Semiconductor firm Cerebras Systems has raised $1 billion in a Series H funding round, valuing the company at $23bn.
The round was led by Tiger Global and saw participation from Benchmark, Fidelity Management & Research Company, Atreides Management, Alpha Wave Global, Altimeter, AMD, Coatue, and 1789 Capital.
The fundraise comes two weeks after the wafer-scale chip company announced a $10bn deal with OpenAI that will see Cerebras deliver 750MW of compute power to the generative AI giant by 2028. Prior to that deal being announced, it had been reported that Cerebras was looking to raise an additional $1 billion in funding at a $22bn valuation ahead of its planned IPO later this year.
In October 2025, the company raised $1.1 billion in an oversubscribed Series G funding round, at an $8.1bn valuation.
Alongside directly selling its large chips and hardware, Cerebras offers them through its own data centers as a cloud service. The deal with OpenAI will help diversify the chip designer away from the United Arab Emirates’ G42, which accounted for 87 percent of revenue in the first half of 2024.
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