Cerebras Plans $3.5 Billion US IPO

Cerebras Systems, a Sunnyvale, California-based artificial intelligence chipmaker, plans to raise up to $3.5 billion in a United States initial public offering, offering 28 million shares priced between $115 and $125 each on the Nasdaq Global Select Market under the ticker symbol CBRS.

The company will begin its IPO roadshow on Monday, according to people familiar with the matter. The offering, led by underwriters Morgan Stanley, Citigroup, Barclays and UBS, implies a valuation of around $35 billion at the high end of the range, before any overallotment option for an additional 4.2 million shares. Cerebras previously withdrew an IPO filing last October amid a national security review but refiled confidentially earlier this year after resolving regulatory concerns.

In its latest prospectus filed with the U.S. Securities and Exchange Commission, Cerebras reported $510 million in revenue for 2025, a 76 percent increase from $290.3 million the prior year. The company swung to a profit of $1.38 per share, compared with a loss of $9.90 per share in the previous period. These results reflect surging demand for AI infrastructure, particularly as the industry shifts from model training...