Cerebras, an Nvidia rival, plans to list on the Nasdaq Global Select Market next week, beginning trading on Thursday, May 14, under the ticker CBRS, and could be the largest IPO in the U.S. so far this year. The Sunnyvale, California-based company plans to raise $3.5 billion through the offering, offering 28 million shares for $115 to $125 each. At the top of the price range, Cerebras would have a market value of $26.6 billion. Cerebras announced a three-year deal with OpenAI in January, and OpenAI had struck a deal worth over $10 billion with Cerebras in January this year, with the ChatGPT maker holding warrants to buy over 33 million shares in the company. Amazon Web Services (AWS) also signed a deal in March to use the company’s chips. Founded in 2015, Cerebras builds specialized AI chips and supercomputers. It first filed for a public listing in September 2024 and then withdrew its plan to raise $1.1 billion privately in October of that year.