Cerebras IPO roadshow targets $115

2 min readUpdated May 4, 2026

An updated prospectus submitted to the Securities and Exchange Commission shows that Cerebras Systems has set terms for its IPO roadshow, with 28 million shares on offer in a price band of $115 to $125 apiece. A sale at the high end of that range would put the Sunnyvale, California-based AI chipmaker's market capitalization at $26.6 billion on an outstanding-share basis, with gross proceeds reaching $3.5 billion.

If underwriters exercise their overallotment option in full, total proceeds could reach $4.03 billion, Bloomberg reported. Demand signals have been strong, with potential orders surpassing $10 billion already communicated to the deal's underwriting banks, Bloomberg reported, citing people with knowledge of the matter. The IPO is expected to price on May 13, according to Bloomberg.

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Full-year 2025 revenue came in at $510 million, nearly doubling the $290.3 million the company recorded in the prior year, according to its SEC filing. The profitability swing was sharp: after losing $484.8 million in 2024, Cerebras swung to a $87.9 million profit last year.

At the core of Cerebras's product line are wafer-scale engine chips built specifically for AI workloads; by handling both training and inference of large models at high speed, they position the company as a direct rival to Nvidia $NVDA and the broader AI hardware market. Cerebras claims inference throughput on popular open-source models runs as much as 15 times higher on its silicon than on comparable GPU-based alternatives.

A multi-year contract with OpenAI, announced in December 2025 and valued at over $20 billion, calls for the ChatGPT developer to absorb 750 megawatts' worth of Cerebras computing capacity. OpenAI also provided the company a $1 billion working capital loan. 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.

Co-founder and CEO Andrew Feldman has opted out of selling any of his personal shares in the transaction; the 10.3 million shares he retains post-IPO would carry a value of up to $1.28 billion if the offering prices at the top of its range, Reuters noted.

This month's filing marks Cerebras's second run at a public listing; an earlier attempt in 2024 was abandoned mid-process as the company pivoted its strategy away from direct chip sales and toward running its own cloud infrastructure, according to CNBC.

A $1 billion private fundraise completed in January 2026 pegged Cerebras's valuation at $23 billion; the round drew participation from Advanced Micro Devices, among others.

AI chipmaker Cerebras is kicking off its IPO roadshow

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