Cerebras raised $1.1bn in a previous round last September at an $8.1bn post-money valuation.
Cerebras Systems, the AI chipmaker aiming to rival Nvidia, has raised $1bn in a Series H round led by Tiger Global with participation from AMD. The raise values the company at around $23bn, nearly triple the valuation made a little over four months ago.
Other backers in this round include Benchmark; Fidelity Management & Research Company; Atreides Management; Alpha Wave Global; Altimeter; Coatue; and 1789 Capital, among others.
The new round comes after Cerebras raised $1.1bn last September at an $8.1bn post-money valuation backed by several of the same investors.
Just days later, the company withdrew from a planned initial public offering (IPO) without providing an official reason. At the time of the IPO filing in 2024, there was criticism around its heavy reliance on a single United Arab Emirates-based customer, the Microsoft-backed G42.
Cerebras still intends to go IPO as soon as possible, it said.
The recent raise better positions the company to compete with global AI chip leader Nvidia. Cerebras claims that it builds the “fastest AI infrastructure in the world” and company CEO Andrew Feldman has also gone on record to say that his hardware runs AI models multiple times faster than that of Nvidia’s.
Cerebras is behind WSE-3, touted to be the “largest” AI chip ever built, with 19-times more transistors and 28-times more compute that the Nvidia B200, according to the company.
The company has a close connection with OpenAI, according to statements made by both Feldman and OpenAI chief Sam Altman – who happens to be an early investor in the chipmaker. Last month, the two announced a partnership to deploy 750MW of Cerebras’s wafer-scale systems to make OpenAI’s chatbots faster.
OpenAI – a voracious user of Nvidia’s AI technology – has been in search of alternatives, although that’s not to say that OpenAI is backing down from using Nvidia technology in the future.
Last year, OpenAI drew up a 6GW agreement with AMD to power its AI infrastructure. The first 1GW deployment of AMD Instinct MI450 GPUs is set to begin in the second half of 2026.
At the time of the announcement, Altman said that the deal was “incremental” to OpenAI’s work with Nvidia. “We plan to increase our Nvidia purchasing over time”, he added.
Don’t miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic’s digest of need-to-know sci-tech news.