Cerebras Systems, which designs and produces semiconductors and supercomputers, and provides AI services, filed on Friday with the SEC for an initial public offering we estimate could raise up to $2.0 billion.
The company had previously filed to go public in September 2024 but never set terms, ultimately withdrawing the filing in October 2025.
Cerebras believes its core innovation is the world's first and only commercialized wafer-scale processor. Called the Wafer-Scale Engine (WSE), it states that its processor is 58 times larger than NVIDIA's B200 chip and has 2,625 times more memory bandwidth than NVIDIA's B200 package, which contains two individual chips.
The Sunnyvale, CA-based company was founded in 2016 and booked $510 million in revenue for the 12 months ended December 31, 2025. It plans to list on the Nasdaq under the symbol CBRS. Cerebras Systems filed confidentially on December 22, 2025. Morgan Stanley, Citi, Barclays, UBS Investment Bank, Mizuho Securities, and TD Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
