AI chipmaker Cerebras Systems successfully went public in 2026, raising $5.5 billion in its IPO and reaching a market valuation of around $60 billion. Founded in 2016, the company nearly went bankrupt in 2019 after burning through nearly $200 million while struggling to develop its revolutionary wafer-scale AI chip. After overcoming major technical and packaging challenges, it achieved a key milestone in 2019. Cerebras has now established a partnership with OpenAI, which is a major customer and has received a $1 billion loan from the chipmaker.