Cerebras raises $5.55bn in the biggest US tech IPO since Snowflake

Priced at $185, above the marketed range, the wafer-scale chip company opens trading on Thursday at a $56.4bn valuation. The OpenAI deal is what got the book covered. The customer concentration footnote is what the next quarter has to answer.

Cerebras Systems priced its IPO at $185 per share on Wednesday evening, above the marketed range, raising $5.55bn and resulting in a fully diluted valuation of $56.4bn. It is the largest US tech IPO since Snowflake’s $3.8bn debut in 2020, and the largest of 2026 by a wide margin.

The shares begin trading on Nasdaq on Thursday under the ticker CBRS.

The pricing is a long way from where the company started this run. Cerebras filed confidentially in late February, refiled in April at a $26.6bn valuation targeting $3.5bn, raised the range to $4.8bn last week, and ended up here. The bookbuild, in plain English, did not need a second nudge.

Cerebras designs the Wafer Scale Engine, a single piece of silicon the size of a dinner plate that holds more than four trillion transistors. The pitch to investors is inference, not training: the workload where AI models run rather than learn, and where speed and unit cost matter more than raw compute.

Where Nvidia owns the training side, Cerebras is selling the proposition that the next bottleneck is the one in front of the user.

The financial story under the hood is steeper than the IPO docket usually allows. Revenue went from $24.6m in 2022 to $290m in 2024 to $510m in 2025, with the bulk of 2024 revenue coming from a single customer: G42, the Abu Dhabi AI conglomerate that accounted for 85% of that year’s sales.

The 2024 prospectus stalled when CFIUS opened a review of G42’s minority stake. The 2026 refile cleared after G42’s holding was restructured into non-voting shares.

What changed the IPO’s gravity was the January contract with OpenAI: a multi-year agreement for 750 megawatts of inference capacity, expandable to two gigawatts by 2030, with a contracted value over $10bn at signing and disclosed in the S-1 as a binding master relationship agreement worth over $20bn at full expansion.

It is the line in the prospectus that lets a public-markets investor look at the G42 footnote and consider it diversified by a second very large name rather than diluted by it.

Even that read has limits. G42 and Mohamed bin Zayed University of Artificial Intelligence, treated as a single related-party group, accounted for roughly 86% of 2025 revenue between them.

Adding OpenAI on top of that is a structural improvement on paper. It is also another concentration of a different kind, in which three buyers carry the model.

Andrew Feldman, who co-founded Cerebras in 2016 after selling his previous company SeaMicro to AMD, did not sell shares in the offering. The float is a smaller percentage of the company than is typical for an IPO of this size.

That, combined with the demand that pushed pricing through the top of the range, is a fair part of why the implied valuation moved from $26.6bn in April to $56.4bn at pricing in five weeks.

What happens next is the test the company has not yet had to take. Cerebras has been a private company telling a thesis story; from Thursday morning it has to be a public company telling a quarterly one.

The OpenAI contract is the answer to the customer-concentration question. The next four quarters are the answer to whether wafer-scale silicon is a category or a product.