内容来源：https://techcrunch.com/2026/05/04/openais-cozy-partner-cerebras-is-on-track-for-a-blockbuster-ipo/

内容总结：

Cerebras IPO定价区间出炉：最高融资35亿美元，估值266亿，OpenAI或成最大赢家

历经漫长等待，AI芯片公司Cerebras Systems的IPO终于进入冲刺阶段。该公司周一宣布，计划以每股115至125美元的价格发行2800万股股票。按发行价上限计算，此次IPO将为其筹集35亿美元资金，公司估值将达到266亿美元。

这一估值较今年2月其10亿美元H轮融资（估值230亿美元）相比，短短数月便实现显著攀升，令该轮投资者获益颇丰。同时，OpenAI及其部分高管也将成为此次上市的受益者。

如果Cerebras能以发行价上限或更高价格成功上市，这将成为2026年迄今为止规模最大的科技公司IPO。市场分析认为，其成功上市将进一步提振投资者对后续重磅IPO的信心，包括SpaceX、OpenAI以及Anthropic等潜在上市企业。

Cerebras主打AI专用芯片“晶圆级引擎3”（Wafer-Scale Engine 3），挑战基于GPU的传统AI芯片。公司宣称，该芯片在推理运算方面速度更快且功耗更低。

根据该公司向美国证券交易委员会提交的文件，其持股超过5%的主要股东包括：Alpha Wave（Rick Gerson）、Benchmark（合伙人Eric Vishria）、Eclipse（Lior Susan）、富达投资以及Foundation Capital（合伙人Steve Vassallo）。此外，投资者名单中还囊括了1789 Capital、阿布扎比增长基金、阿布扎比G42、Altimeter、AMD、Atreides Management、Coatue、Moore Strategic Ventures、老虎环球基金、Valor Equity Partners及VY Capital等知名机构。

公司的天使投资人阵容同样星光熠熠，包括OpenAI创始人兼CEO Sam Altman、OpenAI联合创始人兼总裁Greg Brockman、前OpenAI首席科学家（现创办自己的AI公司）Ilya Sutskever、OpenAI董事会成员兼Quora CEO Adam D'Angelo、Sun Microsystems及Arista联合创始人Andy Bechtolsheim、英特尔CEO Lip-Bu Tan等多位科技界知名人士。

尤为值得关注的是Cerebras与OpenAI之间的特殊关系，这甚至被马斯克作为其起诉OpenAI的证据之一。马斯克律师提交的法律文件显示，OpenAI曾一度考虑收购Cerebras，而马斯克称自己对此并不知情。虽然收购未成，但OpenAI已成为Cerebras最大客户之一。据S-1文件披露，去年12月，OpenAI向Cerebras提供了10亿美元贷款，并获得可购买超过3300万股股票的认股权证。这意味着OpenAI目前虽非大股东，但未来可能成为。

Cerebras原本计划2024年上市，但因阿布扎比云服务商G42（公司称其仍是主要客户）的投资遭遇联邦审查而推迟，最终搁置。一年后，公司继续寻求融资：去年9月以81亿美元估值完成11亿美元融资（由富达和Atreides领投）；数月后与OpenAI签署价值超100亿美元的多年协议，包括上述贷款和认股权证；今年2月又完成10亿美元H轮融资。

据彭博社报道，尽管此次发行规模为35亿美元，但银行已接获高达100亿美元的认购订单。强劲的需求表明，Cerebras最终发行价可能超出当前区间，从而为公司募集更多资金，并为投资者创造更高价值。若IPO顺利推进，OpenAI及其高管无疑将成为这场资本盛宴的多重赢家。

中文翻译：

在Cerebras Systems漫长的IPO叙事中，终点线终于近在眼前。这家AI芯片制造商周一表示，计划以每股115至125美元的价格出售2800万股股票。按发行价上限计算，这将筹集35亿美元资金，并使其市值达到266亿美元。

对于今年2月以230亿美元估值斥资10亿美元参与H轮融资的后期投资者而言，短短数月内便能收获可观的增值回报。这对OpenAI及其部分高管同样是个利好。

若Cerebras能以发行价上限或更高价格成功上市，这将是2026年迄今规模最大的科技IPO。这或将验证市场对即将登场的更大规模重磅IPO（如SpaceX，以及可能的OpenAI和Anthropic）的吸纳能力。

Cerebras推出了一款名为晶圆级引擎3的AI专用芯片，向基于GPU的AI芯片发起挑战。Cerebras表示，其芯片在推理速度上更快，且功耗低于同类竞品。推理是处理用户提示所需的计算能力。

一大波顶级投资者将从此次成功的IPO中获益。根据该公司向SEC提交的文件，持股超过5%的最大股东包括里克·格尔森的Alpha Wave、Benchmark（通过合伙人埃里克·维什里亚）、利奥尔·苏珊的Eclipse、富达投资和Foundation Capital（通过合伙人史蒂夫·瓦萨洛）。

公司表示，其投资者名单还包括1789 Capital、阿布扎比增长基金、阿布扎比G42、Altimeter、AMD、Atreides Management、Coatue、Moore Strategic Ventures、老虎环球基金、Valor Equity Partners和VY Capital。

此外，Cerebras在其官网上还列出了长长的天使投资人名单，包括OpenAI创始人兼CEO山姆·奥尔特曼、OpenAI创始人兼总裁格雷格·布罗克曼、前OpenAI首席科学家（现创立自有AI初创公司）伊利亚·苏茨克弗、OpenAI董事会成员兼Quora CEO亚当·德安杰洛、太阳微系统公司和Arista联合创始人安迪·贝赫托尔沙伊姆、英特尔CEO陈立武，以及多位其他科技界名流。

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尽管山姆·奥尔特曼的持股规模未达到SEC披露标准，但其言论被引用在公司S-1文件中。这是因为Cerebras与OpenAI的关系比其天使投资人阵容更值得关注。

这种关系甚至被埃隆·马斯克用在与OpenAI的法律诉讼中作为证据。马斯克律师团队提交的法律文件称，OpenAI曾一度考虑收购Cerebras，而马斯克声称自己对OpenAI高管层在该公司的个人投资毫不知情。

这笔交易最终未能达成，但OpenAI确实成为了Cerebras的最大客户之一。事实上，S-1文件披露，OpenAI在去年12月向Cerebras提供了10亿美元贷款，并以认股权证作为担保，允许OpenAI购买超过3300万股股票。因此，尽管OpenAI目前并非大股东，但未来有可能成为。

Cerebras原计划在2024年上市，但因美国联邦政府对阿布扎比云服务商G42（该公司表示，G42当时是、现在仍然是其主要客户）投资的审查而延迟。那次IPO尝试最终被搁置。

一年后，Cerebras寻求筹集更多资金。去年9月，该公司以81亿美元投后估值完成11亿美元融资，由富达投资和Atreides领投。几个月后，Cerebras与OpenAI签署了价值超过100亿美元的新多年期协议，其中包括贷款和认股权证。今年2月，该公司完成了10亿美元的H轮融资，这是其最后一轮大规模融资。

如果投资者抢购此次IPO，OpenAI及其高管将能从多个层面受益。

这看起来很有可能。据彭博社报道，投行已收到价值100亿美元的订单，竞购此次发行的价值35亿美元的股票。这种需求表明，该公司很可能会将股价定得比公布区间更高，从而为其自身筹集更多资金，并为投资者创造更高价值。

英文来源：

In the long-running saga that is Cerebras Systems’ IPO, the finish line is finally in sight. The AI chipmaker said on Monday that it is preparing to sell 28 million shares at $115 to $125 a share. This would raise $3.5 billion and give it a $26.6 billion market cap at the high end.
That would be a nice bump in just a couple of months for the late investors who piled into its $1 billion Series H at a $23 billion valuation in February. It would also be a boon to OpenAI and a few of its executives.
Should Cerebras pull off an initial public offering at or above the high end, this will be the largest tech IPO of 2026 so far. It could also prove the appetite for even bigger blockbuster offerings in the wings, like SpaceX and possibly OpenAI and Anthropic.
Cerebras offers an AI-specific chip called the Wafer-Scale Engine 3 that challenges GPU-based AI chips. Cerebras says its chip is faster for inference while using less power than such competitors. Inference is the compute needed to process user prompts.
A long list of top-name investors stands to gain from a healthy IPO. Rick Gerson’s Alpha Wave; Benchmark (via partner Eric Vishria); Lior Susan’s Eclipse; Fidelity; and Foundation Capital (via partner Steve Vassallo) are its largest shareholders with more than a 5% stake, according to the company’s SEC filing.
The company says its list of investors also includes 1789 Capital, Abu Dhabi Growth Fund, Abu Dhabi’s G42, Altimeter, AMD, Atreides Management, Coatue, Moore Strategic Ventures, Tiger Global, Valor Equity Partners, and VY Capital.
Plus, Cerebras names on its website a long list of angel investors, too. These include OpenAI founder and CEO Sam Altman, OpenAI founder and president Greg Brockman, former OpenAI chief scientist (now founder of his own AI startup) Ilya Sutskever, OpenAI board member and Quora CEO Adam D’Angelo, Sun Microsystems and Arista co-founder Andy Bechtolsheim, Intel CEO Lip-Bu Tan, and several other tech luminaries.
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While Sam Altman’s stake wasn’t large enough to disclose in the SEC filings, he was quoted in its S-1. That’s because Cerebras’ relationship with OpenAI is even more noteworthy than its angel investors.
This relationship was even presented as evidence by Elon Musk in his lawsuit with OpenAI. OpenAI had at one point considered acquiring Cerebras, according to legal filings by Musk’s attorneys that claim he was unaware of all of the OpenAI execs’ personal investments in the company.
That deal never happened, but OpenAI did become one of Cerebras’ largest customers. In fact, in December, OpenAI loaned Cerebras $1 billion, secured by warrants that allow OpenAI to buy over 33 million shares, the S-1 discloses. So while OpenAI is not a large shareholder now, it could become one.
Cerebras had hoped to go public in 2024 but was delayed due to a federal review of an investment from Abu Dhabi-based cloud provider G42, which was (and still is, the chip company says) a major customer. That IPO attempt was ultimately shelved.
A year later, Cerebras sought to raise more cash. In September, it raised $1.1 billion at an $8.1 billion post-money valuation led by Fidelity and Atreides. A few months later, Cerebras signed its new multi-year agreement worth more than $10 billion with OpenAI that included the loan and warrants. In February, it raised the $1 billion Series H, its last mega round.
Should investors eat up the IPO, then OpenAI and its executives stand to gain in more ways than one.
That seems likely. Banks are already fielding $10 billion worth of orders for the $3.5 billion worth of shares on offer, Bloomberg reports. That kind of demand indicates that the company will likely price its shares even higher than this announced range, raising even more cash for itself and more value for its investors.