Last updated: May 15, 2026 · Companies tracked: 375+ · Data: TechStackIPO Database
The bottom line
Two AI infrastructure IPOs already happened in 2026: CoreWeave (CRWV, March) and Cerebras (CBRS, May). The next tier — Databricks ($134B), Cursor ($50B+), Scale AI ($14B), Glean ($7.2B) — is in the 2026–2027 IPO window. AI infrastructure is the backbone beneath the AI model layer: compute, data, inference, and developer tools.
The 2026 AI Infrastructure IPO Stack
The AI infrastructure layer is where the picks-and-shovels thesis lives. While Anthropic and OpenAI are the "AI companies" most investors know, the companies that process, store, serve, and build AI run on infrastructure that most haven't heard of. This stack tracks the pre-IPO infrastructure layer that powers it all.
Already Public: The 2025–2026 AI Infrastructure IPOs
Company
Ticker
IPO Date
IPO Valuation
Notes
CoreWeave
CRWV (Nasdaq)
March 28, 2025
~$23B
GPU cloud for AI training + inference. Largest US tech IPO since 2021.
Cerebras Systems
CBRS (Nasdaq)
May 14, 2026
~$48.8B
Wafer-scale AI chips. First wafer-scale challenger to Nvidia for AI inference.
How to Read the AI Infrastructure Stack
AI infrastructure is a layered system. Understanding which layer a company operates in tells you about its competitive dynamics, switching costs, and margin potential.
Layer 1: Compute (Chips)
Nvidia dominates AI training chips with 80%+ market share. Pre-IPO challengers include SambaNova (inference focus), Groq (LPU inference speed), and the now-public Cerebras (wafer-scale). The thesis: AI inference demand will be 100x training demand, and Nvidia's training-optimized GPUs are not the best inference chips. Whoever wins inference becomes the next infrastructure layer.
Layer 2: Data Platforms
AI models are only as good as their training data. Databricks (Lakehouse for storing and processing) and Scale AI (labeling and RLHF) own the data layer. Switching costs are extremely high — once a company's data pipelines are on Databricks, moving takes years. This is the most defensible layer of the stack.
Layer 3: Inference Cloud
Running AI models cheaply and fast at scale. Together AI and Groq serve open-weight models (Llama, Mixtral) via API, competing with Anthropic, OpenAI, and Google on cost. Inference is commoditizing rapidly — the winning position is lowest cost or fastest speed.
Layer 4: Developer Tools
Cursor is the dominant AI code editor (2B ARR), making developers more productive and deeply integrated into the AI stack. Glean owns enterprise AI search. These tools create the distribution layer that feeds users into the compute and data layers above.
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The top AI infrastructure pre-IPO companies in 2026 by valuation and IPO readiness are: Databricks ($134B, Q4 2026 IPO target), Cursor/Anysphere ($50B+, $2B ARR), SambaNova Systems ($5.1B), Glean ($7.2B), Scale AI ($14B), Groq ($2.8B), Together AI ($1.25B), and Mistral AI (€11.7B). CoreWeave (CRWV) already went public in March 2026 and Cerebras (CBRS) IPO'd on Nasdaq in May 2026.
Databricks is the most likely next AI infrastructure IPO. CEO Ali Ghodsi has indicated a Q4 2026 target. At $134B valuation and $5B+ ARR, Databricks is the largest pure-play data and AI platform company. No S-1 has been filed as of May 2026, but the company is described as "IPO-ready."
AI model companies (Anthropic, OpenAI, xAI) build and sell foundation models — the AI itself. AI infrastructure companies build the compute, tooling, and platforms that train and run those models: chips (Cerebras, Groq, SambaNova), data platforms (Databricks, Scale AI), inference clouds (Together AI, Groq), and developer tools (Cursor). Infrastructure is often considered more defensible because switching costs are higher and revenue is recurring.
Yes. CoreWeave (Nasdaq: CRWV) completed its IPO on March 28, 2025. CoreWeave is an AI-focused cloud provider that rents Nvidia H100 GPU clusters to AI companies for training and inference. Its IPO was the largest US tech IPO since 2021.
Yes. Cerebras Systems (Nasdaq: CBRS) began trading on Nasdaq on May 14, 2026. Cerebras makes wafer-scale AI accelerator chips — its Wafer Scale Engine (WSE) is the largest chip ever manufactured. The IPO raised approximately $3.5B at a valuation near $48.8B.
Accredited investors can access pre-IPO AI infrastructure companies through secondary markets like Forge Global, EquityZen, and Hiive — which facilitate sales of employee shares and early investor positions. Non-accredited investors can gain indirect exposure through public AI infrastructure plays like CoreWeave (CRWV), Nvidia (NVDA), and Palantir (PLTR).