AI chipmaker Cerebras Systems is planning a major initial public offering (IPO) on the Nasdaq, aiming to raise up to $3.5 billion. The company is offering 28 million shares at an indicative price range of $115 to $125 each, which could value the firm at nearly $35 billion at the top end of the range. This move positions Cerebras as a direct challenger to Nvidia in the booming AI hardware market.
The Sunnyvale, California-based company will trade under the ticker symbol 'CBRS' on the Nasdaq Global Select Market. Lead underwriters for the deal include Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank. Cerebras also has an option to sell an additional 4.2 million shares, which could bring in another $525 million.
This IPO comes after Cerebras previously filed to go public in 2024 but withdrew the application. The company later shifted its business model from selling chips directly to offering a cloud service powered by its own hardware. It confidentially filed for the current offering in April 2026.
Financially, Cerebras reported strong recent performance. Its fourth-quarter revenue reached $510 million, a 76% increase year-over-year, and it posted a net income of $87.9 million for that quarter. In 2025, the company generated total revenue of approximately $510 million and an annual profit of about $238 million, swinging from a sizable loss in 2024. This highlights how surging demand for AI compute has transformed its financial profile.
The company has also secured a major multi-year deal with OpenAI valued at over $20 billion. Under the agreement, Cerebras will supply up to 750 megawatts of AI computing power to OpenAI through 2028. Additionally, Amazon plans to use Cerebras chips alongside its own Trainium chips. Co-founder and CEO Andrew Feldman is not selling any shares in the IPO and will hold shares worth up to $1.28 billion after the offering.
The IPO occurs amid a surge in investor demand for AI chip exposure, with recent offerings reportedly having order books 'multiple times covered.' Competitor CoreWeave, which rents Nvidia GPUs as a cloud service, raised $1.5 billion in its own IPO last year.
