Cerebras Systems to raise $3.5 billion in IPO at $115–$125 per share, potentially becoming largest tech IPO of 2026

Cerebras said on Monday it is preparing to sell 28 million shares at $115 to $125 a share, which would raise $3.5 billion and give it a $26.6 billion market cap at the high end. This follows a $1 billion Series H at a $23 billion valuation in February.

Cerebras makes the Wafer-Scale Engine 3, an AI-specific chip that the company says is faster for inference (the compute needed to process user prompts) while using less power than GPU-based competitors.

OpenAI is one of Cerebras' largest customers and loaned the company $1 billion in December, secured by warrants that allow OpenAI to buy over 33 million shares. Banks are already fielding $10 billion worth of orders for the $3.5 billion worth of shares on offer, according to Bloomberg.