Cerebras Systems is set to be the largest IPO of 2026 so far, with the AI chipmaker on track to raise up to $4.8 billion at a $48.8 billion valuation after its order book closed roughly 20 times oversubscribed.
The Sunnyvale company lifted its price range to $150 to $160 per share from $115 to $125 and bumped the offering to 30 million shares. At the high end, the deal would be the largest US listing in nearly five years.
Cerebras designs specialized AI chips built around its Wafer Scale Engine, a processor the size of a dinner plate that packs more than 4 trillion transistors onto a single piece of silicon.
The company is focused on inference, the computing required to run trained AI models, rather than training. The pitch is faster and cheaper inference performance than Nvidia
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