Cerebras Systems’ $5.5 billion IPO and soaring semiconductor stocks underscore how investor attention has shifted from bitcoin to artificial intelligence in 2026.

Elon Musk was open to having OpenAI merge with Cerebras. Now Cerebras is looking at going public as soon as this week.

Cerebras Systems upsized its IPO to 30 million shares at $150-$160 each, targeting $4.8B with a $33B valuation as the book was oversubscribed roughly 20x.

Share price above the expected range

Company raised $5.55bn from sale of 30 million shares

Cerebras Systems, the AI chipmaker rival to Nvidia, is set to raise more than $5.5bn after pricing its US IPO at $185 per share.

It topped expectations that were already high.