Cerebras Systems Targets $3.5 Billion in Upcoming IPO

May 05, 2026
Cerebras Systems plans to raise up to $3.5 billion through an initial public offering, offering 28 million shares priced between $115 and $125 each, which could value the company at $26.6 billion.

Cerebras Systems plans to raise up to $3.5 billion in its initial public offering, according to the Wall Street Journal. The company will offer 28 million shares priced between $115 and $125 each, potentially valuing it at $26.6 billion at the high end of the range.

The offering will be managed by Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank, which have a 30-day option to purchase up to an additional 4.2 million shares. If exercised, that option could add another $525 million in proceeds.

Cerebras develops AI-focused chips designed as alternatives to GPUs. The company has strong financial backing from major investors and a close commercial relationship with OpenAI, which previously agreed to multi-year computing and financing deals involving Cerebras hardware.

CEO Andrew Feldman will retain 10.3 million shares after the IPO and is not selling any as part of the offering.

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