Cerebras Files for IPO as OpenAI Deal Expands to Over $20B

Gate News message, April 17 — Cerebras, an Nvidia-backed chipmaker, is set to file for an initial public offering (IPO) before market close on Friday, April 18, according to sources familiar with the matter. The company manufactures chips designed to run artificial intelligence models and has shifted its business model from selling hardware to operating its own chips in company-controlled data centers and offering computing power as a cloud service.

Cerebrass’ partnership with OpenAI has significantly expanded. In January, the company announced it would provide up to 750 megawatts of computing power to OpenAI through 2028 in a deal valued at over $10 billion. That arrangement has now expanded to more than $20 billion, with OpenAI also set to receive warrants to purchase Cerebras shares. OpenAI executive Sachin Katti stated the company uses Cerebras for “a dedicated low-latency inference solution” that enables “faster responses, more natural interactions, and a stronger foundation to scale real-time AI.” Cerebras currently provides OpenAI with cloud-based compute for coding tools.

The IPO filing comes as AI chip startups attract substantial investment. In February, Cerebras raised $1 billion in financing at a $23 billion valuation. Across 2026, MatX, Ayar Labs, and Etched each closed $500 million funding rounds, while European firms Axelera and Olix raised over $200 million each. Meanwhile, Intel stock hit its highest intraday level since the dot-com era at $69.55 on April 17, up 90% this year. The company agreed to a $14.2 billion buyback of an Ireland plant and partnered with Elon Musk’s Terafab project for semiconductor development.