Cerebras Upcoming IPO: AI chipmaker refiles to go public
Nvidia isn't the only AI chipmaker making waves with investors. Competitor Cerebras has been steadily advancing toward an IPO, and recent developments suggest the listing may be imminent.
Initially, Cerebras filed its Form S-1 with the SEC in September 2024,5 and Renaissance Capital reported that the IPO could raise up to around $800 million.6 The refiled offering could be significantly larger: The Information reported that Cerebras plans to raise approximately $3 billion at a valuation of about $35 billion.7
However, the original IPO was delayed, potentially due to a national security review of UAE-based tech group G42, a minority investor in Cerebras8 that was responsible for over 80% of its revenue in 2023 and the first half of 2024.9
Then, in October 2025, shortly after announcing a $1.1 billion funding round at an $8.1 billion valuation, Cerebras withdrew its S-1 filing. A company spokesperson told CNBC that Cerebras' Chief Executive Officer felt the filing was out of date amid new AI developments.10
Reuters reported in December 2025 that G42 is no longer listed as an investor,11 although Semafor noted that it still seems to be a key customer.12
As of February 2026, Cerebras has confidentially filed for a U.S. IPO, according to Seeking Alpha, citing a report from The Information.13 The company has been meeting with potential investors, and the listing could take place as soon as April 2026.14 Seeking Alpha analysts also named Cerebras one of the more notable AI companies that could go public in 2026.15
Cerebras company background
While AI fervor has picked up in recent years, Cerebras has deep roots within the tech and computing world.
The company was founded in 2016 by a team of industry veterans, including current Chief Executive Officer Andrew Feldman and Chief Technology Officer Gary Lauterbach.16 Feldman and Lauterbach previously founded a microserver startup called SeaMicro, which was acquired by semiconductor company AMD in 2012.17
Cerebras' three other co-founders — Jean-Philippe Fricker, Michael James, and Sean Lie — also held prominent roles at SeaMicro.18
Cerebras products and market position
The rise of generative AI, particularly OpenAI's ChatGPT, helped fuel tremendous growth in certain tech companies that power AI computing. Nvidia is perhaps the most prominent example, with the chipmaker's stock price rising sharply over the past several years.19
Cerebras competes with Nvidia, but rather than producing relatively small Graphic Processing Units (GPUs) to process AI workloads like Nvidia does, Cerebras has created the world's largest computer chip with its flagship product, the third-generation wafer-scale engine (WSE-3).20
Cerebras has also made a push to become more of a cloud services provider for queries to AI models that run on Cerebras' chips, according to CNBC.21 Plus, Cerebras has its hands in related AI areas, like with its CS-3 system, powered by its flagship chip, that other companies can use to run AI workloads.
The competitive landscape around AI chips continues to evolve rapidly. According to Seeking Alpha, Nvidia entered into a non-exclusive licensing agreement with Cerebras competitor Groq worth approximately $20 billion for its inference technology. As part of that agreement, Groq's founder, Jonathan Ross, and other members of the Groq team joined Nvidia.22,23
Amid the demand for AI hardware and services, Cerebras' revenue has been rapidly growing, having more than tripled from 2022 to 2023 to reach $78.7 million. For the first half of 2024, the company nearly doubled its full-year 2023 revenue, reaching $136.4 million, according to the S-1 filing.24
Cerebras also has partnerships in place with significant organizations to support AI development. In early 2024, Cerebras started working with Mayo Clinic for AI in healthcare.25 The company also announced the signing of a Memorandum of Understanding (MoU) with Saudi Arabia's state-owned energy giant Aramco to bring AI to various industries and universities in Saudi Arabia.26 And in December 2025, Cerebras announced an MoU with the U.S. Department of Energy to collaborate on next-generation AI and high-performance computing technologies.27
Perhaps most notably, in January 2026, Cerebras signed a multi-billion-dollar computing deal with OpenAI, as reported by Seeking Alpha.28 The deal further positions Cerebras as a meaningful player in the AI infrastructure market ahead of its expected IPO.
However, Cerebras was not profitable as of its 2024 S-1 filing, largely due to high expenses in areas such as research and development. For the first half of 2024, its net loss was $66.6 million, down from $77.8 million in the first half of 2023.29 The recently filed S-1, once publicly available, should shed light on the company’s recent revenue and profitability levels.
Cerebras stock price history
Cerebras' Forge Price is $102.34 at a $26.44 billion valuation as of April 2026, which represents a significant premium to its last primary funding round of $8.1 billion in September 2025.30 Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information and secondary market transactions on Forge.
Forge Data as of 04/23/2026
Over the past two years, Cerebras' Forge Price has significantly outpaced the Forge Private Market Index, a broad measurement that reflects the up-to-date performance and pricing activity of venture-backed, late-stage companies that are actively traded in the private market.31 However, Cerebras has experienced notable volatility over shorter time periods.32
Cerebras funding history and private market valuation
Cerebras' funding totals nearly $2 billion. That financing haul dates back to a Series A in May 2016, when the company raised nearly $27 million at a valuation of a little over $67 million. Cerebras then reached unicorn status with its Series D in November 2018, when it hit a post-money valuation of $1.8 billion. By 2021, the company broke $4 billion with its Series F.33
Cerebras then had a down round in September 2024, when it raised $85 million at a $2.87 billion valuation. However, it bounced back with its largest funding round a year later, raising $1.1 billion in September 2025 at an $8.1 billion valuation.34
Forge Data as of 04/23/2026
Some of Cerebras' recent top investors include Fidelity, Atreides Management, Tiger Global and Alpha Wave Ventures, to name a few.35
Looking ahead
Cerebras' plans to refile for an IPO reflect the continued optimism in the AI market. While many details regarding Cerebras' potential offering remain publicly undisclosed, the company has indicated a clear interest in pursuing a public listing, with reports pointing to a Q2 2026 timeline and an approximate $35 billion target valuation.36
Check back here or take a look at Forge's upcoming IPO calendar to stay in the loop about a possible Cerebras IPO and other pending public offerings.
How to invest in Cerebras stock pre-IPO
With Cerebras' confidential IPO filing now confirmed, interest in gaining exposure to the company before it goes public has continued to grow.37 While details regarding the listing remain undisclosed, the company has indicated continued interest in pursuing a public offering.
For now, as Cerebras remains private, accredited investors may be able to buy pre-IPO shares through a marketplace like Forge, subject to share availability and transfer restrictions. It is worth noting that private market investments carry inherent risks, including liquidity constraints and valuation uncertainty. Interested investors can learn more about how to invest in Cerebras pre-IPO as well as eligibility requirements.
Those looking to buy shares of Cerebras, or other AI startups, are encouraged to check back here or take a look our Tech IPO Calendar to stay in the loop.
Finally, if you're interested in exploring private market opportunities through a marketplace like Forge, you can create an account to get started.
FAQs about the Cerebras upcoming IPO
What is Cerebras?
Cerebras is a technology company that specializes in computer chips and services designed to support AI usage. While some AI companies use multiple small chips for AI computing power, Cerebras focuses on creating much larger chips with more processing power.
When is the Cerebras IPO expected?
Cerebras withdrew its original S-1 filing in October 2025 but is reportedly planning to refile, with an IPO date potentially coming in Q2 2026. The Information reported that the company aims to raise approximately $3 billion at a valuation of about $35 billion.38
Who are Cerebras' key investors?
Cerebras has recently brought on key investors such as Fidelity, Atreides Management, Tiger Global and Alpha Wave Ventures. However, Cerebras' full list of key investors may not be completely clear until the company's updated S-1 becomes public, as a former key investor, G42, is reportedly no longer listed as one.39
Is Sam Altman invested in Cerebras?
Yes. OpenAI Chief Executive Officer Sam Altman is personally invested in Cerebras. OpenAI subsequently signed a reported $10 billion deal with Cerebras, and Cerebras has reportedly positioned that contract as a centerpiece of its pitch to public market investors ahead of the IPO refiling.40
Can anyone invest in Cerebras?
At this time, only accredited investors can directly buy shares of Cerebras, as it is still a private company. Individual accredited investors may be able to invest in pre-IPO shares of Cerebras through private market marketplaces like Forge, subject to share availability and transfer restrictions. Once Cerebras completes its IPO, investing would be open to the general public.
Is Cerebras the next Nvidia?
Cerebras competes with Nvidia in AI chips but takes a fundamentally different approach with its wafer-scale engine architecture. While Nvidia relies on clusters of smaller GPUs, Cerebras builds the world's largest single chips for AI workloads. The two companies serve overlapping but distinct segments of the AI compute market, and Cerebras' upcoming IPO will give public market investors a new way to gain exposure to AI infrastructure beyond Nvidia.
