Artificial intelligence chipmaker Cerebras Systems is expected to raise its IPO price range later today to between $150 and $160 per share, up from an initial target of $115 to $125. The company is also considering increasing the number of shares offered from 28 million to 30 million, which would bring total proceeds to around $4.8 billion.
The Sunnyvale, California-based company has seen orders for more than 20 times the shares available, reflecting intense investor demand for AI chip stocks. Cerebras is set to officially price its IPO on May 13.
Cerebras makes wafer-sized AI chips called the WSE-3, which are several times larger than Nvidia's Blackwell B200 GPUs. The chips feature 900,000 cores and a 44-gigabyte pool of SRAM, enabling faster performance on inference workloads - a key growth area as AI labs shift from training models to deploying them in production.
In 2025, Cerebras reported revenue of $290.3 million, up 76% year over year, and net income of $87.9 million, after a loss of $485 million the prior year. The company's chips are better suited for inference than Nvidia's general-purpose GPUs.
This is Cerebras's second attempt to go public. Its 2024 IPO was canceled due to national security concerns over its partnership with UAE-based G42, which accounted for more than 80% of its revenue. The partnership was ultimately cleared.
Since then, Cerebras has added OpenAI and Amazon Web Services as customers. Morgan Stanley, Citigroup, Barclays, and UBS are underwriting the offering. The stock will trade on the Nasdaq under the ticker "CBRS."