Cerebras is no longer a startup valuation story — it's a stock. The wafer-scale chipmaker listed on Nasdaq (CBRS) on May 14, 2026, raising $5.55 billion at $185 a share in the biggest tech IPO since Uber (CNBC), and traded near a $50 billion market cap as of early June 2026.
TL;DR:
- Public since May 14, 2026 (Nasdaq: CBRS); priced above range, day-one close ~$67B standard-count (fully diluted figures up to ~$86–95B were quoted), since cooled to ~$50B.
- Final private mark: $8.1B (Series G, Sept 2025, $1.1B led by Fidelity and Atreides) — public investors marked it up ~6x.
- 2025 revenue $510M (+76% YoY); the multiple (~98x trailing) prices the $20B / 750MW OpenAI compute agreement, not the trailing numbers.
- Known risks: ~86% revenue concentration in UAE-linked entities (G42), single-customer forward dependence, Nvidia's roadmap.
Valuation History
| Date | Event | Raised | Valuation |
|---|---|---|---|
| Jun 2026 | Trading (CBRS) | — | ~$50B market cap |
| May 2026 | IPO @ $185/share | $5.55B | ~$67B day-one close (standard count) |
| Apr 2026 | Second S-1 | — | targeted ~$23B |
| Sep 2025 | Series G (final private) | $1.1B | $8.1B |
| Sep 2024 | First S-1 — stalled by CFIUS review of G42 ties | — | — |
Sources: IPO coverage · TechCrunch · Series G.
Why the Market Pays ~98x Trailing Revenue
One contract: the Master Relationship Agreement with OpenAI — reported at $20 billion across 750MW of inference compute. It converts Cerebras from "interesting alternative silicon" into booked demand at hyperscale, and it's the cleanest public-market expression of the thesis that inference workloads will diversify beyond Nvidia. The bear case is the mirror image: one customer, one architecture bet, and a G42 concentration the filings say is unresolved.
It's also a market-structure moment: Cerebras going public within six months of Nvidia buying Groq's chip assets (see our Groq valuation explainer) effectively ended the independent-inference-silicon era — what remains is Cerebras, the hyperscalers' in-house chips, and a next wave of ASIC startups.
Latest Cerebras Signals, Live
What to Watch Next
- OpenAI ramp milestones. Each disclosed tranche of the 750MW agreement is the earnings story; slippage is the risk story.
- Revenue diversification. The percentage of revenue not tied to G42 or OpenAI is the number that re-rates the multiple.
- The inference-price war. Cerebras competes on speed-per-dollar against Nvidia's roadmap and the inference clouds — see our Groq competitors map for the field.
Hit Watch on Cerebras' company profile for new signals by email. Related: Groq valuation & the Nvidia deal · Together AI competitors · top AI startups, live-ranked.
Editorial figures as of June 10, 2026 — for the live market cap, check the ticker. The signal feed above updates continuously.
Frequently Asked Questions
What is Cerebras worth now?
Cerebras is a public company (Nasdaq: CBRS) as of May 14, 2026. Its market capitalization was roughly $50 billion as of early June 2026 — well below its first-day pop (it closed day one around $67B on standard share count, with fully diluted figures quoted as high as $86–95B) but about 6x its final private valuation of $8.1B. For the current number, check the live quote; this page explains how it got here.
When was the Cerebras IPO and how big was it?
May 14, 2026, on Nasdaq — priced above range at $185 per share, raising $5.55 billion, the largest tech IPO since Uber in 2019. The stock popped 68% on day one and has traded in a wide range ($185–$386) since.
What revenue does Cerebras have?
Per its S-1: $510 million in 2025 revenue (up 76% from $290M in 2024), split roughly $358M hardware and $152M cloud. The market cap is priced not on those trailing numbers (~98x) but on the ramp of its $20 billion / 750-megawatt Master Relationship Agreement with OpenAI for inference compute.
What are the main risks to the Cerebras valuation?
Concentration, twice over. The S-1 disclosed roughly 86% of revenue tied to UAE-linked entities (G42) — the same relationship that triggered the CFIUS review that delayed its first IPO attempt — and the forward story leans heavily on a single OpenAI contract. Execution against Nvidia's roadmap is the structural risk behind both.