Cerebras Valuation Could Triple After Public Offering

Cerebras Systems is preparing to file for an initial public offering as soon as today, with sources indicating the AI chipmaker could be valued at three times its 2025 funding round valuation in the public offering.

The company, which provides cloud-based access to chips designed to run artificial intelligence models, was valued at $23 billion in a financing round announced in February 2026, according to multiple reports. If the IPO pricing reflects a threefold increase from that valuation, Cerebras would debut with a market capitalization of approximately $69 billion.

Cerebras has begun operating its chips inside its own data centers as a cloud service on behalf of clients, shifting from a model focused solely on selling hardware to providing computing capacity as a service.

In January 2026, Cerebras announced an agreement to provide up to 750 megawatts of computing power to OpenAI through 2028 in a deal initially valued at more than $10 billion. That relationship has since expanded, with OpenAI now planning to spend more than $20 billion on Cerebras products over the same period.

As part of the expanded agreement, OpenAI will receive warrants to buy Cerebras shares, aligning the AI research company’s interests with the chipmaker’s public market performance.

The Information previously reported on the arrangement between Cerebras and OpenAI, which represents one of the largest non-Nvidia AI infrastructure contracts ever disclosed.

Cerebras declined to comment on the IPO filing plans when contacted by CNBC, which first reported the impending SEC submission based on information from two people familiar with the matter who spoke on condition of anonymity.

For years, Cerebras sought to sell its chips directly to companies, but the strategic pivot to operating its own cloud service marks a significant evolution in its business model as it prepares for public market scrutiny.

The company’s wafer-scale chip architecture, which is physically 56 times larger than Nvidia’s H100 GPU, contains 4 trillion transistors and 900,000 cores, delivering claimed performance advantages in AI workloads.

Cerebras counts IBM, Meta, and Mistral AI among its customers, though its revenue has historically been highly concentrated, with G42 accounting for 87% of its H1 2024 revenue. The transition to OpenAI as a primary customer is viewed as a critical step in diversifying that revenue base ahead of the IPO.

The IPO filing comes amid intense competition in the AI chip market, where companies are racing to develop alternatives to Nvidia’s dominant position in data center accelerators.

If completed, Cerebras’ public offering would be one of the largest semiconductor IPOs in history and the first pure-play alternative to Nvidia’s GPU monopoly to reach public markets during the current AI infrastructure investment cycle.