memory on a single silicon wafer, challenging Nvidia’s GPUs. After withdrawing an IPO filing in Oct 2024, it raised $1 billion in Feb 2025 at a $23 billion valuation. A $20 billion OpenAI contract will deliver up to 750 MW of AI compute through 2028.

Cerebras Is Trying to Go Public at $26.6 Billion With 86% of Its Revenue Coming From Two UAE Customers – Startup FortuneReutersCerebras Systems Targets $26.6B Valuation in Major AI Chip IPOCerebras Systems IPO: Nvidia rival targets $40B valuation at $115-$125 per share

Cerebras posted Q4 revenue of $510 million, a 76 % YoY rise, and net income of $87.9 million ($1.38 per share), reversing a $9.90 loss a year earlier. 86 % of revenue comes from two UAE customers, implying a 52-times revenue valuation. An $850 million credit facility funds data-center growth.

Cerebras Systems Targets $26.6B Valuation in Major AI Chip IPO

Cerebras says its wafer-scale design “delivers exceptional AI speed for customers on premises and via the cloud.” IPOX analyst Lukas Muehlbauer calls the IPO a “signal deal” testing appetite for high-growth AI infrastructure and warns of a “race to get deals done before SpaceX.” CEO Andrew Feldman says the hardware “runs AI models much faster than Nvidia.”

Reuters

Analysts flag the 52-times revenue multiple and reliance on two UAE customers as concentration risks. Claims such as 21-times the speed of Nvidia’s DGX B200 at one-third the cost remain unaudited, prompting calls for verification. Competitors argue Nvidia still dominates AI training.

Cerebras Is Trying to Go Public at $26.6 Billion With 86% of Its Revenue Coming From Two UAE Customers – Startup Fortune

Most filings list a $26.6 billion valuation; one source cites about $40 billion. Some reports say the raise could reach $4 billion, above the $3.5 billion target. OpenAI contract pricing and the credit line terms are undisclosed.

Cerebras Systems Targets $26.6B Valuation in Major AI Chip IPO

• “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 Systems

Reuters

• “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,” — Lukas Muehlbauer, IPOX Research Associate

Reuters

• “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,” — Lukas Muehlbauer

Reuters

• “Cerebras’ hardware runs AI models much faster than Nvidia.” — Andrew Feldman, CEO, Cerebras Systems

Cerebras Systems IPO: Nvidia rival targets $40B valuation at $115-$125 per share

The IPO is slated for a near-term Nasdaq debut under “CBRS.” An over-allotment option could add 4.2 million shares, potentially raising an extra $525 million. Market watchers will monitor pricing, allocation and OpenAI compute funding, potentially shaping AI-hardware valuation benchmarks.

Cerebras Systems Targets $26.6B Valuation in Major AI Chip IPO