Cerebras files Nasdaq IPO for up to $3.5B

Cerebras Systems filed to go public on the Nasdaq Global Select Market under the ticker CBRS, offering 28 million Class A shares at an expected price of $115 to $125 each. At the top of that range, the company could raise about $3.5 billion and reach a valuation of roughly $26.6 billion based on shares outstanding immediately after the offering.

The filing also gives underwriters a 30-day option to buy up to 4.2 million additional shares, which could add as much as $525 million in gross proceeds if exercised at the high end of the range. Cerebras named Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank as lead book-running managers, with Mizuho and TD Cowen also serving as bookrunners.

The IPO highlights strong investor demand for AI compute companies beyond Nvidia, as Cerebras positions itself as a specialist in artificial intelligence chips. The company’s public listing would give it a larger currency for growth and capital access as competition intensifies in AI infrastructure.