OpenAI’s cozy partner Cerebras is on track for a blockbuster IPO

Cerebras Systems, an AI chipmaker, is nearing its initial public offering (IPO), planning to sell 28 million shares at $115 to $125 each, which could raise $3.5 billion and achieve a market capitalization of $26.6 billion. This IPO would be the largest tech offering of 2026 so far and could signal appetite for other large offerings like SpaceX and potentially OpenAI and Anthropic. Cerebras's Wafer-Scale Engine 3 chip competes with GPU-based AI chips, offering faster inference and lower power consumption. The company has a strong list of investors, including major shareholders like Alpha Wave and Benchmark, as well as notable angel investors such as OpenAI founder Sam Altman and former OpenAI chief scientist Ilya Sutskever. Cerebras has a significant relationship with OpenAI, which is a major customer and has loaned Cerebras $1 billion, secured by warrants for over 33 million shares. This relationship was even highlighted in Elon Musk's lawsuit against OpenAI. Despite previous delays, including a federal review of an investment from G42, Cerebras is now on track for its IPO, with strong investor demand reportedly exceeding the offering size.

(Source：TechCrunch)