AI chipmaker Cerebras targets $3.5B IPO as OpenAI-linked investors stand to gain

Cerebras Systems, a company making AI chips and closely linked to OpenAI, announced plans to sell 28 million shares, priced between $115 and $125 each, aiming to raise $3.5 billion and achieve a market cap of $26.6 billion. This IPO is expected to be the biggest tech debut of 2026 so far, possibly paving the way for future offerings from companies like SpaceX, OpenAI, and Anthropic. Their notable chip, the Wafer-Scale Engine 3, competes with GPU alternatives. Major investors include Alpha Wave, Benchmark, Eclipse, Fidelity, and Foundation Capital, each holding over 5%. OpenAI's CEO Sam Altman and president Greg Brockman are also angel investors. The IPO was delayed in 2024 because of a federal review. There's already $10 billion in orders for the offering, suggesting prices could exceed expectations.