Cerebras Systems, maker of large AI chips, has disclosed terms for its public offering, seeking to raise up to $3.5 billion. It plans to sell 28 million shares at $115 to $125 each, with an option for underwriters to purchase an additional 4 million shares.
The Sunnyvale, California-based company reported revenue of $290.3 million for 2025, a 76% increase from the prior year. It posted a net profit of $87.9 million, reversing a $485 million loss in 2024.
At the top of its price range, Cerebras would command a market capitalization of $26.6 billion, up from a $23 billion valuation in February when it raised $1 billion in private funding.
Cerebras sells the WSE-3, a wafer-sized chip designed for AI workloads. It features 44 gigabytes of SRAM memory, allowing faster performance on inference tasks compared to standard graphics processing units. The chip is housed in the CS-3, a 1.8-ton appliance, and can be clustered with proprietary storage and switching systems.
In April, Cerebras filed to go public after signing a deal with OpenAI to supply up to 2 gigawatts of computing capacity through 2030. The contract is reportedly worth over $20 billion. Cerebras also partnered with Amazon Web Services in March to offer the WSE-3 on its cloud platform.