Key Highlights
- The company is offering 28 million shares with a price band of $115 to $125 per share on Nasdaq
- At maximum pricing, Cerebras could achieve a $26.6 billion market capitalization
- The firm produces specialized AI processors competing directly with Nvidia’s GPU technology
- Fourth-quarter revenue reached $510 million, representing a 76% annual increase, alongside $87.9 million in profit
- In January 2025, the company secured a $20 billion partnership agreement with OpenAI
Cerebras Systems, a prominent artificial intelligence chip manufacturer, has submitted a revised registration statement to secure as much as $3.5 billion through a public offering on the Nasdaq exchange.
The AI hardware company intends to offer 28 million shares with pricing set within a $115 to $125 bracket. Should the shares price at the upper limit, the company’s valuation would reach approximately $26.6 billion.
This represents an increase from the $23 billion valuation Cerebras achieved during its February venture capital round, which attracted participation from Advanced Micro Devices among other investors.
Cerebras develops specialized artificial intelligence processors positioned as competitive alternatives to Nvidia‘s graphics processing units, which currently command the largest share of the AI semiconductor market.
The stock will begin trading with the ticker “CBRS” on the Nasdaq Global Select Market. Major financial institutions including Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank are serving as primary underwriters.
Additionally, Cerebras has structured a greenshoe option allowing underwriters to purchase up to 4.2 million additional shares within 30 days following the initial offering. If exercised at maximum pricing, this would generate an extra $525 million.
Pivoting Business Strategy
The company initially attempted to launch its public offering in 2024 but withdrew the filing. At that time, Cerebras was transitioning its commercial approach from direct chip sales toward operating cloud infrastructure services utilizing its proprietary technology.
A second IPO filing was submitted in April 2026, and the company is currently conducting its investor roadshow.
Cerebras revealed in January 2025 that it would deliver up to 750 megawatts of artificial intelligence computational capacity to OpenAI extending through 2028. The agreement carries an estimated value exceeding $20 billion.
Impressive Financial Performance
The company generated fourth-quarter revenue totaling $510 million, marking a 76% surge versus the corresponding quarter in the prior year.
Cerebras achieved profitability with net income reaching $87.9 million during that same three-month period, demonstrating its ability to operate in the black.
Company co-founder and chief executive Andrew Feldman will not divest any of his holdings in the public offering. Following the IPO’s completion, his ownership will comprise 10.3 million shares valued at up to $1.28 billion at the highest price point.
This public listing arrives during a period of subdued technology IPO activity following interest rate increases that began in 2022. Competitor CoreWeave, which operates a cloud rental service built on Nvidia GPU infrastructure, successfully raised $1.5 billion through its own market debut last year.
Mizuho and TD Cowen are participating as bookrunners, while multiple additional financial institutions are serving in co-manager capacities for the transaction.
