OpenAI’s cozy partner Cerebras is on track for a blockbuster IPO

Cerebras Systems set IPO terms for 28 million shares at $115-$125 each, seeking up to $3.5 billion after earlier delays.

The AI chipmaker has drawn strong early demand and has deep ties to OpenAI through contracts, a loan, and share warrants.

If priced at the high end, the deal could value Cerebras at about $26.6 billion and become 2026’s biggest tech IPO so far.

A successful debut would be a major test of investor appetite for AI listings and could deliver gains to OpenAI-linked backers.