The long wait for Cerebras Systems to go public is almost over. On Monday, the AI chip company announced that it plans to sell 28 million shares. They expect each share to go for somewhere between $115 and $125. If they hit the high end of that range, they could raise $3.5 billion and reach a total market value of $26.6 billion.
This is a big deal for everyone involved. For investors who just put $1 billion into the company back in February at a $23 billion valuation, it represents a quick and healthy profit. It also means that Cerebras could pull off the biggest tech IPO of 2026 so far. If the market loves this offering, it might clear the way for other massive companies like SpaceX or Anthropic to finally go public too.
Fighting the Giants with New Tech
Cerebras is not just another chip company. They built a specialized AI chip called the Wafer-Scale Engine 3. This piece of hardware is designed specifically to handle the heavy lifting of AI inference. When you give an AI a prompt and it thinks of an answer, that process is called inference. Cerebras claims their chip handles this faster and uses less electricity than their rivals.
A lot of famous names in the investing world are betting on this tech. The company’s SEC filing shows that major players like Alpha Wave, Benchmark, and Fidelity own significant chunks of the business. Even tech leaders like Greg Brockman and Ilya Sutskever from OpenAI appear on their list of angel investors.
The Deep Ties to OpenAI
The relationship between Cerebras and OpenAI goes beyond just a few individual investors. Legal filings from Elon Musk’s lawsuit against OpenAI suggest that the two companies were once so close that OpenAI considered buying Cerebras. While that buyout never happened, OpenAI became one of Cerebras’ biggest customers instead.
The money trail is fascinating. Last December, OpenAI loaned Cerebras $1 billion. In exchange, OpenAI got warrants that allow them to buy over 33 million shares. This means that while OpenAI is not a massive owner yet, they could become one very soon. They also signed a multi-year deal worth more than $10 billion for Cerebras to supply them with chips.
A Comeback Story for 2026
Cerebras wanted to go public in 2024, but those plans hit a wall. A potential investment from a firm in Abu Dhabi triggered a federal review that caused them to shelve the IPO temporarily. Instead of giving up, the company spent the last year raising more private cash and strengthening its ties with OpenAI.
Now, the hype is reaching a fever pitch. Reports suggest that banks are already seeing $10 billion worth of orders for the $3.5 billion in shares available. That kind of massive demand usually means the stock will price even higher than the initial range. For the investors and executives involved, this IPO is shaping up to be a massive win that proves AI hardware is still the hottest market on the planet.