Wafer-scale chip designer Cerebras Systems has raised $1.1 billion in an oversubscribed Series G funding round, at an $8.1bn valuation.

The round was led by Fidelity Management & Research Company and Atreides Management and included participation from Tiger Global, Valor Equity Partners, and 1789 Capital, as well as existing investors Altimeter, Alpha Wave, and Benchmark.

The company said it would use the funds to expand its technology portfolio, including AI processor design, packaging, system design, and AI supercomputers. Cerebras is also looking to expand its US manufacturing and data center capacity to keep pace with demand for its products and services.

"From our inception, we have been backed by the most knowledgeable investors in the industry. They have seen the historic opportunity that is AI and have chosen to invest in Cerebras,” said Andrew Feldman, co-founder and CEO, Cerebras. "We are proud to expand our consortium of best-in-world investors.”

Cerebras confidentially filed for an IPO with the SEC in August 2024, although the share price and expected market cap were not revealed. The company has yet to move forward with the public offering, however, as it faced scrutiny from security watchdogs regarding its customers – at the time of filing, 87 percent of the company’s revenue for the first six months of 2024 came from Abu Dhabi-based artificial intelligence and cloud computing company, G42.

However, in March 2025, Cerebras obtained clearance from the Committee on Foreign Investment in the United States to sell 22 million of non-voting shares to G42 in an IPO, a stake that would be worth $355 million, it was reported.

In May, following approval from the committee, Feldman said the company was aiming to go public this year.

Last week, Cerebras launched a new 10MW data center in Oklahoma City, Oklahoma, in partnership with Scale Datacenters.

The company also has inference clusters live in Santa Clara and Stockton, California (the latter at Nautilus’ floating barge facility), and Dallas, Texas. It is rolling out clusters in Minneapolis, Minnesota; Montreal, Canada (at a Bit Digital facility); and undisclosed locations in the US Midwest and Europe, and has deployed hardware to the University of Edinburgh, Sandia National Labs, Los Alamos Labs, G42/Core42, Mayo Clinic, and others.