- Cerebras priced its IPO at $185 per share on May 13, raising $5.55 billion
- The final price gives Cerebras a market valuation above $56 billion, up from a $23 billion private valuation in February
- The offering was more than 20 times oversubscribed, driven by a $20 billion OpenAI compute deal and a new AWS partnership
Cerebras Systems, the AI chip startup backed by OpenAI, priced its initial public offering at $185 per share, raising $5.55 billion in one of the largest US technology listings in a year, reports The Wall Street Journal.
The company’s shares are expected to begin trading on Nasdaq on May 14 under the ticker CBRS.
The final price represents a sharp escalation from where this offering started. Cerebras first set a range of $115 to $125 per share, raised it to $150 to $160 after the book was more than 20 times oversubscribed, and then priced above that revised ceiling on the night of May 13.
At $185 per share, Cerebras carries a market valuation of more than $56 billion, more than double the $23 billion valuation it commanded after a $1 billion private funding round in February 2026.
The company, founded in 2015 by Andrew Feldman, Sean Lie, Gary Lauterbach, Michael James, and Jean-Philippe Fricker, builds chips designed to run advanced AI models. Its processors are focused on inference, the computing work needed when AI tools respond to user prompts.
NVIDIA has dominated the AI chip story so far, but Cerebras is positioning itself as an alternative for AI workloads.
Cerebras is listed in one of the most active IPO markets for AI infrastructure in history. CoreWeave went public in March 2026, and Databricks is pursuing what could be the largest enterprise software IPO ever. Cerebras is the pure-play AI silicon test in that cohort. CEO Andrew Feldman is not selling shares in the IPO.
The Nasdaq IPO is expected to take place on May 14. Underwriters also hold an option to buy up to 4.5 million additional shares. Morgan Stanley, Citigroup, Barclays, and UBS are leading the syndicate.
