Cerebras Systems priced its initial public offering at $185 per share on Wednesday, raising $5.55 billion after demand from investors piled into AI chip stocks pushed the deal well above its already-elevated price range.
The Sunnyvale, California-based company sold 30 million Class A shares in the offering, the company said. Underwriters have a 30-day option to purchase up to an additional 4.5 million shares. The stock is expected to begin trading on the Nasdaq $NDAQ Global Select Market on Thursday under the ticker symbol CBRS.
Demand for the offering ran to more than 20 times the shares on offer, according to Bloomberg. At the IPO price, Cerebras has a fully diluted valuation of $56.4 billion, according to CNBC.
The offering is the largest IPO so far this year, according to Bloomberg. Morgan Stanley $MS, Citigroup $C, Barclays, and UBS are the lead underwriters.
Cerebras makes wafer-scale AI chips — processors built from an entire silicon wafer rather than being diced into smaller pieces — and positions its hardware around AI inference workloads, where it claims throughput as much as 15 times higher than comparable GPU-based systems. Nvidia $NVDA is its primary competitor.
Before settling on a final figure, the company twice revised its offering terms — first marketing 28 million shares in a $115-to-$125 range, then lifting both the share count to 30 million and the price band to $150-to-$160 in the days that followed. The final price of $185 came in above even that elevated range.
According to its SEC filing, Cerebras brought in $510 million in revenue for full-year 2025, a jump from $290.3 million the year before, and swung to a net income of $237.8 million after posting a net loss of $481.6 million in 2024.
The company's path to a public listing has been uneven. Cerebras filed for an IPO in 2024 but withdrew amid scrutiny over its heavy reliance on G42, a UAE-based technology firm that generated more than 80% of Cerebras revenue during the first half of that year. Since then, Cerebras secured a multi-year agreement with OpenAI in December 2025 valued at over $20 billion, under which OpenAI agreed to purchase 750 megawatts of Cerebras computing capacity. OpenAI also extended a $1 billion working capital loan to the company. In March 2026, Amazon $AMZN Web Services signed a binding term sheet to become the first hyperscaler to deploy Cerebras systems in its own data centers.
Revenue concentration remains a concern. Mohamed bin Zayed University of Artificial Intelligence in the UAE accounted for 62% of revenue in 2025, while G42 accounted for 24%, down from 85% the prior year, according to its filings.