Cerebras IPO roadshow targets $115–$125 per share

An updated prospectus submitted to the U.S. Securities and Exchange Commission shows that Cerebras Systems has acceptable presumption for its IPO roadshow, with 28 cardinal shares connected connection successful a terms set of $115 to $125 apiece. A merchantability astatine the precocious extremity of that scope would enactment the Sunnyvale, California-based AI chipmaker's marketplace capitalization astatine $26.6 cardinal connected an outstanding-share basis, with gross proceeds reaching $3.5 billion.

If underwriters workout their overallotment enactment successful full, full proceeds could scope $4.03 billion, Bloomberg reported. Demand signals person been strong, with imaginable orders surpassing $10 cardinal already communicated to the deal's underwriting banks, Bloomberg reported, citing radical with cognition of the matter. The IPO is expected to terms connected May 13, according to Bloomberg.

Morgan Stanley, Citigroup, Barclays, and UBS are the pb underwriters. The banal is expected to commercialized connected the Nasdaq Global Select Market nether the ticker awesome CBRS.

Full-year 2025 gross came successful astatine $510 million, astir doubling the $290.3 cardinal the institution recorded successful the anterior year, according to its SEC filing. The profitability plaything was sharp: aft losing $484.8 cardinal successful 2024, Cerebras swung to a $87.9 cardinal nett past year.

At the halfway of Cerebras's merchandise enactment are wafer-scale motor chips built specifically for AI workloads; by handling some grooming and inference of ample models astatine precocious speed, they presumption the institution arsenic a nonstop rival to Nvidia and the broader AI hardware market. Cerebras claims inference throughput connected fashionable open-source models runs arsenic overmuch arsenic 15 times higher connected its silicon than connected comparable GPU-based alternatives.

A multi-year declaration with OpenAI, announced successful December 2025 and valued astatine implicit $20 billion, calls for the ChatGPT developer to sorb 750 megawatts' worthy of Cerebras computing capacity. OpenAI besides provided the institution a $1 cardinal moving superior loan. In March 2026, Amazon Web Services signed a binding word expanse to go the archetypal hyperscaler to deploy Cerebras systems successful its ain information centers.

Co-founder and CEO Andrew Feldman has opted retired of selling immoderate of his idiosyncratic shares successful the transaction; the 10.3 cardinal shares helium retains post-IPO would transportation a worth of up to $1.28 cardinal if the offering prices astatine the apical of its range, Reuters noted.

This month's filing marks Cerebras's 2nd tally astatine a nationalist listing; an earlier effort successful 2024 was abandoned mid-process arsenic the institution pivoted its strategy distant from nonstop spot income and toward moving its ain unreality infrastructure, according to CNBC.

A $1 cardinal backstage fundraise completed successful January 2026 pegged Cerebras's valuation astatine $23 billion; the circular drew information from Advanced Micro Devices, among others.