Cerebras Systems Files for $3.5B IPO with Wafer-Scale AI Chips
AI chip startup Cerebras Systems filed updated IPO paperwork planning to raise up to $3.5 billion at a $115-$125 share price, valuing the company at up to $26.6 billion. The company, which builds wafer-scale chip alternatives to Nvidia GPUs, recently secured a major multi-year deal with OpenAI for compute capacity valued at over $20 billion.
IPO Filing and Valuation
Cerebras Systems filed updated paperwork for a Nasdaq IPO, planning to sell 28 million shares at a price between $115 and $125 to raise up to $3.5 billion, valuing the company at up to $26.6 billion, up from its $23 billion valuation in a February venture round backed by AMD.
Business Performance
The AI chip specialist, which builds wafer-scale engines as alternatives to Nvidia GPUs, reported fourth-quarter revenue of $510 million (up 76% year-over-year) and net income of $87.9 million.
Strategic Partnerships
It has pivoted from hardware sales to a cloud service model and landed a major multi-year deal with OpenAI for up to 750 MW of compute capacity valued at more than $20 billion through 2028.
Market Context
The IPO reflects renewed investor appetite for pure-play AI infrastructure providers amid the generative AI boom, following CoreWeave's successful listing last year.