Cerebras Confirms IPO Launch Again, Targets $35 Bn Valuation

AI inference chip company, Cerebras Systems, has launched its initial public offering (IPO) and plans to raise nearly $3 billion through a Nasdaq listing. The AI chipmaker said it plans to offer 28 million shares of Class A common stock at a price range of $115 to $125 per share under the ticker symbol ‘CBRS’.

The Sunnyvale-based company said that the proposed offering will be led by Morgan Stanley, Citigroup, Barclays and UBS Investment Bank as book-running managers for the IPO. Cerebras also plans to grant underwriters a 30-day option to purchase an additional 4.2 million shares.

Cerebras had first filed for an IPO in 2024 but delayed the listing after a national security review by the Committee on Foreign Investment in the United States (CFIUS). The scrutiny centred on Abu Dhabi-based G42, which was both an investor and customer of Cerebras. The company later withdrew this filing in October 2025 and has now revived it after receiving regulatory clearance.

The IPO comes amid growing investor interest in AI infrastructure companies and follows reports of a major OpenAI partnership focused on AI inference computing. Recently, OpenAI committed to spending more than $20 billion over the next three years on servers powered by Cerebras chips. In addition, the total deal outlay could rise to $30 billion and may grant OpenAI up to a 10% stake in Cerebras.

Cerebras builds wafer-scale AI processors designed for large-scale training and inference workloads. The company said its Wafer Scale Engine 3 (WSE-3) processor is “the world’s largest and fastest commercialised AI processor.”

According to the company, the WSE-3 chip is 58 times larger than leading GPU chips and delivers inference speeds up to 15 times faster than GPU-based systems on open-source models. Cerebras said its systems are used by corporations, research institutes and governments across four continents.

The listing also follows a period of rapid company growth. Earlier reports noted that Cerebras turned profitable in 2025 after posting losses the previous year, while its valuation rose sharply during the AI infrastructure boom.

In February, the company also closed a $1 billion Series H financing at a post-money valuation of about $23 billion, tripling its valuation from just three months earlier.

The IPO arrives as technology companies continue to increase spending on AI infrastructure and compute capacity. Industry analysts expect demand for inference computing to grow as AI models move into wider enterprise and consumer use.

The broader market has also seen companies move towards long-term infrastructure partnerships to secure access to chips and compute resources. Cerebras now joins a growing group of AI infrastructure firms seeking to capitalise on that demand through public markets.