Cerebras Systems Hikes IPO Range to $150-$160 as Demand Surges

Cerebras Systems, the AI chip company positioning itself as Nvidia's top challenger, has raised its IPO price range to $150-$160 per share from $115-$125.

The company plans to sell 30 million shares on Nasdaq under ticker CBRS, with listing scheduled for May 13. At the new range's top end, Cerebras could raise up to $4.5B, valuing the firm at roughly $32B.

Orders are reportedly oversubscribed by more than 20 times, exceeding $10B as of early May. A national security review tied to UAE investments delayed the IPO from 2024, but was cleared in early 2026.

Cerebras builds wafer-scale chips up to 56 times larger than traditional GPUs, giving them an edge in AI parallel processing. The capital migration from crypto to AI is evident: AI ventures attracted $24.2B in February 2026 versus just $866M for crypto, a 46% decline.