Cerebras Systems IPO Raises $5.55B, Values AI Chipmaker at $56B
Cerebras Systems raised $5.55B in an IPO selling 30M shares at $185 each, valuing the AI chipmaker at $56B fully diluted with a 4.5M share option. It posted $510M revenue in 2025, a $345M operating loss, $24.6B backlog, and has a $20B OpenAI deal plus $270M AWS investment.
1. IPO Details
Cerebras Systems priced its IPO at $185 per share, selling 30 million shares for $5.55 billion. Underwriters hold a 30-day option on 4.5 million additional shares, and institutional orders exceeded supply by over 20 times, making it the largest U.S. IPO of the year.
2. Technology and Partnerships
The company’s Wafer-Scale Engine uses a full silicon wafer with 4 trillion transistors and 900,000 cores, targeting AI inference workloads. Strategic deals include a $20 billion, 750-megawatt contract with OpenAI and a partnership with Amazon Web Services, which invested $270 million for WSE access.
3. Financial Metrics and Backlog
In the year ended December 31, 2025, Cerebras generated $510 million in revenue, up 75% year-over-year, while posting a $345 million operating loss. It reported $24.6 billion in contractually committed revenue, nearly 48 times 2025 sales, highlighting strong forward bookings.