Chipmaker Cerebras Systems has raised $5.55 billion in its initial public offering (IPO), marking the largest IPO of 2026 amid rising demand for semiconductors, according to Bloomberg.
The company set the share price at $185, exceeding the initial range of $150–160. Cerebras originally planned to sell 30 million shares, resulting in a market capitalization of approximately $49 billion.
Cerebras has developed a processor nearly the size of an entire silicon wafer, housing 900,000 AI cores and 44 GB of high-bandwidth SRAM memory on a single device.
This design reduces latency and accelerates inference, particularly for large language models (LLMs), where data transfer between memory and processing units often becomes a bottleneck. In some scenarios, the company claims to achieve speedups of 10 times or more compared to GPU systems.
Key partners of Cerebras include:
- OpenAI, which has signed a deal to build 750 MW of capacity using the company's chips and plans to invest up to $20 billion over three years;
- Amazon, which has announced its intention to use the company's semiconductors alongside Trainium for AI operations.
Cerebras sought to manage the growing interest in its upcoming listing by asking institutional investors to indicate the number of shares and the maximum price they were willing to pay, aiming to gauge actual demand levels.
During the IPO, demand exceeded the number of available shares by more than 20 times. Meanwhile, Arm Holdings and its majority owner, SoftBank Group, expressed interest in acquiring Cerebras just weeks before the anticipated IPO.
Additionally, SpaceX has filed for an IPO, aiming to raise between $50 billion and $75 billion in June, with a valuation of $1.75 trillion.