February 4, 2026, 3:40 PM EST. AI chipmaker Cerebras Systems said on Wednesday it raised $1 billion in a late-stage round, valuing the Sunnyvale-based company at $23 billion, nearly tripling its four-month-old valuation. The round was led by Tiger Global with Benchmark, Coatue and 1789 Capital among participants. This marks Cerebras' second $1 billion financing in as many rounds, underscoring investor appetite for wafer-scale AI chips that speed training and inference. The funding comes as AI data centers attract capital and Nvidia dominates the market; OpenAI has reportedly asked about alternatives to Nvidia for inference chips, including Cerebras, while Nvidia explored potential acquisitions of SRAM-heavy chipmakers. Cerebras declined an acquisition but signed a commercial deal with OpenAI. The company aims to diversify chip supply alongside Nvidia and AMD.
