AI Chipmaker Cerebras Set to File for IPO

The company's public offering could value it at three times its 2025 funding round.

Apr. 17, 2026 at 5:23pm

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A highly detailed, glowing 3D illustration of Cerebras' custom AI chip architecture, with intricate circuit patterns illuminated by neon cyan and magenta lights, conceptually representing the company's specialized hardware for running large-scale AI models.Cerebras' specialized AI chips, glowing with the power to fuel the next generation of generative AI models.Sunnyvale Today

Cerebras, a producer of chips for artificial intelligence models, is set to file for an initial public offering as soon as Friday, according to two people familiar with the matter. The company has seen major expansions in its business, including a $20 billion agreement with OpenAI to provide computing power through 2028.

Why it matters

Cerebras' IPO filing comes as the market for AI-focused technology companies heats up, with several high-profile firms like Anthropic and OpenAI also considering going public. The success of Cerebras' offering could signal broader investor appetite for AI infrastructure plays.

The details

Cerebras has shifted its focus in recent years from selling chips directly to companies to operating the chips in its own data centers as a cloud service. This includes a major $10 billion agreement with OpenAI to provide up to 750 megawatts of computing power, which has since expanded to over $20 billion. The company has also seen interest from other major tech firms like Oracle, which has mentioned offering Cerebras chips.

  • Cerebras first announced plans for an IPO in 2024 but withdrew the paperwork last year to add more financial and strategic details.
  • In September 2025, just before withdrawing the IPO paperwork, Cerebras said it had raised a $1.1 billion funding round at an $8.1 billion valuation.
  • Cerebras was founded in 2016 and is based in Sunnyvale, California.

The players

Cerebras

A producer of chips for artificial intelligence models, founded in 2016 and based in Sunnyvale, California.

OpenAI

An artificial intelligence research company that has a major $20 billion agreement with Cerebras to provide computing power through 2028.

Andrew Feldman

The co-founder and CEO of Cerebras, who previously sold server startup SeaMicro to AMD for $355 million in 2012.

Elon Musk

The CEO of Tesla, who reportedly tried to buy Cerebras in 2018.

Sam Altman

The CEO of OpenAI, who is an investor in Cerebras.

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What they’re saying

“On Oracle's March earnings call, CEO Clay Magouyrk mentioned that the database and cloud company offers chips from Cerebras and other suppliers. But at the time, Oracle's price list did not contain references to Cerebras.”

— Clay Magouyrk, CEO, Oracle

What’s next

Cerebras' IPO filing is expected as soon as Friday, April 17, 2026. The company's public offering could value it at three times its $8.1 billion valuation from a 2025 funding round.

The takeaway

Cerebras' impending IPO reflects the growing investor interest in AI-focused technology companies, as the market seeks to capitalize on the rapid advancements in artificial intelligence. The success of Cerebras' offering could pave the way for other AI infrastructure plays to go public and attract significant funding.