Cerebras IPO Winners Include Foundation, Benchmark—and OpenAI

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Over the last decade, there were times when Cerebras investors could be forgiven for losing hope.

The company, which was attempting the difficult and expensive task of developing an alternative to Nvidia’s graphics processing units, didn’t deliver its first chips until five years into its existence. Then, after it filed to go public in 2024, the U.S. government scrutinized its relationship with a key customer and backer, Emirati firm G42. The next year, it yanked its IPO prospectus.

Those investors are about to get rewarded for hanging tight. Cerebras, which made a new IPO filing in April, priced its offering at $185 a share Wednesday night, valuing the company at $56 billion after accounting for all outstanding stock options, grants and warrants.