Cerebras Systems Raises $5.55 Billion in Blockbuster AI Chip IPO — Biggest Tech Listing of 2026

AI chipmaker Cerebras Systems debuted on the Nasdaq today under the ticker symbol CBRS, raising $5.55 billion after pricing its IPO at $185 per share — well above its expected range of $150 to $160. The offering values the Silicon Valley company at $56.4 billion on a fully diluted basis, making it the largest US tech IPO of 2026 so far.

Cerebras designs a uniquely large AI chip called the Wafer Scale Engine 3 — roughly the size of a dinner plate, packing 4 trillion transistors onto a single piece of silicon. The company claims its chips can perform AI inference up to 15 times faster than Nvidia's leading GPUs at lower power consumption. This has attracted high-profile customers including OpenAI, which committed over $20 billion for Cerebras compute, and Amazon Web Services, which recently announced a partnership to integrate Cerebras chips into its data centres.

The IPO order book closed roughly 20 times oversubscribed. Co-founder and CEO Andrew Feldman now holds a stake worth approximately $1.9 billion. The listing is expected to signal strong investor appetite ahead of even larger AI IPOs in 2026, with SpaceX, OpenAI, and Anthropic all reportedly preparing public listings this year.