Cerebras Heads To Wall Street With One Of AI’s Biggest Chip Bets Yet

Wall Street’s appetite for AI chips is getting supersized, and Cerebras SystemsCBRS

is right at the center of it. The AI chipmaker is expected to make its Nasdaq trading debut today at a projected $150-$160 per share valuation range, giving the company a valuation near $50B. That marks a huge leap from its earlier $115-$125 target and the roughly $8B valuation it carried just last October.

• Cerebras is set to be the largest IPO of the past 12 months by market value, dwarfing CoreWeaveCRWV
  , whose shares have surged 162% since debuting.
• At roughly $3B in projected 2026 revenue, Cerebras would trade near 15x sales — a richer multiple than NvidiaNVDA
  .

The price of admission: Cerebras bought its way into Sam Altman’s orbit through a massive chip deal with OpenAI that could generate roughly $10B in gross profit over three years. But Morningstar analyst Brian Colello warned that Cerebras faces growing pressure in AI inference from Nvidia’s Groq unit as the chip arena becomes increasingly crowded with rivals building their own silicon. The AI chip boom is massive, but so is the line of companies chasing it.