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Cerebras Systems is negotiating to raise $1 billion at a $22 billion pre-money valuation as it prepares for a U.S. IPO in Q2 2026. The company, known for its Wafer-Scale Engine, had a valuation of $8.1 billion after a $1.1 billion Series G round in September 2025.

The new funding will likely support scaling data center capacity and manufacturing. Cerebras collaborates with the U.S. Department of Energy and claims performance gains over Nvidia GPUs, tapping into strong AI demand.