Cerebras Systems, the Sunnyvale chipmaker that builds processors the size of dinner plates, is set to raise the price range of its initial public offering to $150 to $160 per share, up from an initial range of $115 to $125, after orders exceeded available shares by more than 20 times.
The company is also expanding the offering from 28 million to 30 million shares, meaning the IPO could raise roughly $4.8 billion at the top of the revised range, up from an original target of $3.5 billion. Pricing is expected on Tuesday, with shares due to begin trading on the Nasdaq under the ticker CBRS on Wednesday.
If the listing proceeds at these terms, it would be the largest IPO globally so far this year and would value Cerebras at approximately $49 billion on a fully diluted basis, up from the $23 billion valuation it achieved in a private funding round in February.
The demand reflects a shift in where the AI industry's computing bottleneck is moving. For the past three years, the scramble for chips has been dominated by training, the computationally intensive process of building AI models from scratch. Nvidia's GPUs have been the undisputed hardware of choice for that task. But as the largest models mature and the commercial priority shifts towards inference, the process of actually running trained models to answer user queries, generate code and power AI agents, the market is opening up for processors designed specifically for that workload.
Cerebras argues its wafer-scale engine (WSE-3), a single chip containing 900,000 processing cores fabricated across an entire silicon wafer rather than cut into smaller individual chips, can perform inference tasks faster and more cheaply than Nvidia's GPUs. The architecture allows all cores to access on-chip memory in a single clock cycle, eliminating the latency bottleneck that slows conventional processors when handling the rapid-fire calculations that inference demands.
The pitch has landed with some of the industry's biggest buyers. OpenAI signed a multi-year deal in December 2025 for 750 megawatts of Cerebras computing capacity, valued at more than $20 billion, and provided a $1 billion working capital loan. Amazon Web Services agreed in March to become the first major cloud provider to deploy Cerebras systems in its own data centres.
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The IPO is Cerebras's second attempt at a public listing. A 2024 filing was shelved after the Committee on Foreign Investment in the United States (CFIUS) scrutinised the company's revenue dependence on G42, a UAE-based artificial intelligence company that accounted for more than 80% of sales in the first half of that year. CFIUS eventually cleared the relationship, and Cerebras has since diversified its customer base significantly.
Full-year revenue for 2025 reached $510 million, up 76% on the prior year, and the company reported net income of $87.9 million, a swing from a $485 million loss the year before.
The recap
- Cerebras plans to raise IPO price range and share count.
- Proposed range is $150 to $160 per share.
- Pricing expected soon; offering drew orders over 20x availability.
