2026's Biggest IPO So Far: AI Chipmaker Cerebras Targets $4.8 Billion Raise, But What Do Prediction Markets Say?

Cerebras Systems is acceptable to beryllium the largest IPO of 2026 truthful far, with the AI chipmaker connected way to rise up to $4.8 cardinal astatine a $48.8 cardinal valuation aft its bid publication closed astir 20 times oversubscribed.

The Sunnyvale institution lifted its terms scope to $150 to $160 per stock from $115 to $125 and bumped the offering to 30 cardinal shares. At the precocious end, the woody would beryllium the largest US listing successful astir 5 years.

Cerebras designs specialized AI chips built astir its Wafer Scale Engine, a processor the size of a meal sheet that packs much than 4 trillion transistors onto a azygous portion of silicon.

The institution is focused connected inference, the computing required to tally trained AI models, alternatively than training. The transportation is faster and cheaper inference show than Nvidia (NASDAQ:NVDA) GPUs, which inactive predominate some sides of the market.

OpenAI’s Circular Playbook

A March Amazon Web Services concern and OpenAI’s $20 billion-plus compute woody mostly solved the lawsuit attraction occupation that derailed Cerebras’ 2024 listing attempt. But entree to Sam Altman’s interior ellipse did not travel cheap.

Cerebras is handing OpenAI warrants worthy up to 10% of the company, astir $5 cardinal astatine the IPO midpoint, oregon astir fractional the gross nett it stands to marque connected the deal, according to Financial Times calculations.

It is the aforesaid playbook OpenAI ran with Advanced Micro Devices (NASDAQ:AMD), whose shares person tripled since the 2 companies announced their ain circular statement past October.

What Polymarket Traders Are Pricing In

A Polymarket declaration connected Cerebras’ closing marketplace headdress connected time 1 has the $50 cardinal to $60 cardinal bucket arsenic the favourite astatine 33%, followed by $60 cardinal to $70 cardinal astatine 25% and $70 cardinal to $80 cardinal astatine 17%. The “under $50 billion” result sits astatine conscionable 6%.

The Hiive secondary marketplace backs that read, with Cerebras shares reportedly changing hands astatine $187.53 connected Monday, astir 17% supra the apical of the offering range.

The crown whitethorn beryllium short-lived. SpaceX, OpenAI and Anthropic are each reportedly preparing 2026 listings, with SpaceX and OpenAI unsocial expected to rise a combined $135 billion. Polymarket presently has SpaceX astatine 87% to decorativeness 2026 arsenic the largest IPO by marketplace cap.

Cerebras begins trading connected the Nasdaq nether the ticker CBRS connected Thursday.

Image: Shutterstock

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