--- title: Cerebras Systems IPO: $3.5bn raise, $26.6bn valuation,... description: Cerebras Systems is preparing to list on Nasdaq (ticker: CBRS), selling 28 million shares at $115–$125 each, targeting a $3.5 billion raise at a $26.6 billion... canonical: https://daily.dev/posts/cerebras-systems-ipo-3-5bn-raise-26-6bn-valuation-and-an-openai-deal-at-the-center-of-it-all-vrezaadep twitter:card: summary_large_image twitter:site: @dailydotdev og:type: website og:site_name: daily.dev og:title: Cerebras Systems IPO: $3.5bn raise, $26.6bn valuation, and an OpenAI deal at the center of it all | daily.dev og:description: Cerebras Systems is preparing to list on Nasdaq (ticker: CBRS), selling 28 million shares at $115–$125 each, targeting a $3.5 billion raise at a $26.6 billion... og:url: https://daily.dev/posts/cerebras-systems-ipo-3-5bn-raise-26-6bn-valuation-and-an-openai-deal-at-the-center-of-it-all-vrezaadep og:image: https://api.daily.dev/og/posts/VrEzaAdeP.png og:image:alt: Cerebras Systems IPO: $3.5bn raise, $26.6bn valuation, and an OpenAI deal at the center of it all og:image:width: 1200 og:image:height: 630 og:locale: en --- > ## Documentation Index > Fetch the complete documentation index at: https://daily.dev/llms.txt > Use this file to discover all available pages before exploring further. # Cerebras Systems IPO: $3.5bn raise, $26.6bn valuation, and an OpenAI deal at the center of it all **[Collections](https://daily.dev/sources/collections)** · 3 min read · 1 upvotes · 0 comments ## Summary Cerebras Systems is preparing to list on Nasdaq (ticker: CBRS), selling 28 million shares at $115–$125 each, targeting a $3.5 billion raise at a $26.6 billion valuation. The IPO is anchored by a $10 billion+ multi-year compute agreement with OpenAI, which also loaned Cerebras $1 billion and holds warrants for 33 million shares. Cerebras makes the Wafer-Scale Engine 3, an AI chip that places an entire processor on a single silicon wafer for faster inference at lower power. The company reported $510 million in 2025 revenue (up 76% YoY) but is not yet consistently profitable. The offering is reportedly 3x oversubscribed with ~$10 billion in orders. The IPO was previously delayed by a CFIUS review of Abu Dhabi-based G42, which was cleared in March 2025 after G42 divested Chinese investments. ## Content ## What Cerebras is doing Cerebras Systems is preparing to list on Nasdaq under the ticker CBRS, selling 28 million shares at $115–$125 each. At the high end, that's a $3.5 billion raise at a $26.6 billion valuation. Morgan Stanley, Citigroup, Barclays, and UBS are running the books. Early reports had the company targeting $4 billion at a $40 billion valuation — nearly five times its September 2024 private valuation of $8.1 billion. The more conservative final terms reflect a few real concerns: compressing AI software multiples, and the fact that one customer dominates the revenue picture. That customer is OpenAI. ## The OpenAI relationship Cerebras and OpenAI are deeply intertwined. OpenAI signed a $10 billion+ multi-year compute agreement with Cerebras covering up to 750 megawatts of inference capacity through 2028. OpenAI also loaned Cerebras $1 billion, secured by warrants for 33 million shares. And several OpenAI executives, including Sam Altman, are angel investors in the company. That relationship anchors the IPO narrative — but it's also the main risk. When one customer accounts for the bulk of your revenue and holds warrants in your company, investors have to think carefully about what "independence" means here. ## The product Cerebras makes the Wafer-Scale Engine 3, an AI chip that takes a different approach from Nvidia's GPU-based solutions. Rather than linking multiple chips together, it puts an entire processor on a single silicon wafer. The pitch is faster inference at lower power consumption — which matters a lot as AI inference workloads scale. The tradeoff is manufacturing complexity. Wafer-scale design is genuinely hard to produce at volume, and that remains an ongoing challenge. ## The numbers Cerebras reported $510 million in 2025 revenue, up 76% year-over-year, with $87.9 million in net income in its most recent quarter. The company is not yet consistently profitable overall. ## How we got here Cerebras first filed for an IPO in 2024, but the process stalled when CFIUS opened a national-security review of G42, an Abu Dhabi-based firm that was Cerebras's largest customer at the time — accounting for 87% of revenue. CFIUS cleared the deal in March 2025 after G42 divested its Chinese investments and converted its Cerebras stake to non-voting shares. The company refiled shortly after, and if pricing holds in mid-May, it would be the first major AI hardware listing of 2026. ## Demand so far Banks are reportedly seeing around $10 billion in orders for the $3.5 billion offering — roughly 3x oversubscribed. That suggests shares could price above the announced range. If they do, this would be one of the largest US tech IPOs of 2026 and the biggest first-day capital event in dedicated AI hardware to date. ## Similar posts on daily.dev - [Cerebras raises $5.5B, kicking off 2026’s IPO season with a bang](https://daily.dev/posts/cerebras-raises-5-5b-kicking-off-2026-s-ipo-season-with-a-bang-c8m18zo7h) · TechCrunch · 0 upvotes · 0 comments - [Cerebras raises $5.55bn in the biggest US tech IPO since Snowflake](https://daily.dev/posts/cerebras-raises-5-55bn-in-the-biggest-us-tech-ipo-since-snowflake-eb5hwpyvw) · The Next Web · 0 upvotes · 0 comments --- Tags: [#openai](https://daily.dev/tags/openai), [#gpu](https://daily.dev/tags/gpu), [#ipo](https://daily.dev/tags/ipo), [#ai-inference](https://daily.dev/tags/ai-inference) [View this post on daily.dev](https://daily.dev/posts/cerebras-systems-ipo-3-5bn-raise-26-6bn-valuation-and-an-openai-deal-at-the-center-of-it-all-vrezaadep) ```json {"@context":"https://schema.org","@graph":[{"@type":"Organization","@id":"https://daily.dev/#organization","name":"daily.dev","url":"https://daily.dev","logo":{"@type":"ImageObject","url":"https://daily.dev/apple-touch-icon.png","width":180,"height":180},"sameAs":["https://twitter.com/dailydotdev","https://github.com/dailydotdev","https://www.linkedin.com/company/daily-dev-ltd"]},{"@type":"WebSite","@id":"https://daily.dev/#website","url":"https://daily.dev","name":"daily.dev","publisher":{"@id":"https://daily.dev/#organization"},"potentialAction":{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://daily.dev/search?q={search_term_string}"},"query-input":"required name=search_term_string"}}]} {"@context":"https://schema.org","@type":"TechArticle","headline":"Cerebras Systems IPO: $3.5bn raise, $26.6bn valuation, and an OpenAI deal at the center of it all","url":"https://daily.dev/posts/cerebras-systems-ipo-3-5bn-raise-26-6bn-valuation-and-an-openai-deal-at-the-center-of-it-all-vrezaadep","mainEntityOfPage":{"@type":"WebPage","@id":"https://daily.dev/posts/cerebras-systems-ipo-3-5bn-raise-26-6bn-valuation-and-an-openai-deal-at-the-center-of-it-all-vrezaadep"},"datePublished":"2026-05-04T21:57:20.253Z","dateModified":"2026-05-04T21:58:01.067Z","description":"Cerebras Systems is preparing to list on Nasdaq (ticker: CBRS), selling 28 million shares at $115–$125 each, targeting a $3.5 billion raise at a $26.6 billion...","image":"https://media.daily.dev/image/upload/f_auto,q_auto/v1/posts/e146bf5e5b68d228af8cadd7fd5ad535?_a=AQAEuop","thumbnailUrl":"https://media.daily.dev/image/upload/f_auto,q_auto/v1/posts/e146bf5e5b68d228af8cadd7fd5ad535?_a=AQAEuop","isAccessibleForFree":true,"articleSection":"Collections","inLanguage":"en","publisher":{"@type":"Organization","name":"daily.dev","url":"https://daily.dev","logo":{"@type":"ImageObject","url":"https://daily.dev/apple-touch-icon.png","width":180,"height":180}},"author":{"@type":"Organization","name":"Collections","logo":"https://media.daily.dev/image/upload/s--fk_6ycEi--/f_auto,q_auto/v1780996001/logos/collections?_a=BAMAMiWQ0","url":"https://daily.dev/sources/collections"},"commentCount":0,"discussionUrl":"https://daily.dev/posts/cerebras-systems-ipo-3-5bn-raise-26-6bn-valuation-and-an-openai-deal-at-the-center-of-it-all-vrezaadep","interactionStatistic":[{"@type":"InteractionCounter","interactionType":{"@type":"LikeAction"},"userInteractionCount":1},{"@type":"InteractionCounter","interactionType":{"@type":"CommentAction"},"userInteractionCount":0}],"keywords":"openai,gpu,ipo,ai-inference","timeRequired":"PT3M"} {"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://daily.dev"},{"@type":"ListItem","position":2,"name":"Collections","item":"https://daily.dev/sources/collections"},{"@type":"ListItem","position":3,"name":"Cerebras Systems IPO: $3.5bn raise, $26.6bn valuation, and an OpenAI deal at the center of it all"}]} ```