Quick Facts
- Cerebras raised IPO price target from $115-$125 to $150-$160 per share while expanding shares from 28 million to 30 million
- Company received orders for more than 20 times the number of shares available, indicating massive investor demand
- Revenue jumped 76% to $510 million in 2025, with a net income of $87.9 million compared to $485 million loss in prior year
AI chipmaker Cerebras Systems dramatically increased its IPO price target after overwhelming investor demand. The Sunnyvale-based company raised its price range from $115-$125 per share to $150-$160 per share. It also expanded the offering from 28 million shares to 30 million shares.
The company received orders for more than 20 times the number of shares available. At the top of the new price range, Cerebras would raise roughly $4.8 billion, up from $3.5 billion under original terms. This would make it the biggest IPO globally so far in 2026, according to Dealogic.
Cerebras is set to officially price its IPO on May 13, 2026. Shares will trade on the Nasdaq Global Select Market under the symbol CBRS. Morgan Stanley, Citigroup, Barclays and UBS Group serve as underwriters.
The company reported strong financial results for 2025. Revenue jumped 76% to $510 million, up from $24.6 million in 2022. Cerebras recorded a net income of $87.9 million in 2025, compared to a loss of $485 million in the prior year. However, the company still had operating losses totaling $145.9 million in 2025.
Cerebras sells wafer-sized AI chips called the WSE-3 that are several times larger than Nvidia’s Blackwell B200 GPUs. The Wafer-Scale Engine measures 46,225 square millimeters and contains 4 trillion transistors and 900,000 cores. This results in memory bandwidth 7,000 times that of a standard GPU.
The company secured a major OpenAI deal valued at more than $20 billion. OpenAI partnered with Cerebras to add 750MW of ultra-low-latency AI compute to its platform, with capacity coming online in multiple tranches through 2028.
Customer concentration remains a concern. G42 accounted for 24% of 2025 revenue while Mohamed bin Zayed University of Artificial Intelligence accounted for 62% of 2025 revenue. Cerebras reported $24.6 billion in remaining performance obligations as of December 31, 2025.
CEO Andrew Feldman describes Cerebras as building “the fastest AI hardware for training and inference.” In a recent Wall Street Journal interview, Feldman said: “Obviously, [Nvidia] didn’t want to lose the fast inference business at OpenAI, and we took that from them.”
Cerebras was valued at $23 billion in its February 2026 Series H funding round, nearly triple the $8.1 billion valuation from five months earlier. The company first filed for an IPO in 2024 but withdrew after a national security review by CFIUS regarding its partnership with G42. The committee eventually cleared the deal.
Read more: Report: AI chipmaker Cerebras to increase IPO price target amid surging investor demand