A Wafer-Sized Chip, A $20 Billion OpenAI Contract And A Valuation Of $48.8 Billion Cerebras Is About To Become The Biggest IPO Of 2026
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The AI chip race just moved to Wall Street. And the first company out of the gate is not who most people expected.
Cerebras Systems, the Sunnyvale, California-based AI chipmaker, upsized its initial public offering on May 11, 2026, now seeking to raise up to $4.8 billion by offering 30 million shares at $150 to $160 each under the ticker symbol CBRS on Nasdaq. The company had initially targeted 28 million shares at $115 to $125, representing a significant upward revision driven by extraordinary investor demand.
According to sources familiar with the process, the IPO attracted orders for more than 20 times the shares available, a level of oversubscription that is exceptional even by the standards of a hot AI market. Cerebras is set to price the offering on May 13.
At the high end of the new range, the company could end up being worth up to $48.8 billion on a fully diluted basis, more than double the $23 billion valuation it received in a February 2026 funding round.
Cerebras sells wafer-sized AI chips called the WSE-3 that are several times larger than Nvidia’s Blackwell B200 GPU. The company says its chips outperform GPUs on speed and undercut them on cost, a claim that helped it secure a $20 billion-plus commitment from OpenAI, which uses Cerebras for a code-writing model. Amazon is also among its customers.
Cerebras brought in $510 million in revenue in 2025, with a net income of $237.8 million. A 47 percent net margin at this stage of growth is exceptionally rare.
Nvidia built the GPU era. Cerebras wants to build what comes next. Like this technology and business focused article? Read our previous article here.
