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

Cerebras Systems, maker of the Wafer-Scale Engine 3 AI inference chip, is proceeding with an IPO targeting $3.5 billion at a $26.6 billion valuation, positioning it as the largest tech IPO of 2026. The chip is marketed as faster and more power-efficient than GPU alternatives for AI inference. Major investors including OpenAI executives, Benchmark, Fidelity, and others stand to gain substantially from the offering.