Cerebras raised $1.1bn in a previous round last September at an $8.1bn post-money valuation.
Cerebras Systems, the AI chipmaker rivalling 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 tripling in price in just more than four months.
Other backers in this round include Benchmark; Fidelity Management and Research Company; Atreides Management; Alpha Wave Global; Altimeter; Coatue; and 1789 Capital, among others.
The Series H comes after Cerebras raised $1.1bn in a previous round last September at an $8.1bn post-money valuation backed by several of the same investors.
Meanwhile, around the time, the company withdrew from a planned Initial Public Offering (IPO) without providing an official reason. Although, the withdrawal came shortly after 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 come 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’ wafer-scale systems to make the OpenAI’s chatbots faster.
OpenAI – a voracious user of Nvidia’s AI technology – has been in search for alternatives. Though that’s not to say that OpenAI is backing down from using Nvidia technology anymore.
Last year, the company drew a 6GW agreement with AMD to power its AI infrastructure. The first 1GW deployment of AMD Instinct MI450 GPUs set to begin in the second half of 2026.
At the time of the announcement, Altman said that the deal was “incremental” to their work with Nvidia. “We plan to increase our Nvidia purchasing over time”, he added.
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