Chip Stack — Pre-IPO Semiconductor & AI Chip Companies 2026

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Top Chips Companies

Ranked by valuation — 7 companies tracked

Semiconductor IP company designing the processor architecture in 99% of smartphones. Listed on Nasdaq (ARM) September 14, 2023 at $51/share, raising $4.87B at a ~$54B opening valuation. Backed by SoftBank.

Valuation: ~$54B Raised: $4.2B (SoftBank acquisition) Public

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Cerebras Systems S-1 Filed

AI chip company building the world's largest processors. IPO date confirmed May 14, 2026 on Nasdaq (CBRS). $3.5B raise target. Revenue $510M (+76% YoY), profitable at $87.9M net income.

Valuation: $48.8B Raised: $3.4B Public

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Neuralink private

Brain-computer interface company developing implantable chips (Telepathy device). Raised $650M Series E at $9B valuation (June 2025). CEO Elon Musk has no IPO plans — company is focused on FDA clinical trials, not public markets.

Valuation: $15.0B Series G

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Tenstorrent Pre-IPO

Tenstorrent builds high-performance AI computing chips and open-source RISC-V processors competing with NVIDIA and AMD — founded by Ljubisa (Jim) Ristic, the legendary chip architect behind Apple M-series chips. Valued at $2.6B with $400M raised, Tenstorrent offers both enterprise AI training and inference accelerators with a software-first approach. Major chip IPO candidate as AI semiconductor demand grows to $300B+ and enterprise customers seek NVIDIA alternatives.

Valuation: $10.0B Raised: $1.19B Series F

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Vercel S-1 Filed

Vercel is the frontend cloud platform for deploying and scaling web applications — the standard deployment infrastructure for Next.js and React developers globally. Valued at $5B with $530M raised, Vercel powers 1M+ projects including Fortune 500 websites and is expanding into the full-stack deployment market. Major developer tools IPO candidate competing with Netlify, Cloudflare Pages, and AWS Amplify in the $50B+ cloud application hosting market.

Valuation: $7.5B Raised: $763M Series G

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SambaNova Systems Pre-IPO

SambaNova Systems builds AI hardware and software for enterprise AI deployments — competing directly with NVIDIA in the AI training and inference chip market. Valued at $5.1B with $1B+ raised, SambaNova counts government agencies, research institutions, and Fortune 500 companies among its customers. Major chip IPO candidate as the AI semiconductor market grows to $300B+ by 2028.

Valuation: $7.5B Raised: $1.6B Series E

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Mapbox S-1 Filed

Developer platform providing customizable maps, navigation, and location data APIs for apps and products.

Valuation: $3.2B Raised: $1.03B Public

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IPO Watchlist

Expected to IPO in next 12-24 months

Arm Holdings S-1 Filed — Imminent

~$54B IPO Readiness

SambaNova Systems 18-24 months