May Private Market Update
Cerebras Systems was founded in 2016 by Andrew Feldman, Gary Lauterbach, Jean-Philippe Fricker, Michael James, and Sean Lie. Cerebras has confidentially filed for an IPO estimated to occur in H2 2024. As of May 2025, CNBC reported that Cerebras is hoping for an IPO this year, however, no official dates have been confirmed.
Cerbras Systems is a machine-learning manufacturer that offers a custom software suite for workload scalability. Per Forge data, Cerebras Systems has raised a total of $715 million in funding over seven rounds. The company’s latest funding was raised on July 1, 2023, from a Secondary Market round. Key investors include Alpha Wave Ventures, Eclipse Ventures, Foundation Capital, and Benchmark.
These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.
| Funding Date | Round | Amount Raised | Price per Share | Post-Money Valuation 3 | Key Investors | |
|---|---|---|---|---|---|---|
| 02/04/2026 | Series H | $1.01B | $89.02 | $22.95B | 1789 Capital, Alpha Wave Global, Altimeter Capital, Amd, Atreides Management, Benchmark, Coatue Management, Fidelity, Tiger Global Management | |
|
Price per Share
$ xx.xx
Shares Outstanding
11,394,059
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
1789 Capital, Alpha Wave Global, Altimeter Capital, Amd, Atreides Management, Benchmark, Coatue Management, Fidelity, Tiger Global Management
|
||||||
| 09/30/2025 | Series G | $1.1B | $36.23 | $8.1B | 1789 Capital, Alpha Wave Ventures, Altimeter Capital, Atreides Management, Benchmark, Fidelity, Tiger Global Management, Valor Equity Partners | |
|
Price per Share
$ xx.xx
Shares Outstanding
30,359,557
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
1789 Capital, Alpha Wave Ventures, Altimeter Capital, Atreides Management, Benchmark, Fidelity, Tiger Global Management, Valor Equity Partners
|
||||||
| 09/27/2024 | Series F-1 | $85MM | $14.66 | $2.87B | Alpha Wave Ventures, G42 | |
|
Price per Share
$ xx.xx
Shares Outstanding
5,798,089
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Alpha Wave Ventures, G42
|
||||||
| 11/10/2021 | Series F | $254.38MM | $27.74 | $4.16B | Abu Dhabi Growth Fund, Alpha Wave Ventures, Altimeter Capital, Benchmark, Coatue Management, Eclipse Ventures, G42, Moore Strategic Ventures, Vy Capital | |
|
Price per Share
$ xx.xx
Shares Outstanding
9,168,419
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.9x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Abu Dhabi Growth Fund, Alpha Wave Ventures, Altimeter Capital, Benchmark, Coatue Management, Eclipse Ventures, G42, Moore Strategic Ventures, Vy Capital
|
||||||
| 11/25/2019 | Series E | $273.35MM | $18.32 | $2.42B | Undisclosed Investors | |
|
Price per Share
$ xx.xx
Shares Outstanding
14,916,649
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.3x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Undisclosed Investors
|
||||||
| 11/14/2018 | Series D | $79.82MM | $16.15 | $1.7B | Altimeter Capital, Benchmark, Coatue Management, Eclipse Ventures, Foundation Capital, Vy Capital | |
|
Price per Share
$ xx.xx
Shares Outstanding
4,943,849
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.1x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Altimeter Capital, Benchmark, Coatue Management, Eclipse Ventures, Foundation Capital, Vy Capital
|
||||||
| 08/31/2017 | Series C | $65MM | $8.95 | $860.24MM | Altimeter Capital, Benchmark, Eclipse Ventures, Foundation Capital, Sequoia Capital | |
|
Price per Share
$ xx.xx
Shares Outstanding
7,264,680
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Altimeter Capital, Benchmark, Eclipse Ventures, Foundation Capital, Sequoia Capital
|
||||||
| 12/19/2016 | Series B | $25MM | $2.75 | $249.79MM | Benchmark, Eclipse Ventures | |
|
Price per Share
$ xx.xx
Shares Outstanding
9,076,079
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Benchmark, Eclipse Ventures
|
||||||
| 05/05/2016 | Series A | $26.97MM | $0.85 | $67.43MM | Benchmark, Foundation Capital, Open Field Capital | |
|
Price per Share
$ xx.xx
Shares Outstanding
31,731,394
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Benchmark, Foundation Capital, Open Field Capital
|
||||||
Private market activity continues to be shaped by a supply-demand imbalance. One of the clearest signals of this dynamic is buy-side demand, reflected in the volume of bids placed on the Forge marketplace. So far this year, the number of outstanding bids has far exceeded the number of asks.
See which private companies are preparing for the public market. Register to get full access to the latest secondary market pricing data.
| Trade Metrics | Last Funding Round | |||||||
|---|---|---|---|---|---|---|---|---|
| Company | Forge Price | Last Matched | Round | Post-Money Valuation 3 | Price Per Share | Amount Raised | ||
 | Quantinuum | Not available | $ xx.xx | Not available | -- | -- | -- | |
Track trading activity and investor momentum across thousands of private companies. Register to view last matched prices and additional transactional details.
| Company | Forge Price (6M Change) | Market Activity | Last Matched | |
|---|---|---|---|---|
 |
Whoop | $7.50 +$4.93 (191.83%) | Limited | $xxx.xx |
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Skild AI | $65.34 +$40.71 (165.29%) | Medium | $xxx.xx |
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SpaceX | $646.78 +$401.02 (163.18%) | High | $xxx.xx |
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Replit | $268.12 +$138.12 (106.25%) | Medium | $xxx.xx |
 |
Shield AI | $158.50 +$79.48 (100.58%) | High | $xxx.xx |
| Company | Forge Price | Market Activity | Last Matched | |
|---|---|---|---|---|
 |
Anthropic | $264.57 +$5.43 (2.10%) | High | $xxx.xx |
 |
OpenAI | $730.85 -$0.45 (0.06%) | High | $xxx.xx |
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Anduril | $112.44 +$0.20 (0.18%) | High | $xxx.xx |
 |
Figure AI | $174.00 -$20.00 (10.31%) | Limited | $xxx.xx |
 |
Databricks | $196.31 -$0.07 (0.04%) | High | $xxx.xx |
Updated on: May 17, 2026
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