Cerebras prices IPO at $185, values AI chipmaker at $56.43 billion ahead of Nasdaq debut under CBRS

Cerebras Systems priced its U.S. IPO at $185 a share, above its revised $150-to-$160 range, raising $5.55 billion and valuing the AI chip startup at $56.43 billion on a fully diluted basis. The deal is the largest U.S. IPO so far in 2026. The company sold 30 million shares after investor demand reportedly exceeded available shares by more than 20 times. Cerebras had initially marketed the offering at $115 to $125 a share before lifting the range twice. Cerebras, which develops chips for large AI model workloads and competes with Nvidia in AI accelerators, reported revenue of $510 million for the year ended Dec. 31, 2025, up from $290 million a year earlier, according to SEC filings. Shares are expected to begin trading on the Nasdaq Global Select Market on May 14, 2026, under the ticker CBRS. Morgan Stanley, Citigroup, Barclays and UBS are lead underwriters.