Should Cerebras pull off an initial public offering at or above the high end, this will be the largest tech IPO of 2026 so far. It could also prove the appetite for even bigger blockbuster offerings in the wings, like SpaceX and possibly OpenAI and Anthropic.

Cerebras offers an AI-specific chip called the Wafer-Scale Engine 3 that challenges GPU-based AI chips. Cerebras says its chip is faster for inference while using less power than such competitors. Inference is the compute needed to process user prompts.

A long list of top-name investors stands to gain from a healthy IPO. Rick Gerson’s Alpha Wave; Benchmark (via partner Eric Vishria); Lior Susan’s Eclipse; Fidelity; and Foundation Capital (via partner Steve Vassallo) are its largest shareholders with more than a 5% stake, according to the company’s SEC filing.

The company says its list of investors also includes 1789 Capital, Abu Dhabi Growth Fund, Abu Dhabi’s G42, Altimeter, AMD, Atreides Management, Coatue, Moore Strategic Ventures, Tiger Global, Valor Equity Partners, and VY Capital.