AI chipmaker Cerebras targets up to $4bn IPO at $40bn valuation

After a CFIUS-induced retreat in 2024, the wafer-scale chip startup is back with an OpenAI deal in its pocket and a sharper bet against Nvidia.

Eighteen months ago, Cerebras Systems looked like a cautionary tale. The Sunnyvale-based AI chip startup had filed for an initial public offering in September 2024, only to see its plans stall under a national-security review of its largest customer.

By October 2025, the registration was withdrawn. The company, which makes the largest commercial silicon chip in the world, was not so much beaten as quietly removed from the field.

It is back now, and considerably more ambitious.

On Friday, Bloomberg reported that Cerebras is seeking to raise as much as $4bn in its IPO, at a valuation of roughly $40bn, citing people familiar with the matter. The figure is striking.

It is nearly five times the $8.1bn private-market valuation Cerebras commanded as recently as ...