Cerebras Systems is preparing an initial public offering with a target valuation of $35 billion. The Nvidia competitor could file paperwork as early as Friday. The company aims to raise approximately $3 billion in an offering scheduled for next month.
The IPO follows a multi-year agreement with OpenAI valued at over $20 billion. OpenAI committed this capital to utilize servers powered by Cerebras chips.
OpenAI will receive warrants for a potential 10% equity stake in Cerebras as part of the deal. This partnership supports OpenAI’s strategy to diversify its chip supply beyond Nvidia.