Cerebras Systems, which designs and produces semiconductors and supercomputers, and provides AI services, announced terms for its IPO on Monday.
The Sunnyvale, CA-based company plans to raise $3.4 billion by offering 28 million shares at a price range of $115 to $125. At the midpoint of the proposed range, Cerebras Systems would command a fully diluted market value of $35.7 billion.
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.
Cerebras Systems 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. Morgan Stanley, Citi, Barclays, UBS Investment Bank, Mizuho Securities, and TD Securities are the joint bookrunners on the deal. It is expected to price during the week of May 11, 2026.
