Inference chipmaker Cerebras has filed for an IPO with a target valuation of $35 billion. This is expected to be the first venture-backed AI IPO of the generative era. The company's CEO Andrew Feldman and CTO Sean Lie are also set for additional share payouts if the company reaches $75 billion, $150 billion, and $250 billion in average valuation within nine years. The $20 billion OpenAI deal could potentially dwarf the current annual revenue of Cerebraas. However, OpenAI already has access to about a sixth of this stake as part of an agreement for it to lend $1 billion to Crebras.