Cerebras Systems Inc. has priced its initial public offering at $185 per share, significantly above its expected range of $150 to $160. The AI chipmaker raised at least $5.5 billion in what is the most anticipated tech IPO in years.
The offering values Cerebras at $56.4 billion on a fully diluted basis. CEO Andrew Feldman holds a stake worth approximately $1.9 billion.
Cerebras shares will trade on the Nasdaq under the ticker "CBRS." The last time a tech company raised more in an IPO was Uber Technologies Inc. in 2019, which brought in roughly $8 billion.
The chip sector has been red-hot, with Intel, AMD, and Micron all surging over 80% in the past month. Investors are betting on alternatives to Nvidia's GPUs to power AI workloads.
Cerebras was founded in 2016 in Silicon Valley. Its road to the public markets was rocky after a previous attempt in 2024 was scrapped amid scrutiny over its reliance on UAE-based G42, which accounted for 80% of sales. The U.S. Committee on Foreign Investment in the United States launched a review but later cleared the partnership.
Since then, Cerebras has diversified. In its latest prospectus, G42 accounted for just 24% of 2025 revenue, while another UAE entity, Mohamed bin Zayed University of Artificial Intelligence, made up 62%. Investor sentiment shifted sharply after Cerebras struck a $20 billion deal with OpenAI in January to provide 750 megawatts of compute capacity over three years. In March, Amazon Web Services agreed to offer Cerebras chips through its Bedrock cloud service.
The company's flagship product is the WSE-3, a dinner plate-sized chip with 900,000 cores and an onboard 44-gigabyte SRAM pool. Cerebras claims this architecture delivers much faster inference than standard GPUs.
Major shareholders include Fidelity with a stake valued at $3.8 billion and Benchmark with $3.3 billion. OpenAI President Greg Brockman and CEO Sam Altman hold shares worth $14.4 million and $16.5 million, respectively.