Key Highlights

  • The company will offer 28 million shares with pricing between $115 and $125 per share on the Nasdaq
  • The offering positions Cerebras for a maximum valuation of $26.6 billion
  • Cerebras develops specialized AI processors that provide alternatives to Nvidia’s graphics processing technology
  • Fourth-quarter revenue reached $510 million, representing 76% annual growth, alongside $87.9 million in net earnings
  • The company secured a $20 billion partnership with OpenAI in January 2025

Cerebras Systems, a leading AI chip manufacturer, has submitted an updated filing to secure as much as $3.5 billion through an initial public offering on the Nasdaq exchange.

The offering includes 28 million shares with pricing established in a range from $115 to $125 per share. Should the shares price at the upper limit, Cerebras would achieve a valuation reaching $26.6 billion.

This represents growth from the $23 billion valuation the company secured in February during a venture capital round that brought Advanced Micro Devices aboard as an investor.

The company manufactures AI processors positioned as competitive alternatives to the graphics processing units produced by Nvidia, the current leader in AI hardware infrastructure.

Cerebras will list under the ticker “CBRS” on the Nasdaq Global Select Market. Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank lead the underwriting consortium for this offering.

The company has structured an option allowing underwriters to purchase an additional 4.2 million shares within 30 days following the IPO. At maximum pricing, this greenshoe option would generate another $525 million.

Business Model Evolution

Cerebras initially attempted to go public in 2024 before withdrawing its application. During this period, the company transitioned from direct chip sales to operating a cloud infrastructure service utilizing its proprietary hardware.

The company submitted a fresh IPO application in April 2026. The investor roadshow is currently in progress.

Cerebras revealed in January 2025 that it would deliver up to 750 megawatts of AI computing capacity to OpenAI extending through 2028. This agreement carried a valuation exceeding $20 billion.

Financial Performance

The company generated fourth-quarter revenue of $510 million, marking a 76% increase year-over-year.

Cerebras achieved net income of $87.9 million during the quarter, demonstrating profitability.

Andrew Feldman, co-founder and CEO, will retain his entire stake during the IPO. Following the public offering, his holdings of 10.3 million shares would carry a value of up to $1.28 billion at the highest price point.

The public offering arrives during a period of restrained technology listings following interest rate increases beginning in 2022. CoreWeave, which operates cloud services using Nvidia GPUs, completed a $1.5 billion IPO during the previous year.

Mizuho and TD Cowen serve as bookrunners, while multiple additional firms participate as co-managers for the transaction.