Cerebras Systems Weighs Higher IPO Price Range Amid Strong Demand

The company could raise up to $4.8 billion at the top of the new range.

Key Developments

Cerebras Systems is considering raising its initial public offering price range to $150-$160 per share, up from the previously announced $115-$125 range, according to sources familiar with the matter. The company is also increasing the number of shares offered from 28 million to 30 million.

At the top of the new range, the company could raise approximately $4.8 billion, compared to $3.5 billion under the original terms.

The IPO is oversubscribed by more than 20 times, sources said, speaking on condition of anonymity as the information is not yet public.

Pricing and Trading Details

Pricing is expected on May 13, with shares set to begin trading on the Nasdaq under the ticker symbol CBRS.

Company Background

Cerebras specializes in AI chips optimized for inference (running AI models) rather than training, a key differentiator from NVIDIA's dominant GPUs.

The company previously filed for an IPO in 2024 but withdrew it. A national security review related to its partnership with UAE-based G42—which provided over 80% of its revenue in the first half of 2024—was subsequently cleared by the Committee on Foreign Investment in the United States (CFIUS).

Cerebras has since secured Amazon and OpenAI as customers, bolstering its market position ahead of the public offering.

Underwriters

The offering is being led by a consortium of major investment banks:

• Morgan Stanley
• Citigroup
• Barclays
• UBS

The company did not respond to a request for comment on the revised terms.