Cerebras Systems priced shares for its upcoming IPO at $185 a piece late Wednesday — well above the projected range of $150 to $160 — raising at least $5.55 billion for the company and valuing it at $56.4 billion, according to a CNBC report.
Shares of the company, which develops AI computing chips and large-scale AI systems, are slated to begin trading on Nasdaq Thursday under the ticker symbol CBRS.
The IPO has been a long time coming for Sunnyvale, California-based Cerebras, which initially filed publicly for an IPO in September, 2024. It withdrew the planned offering a year later, opting to continue raising capital in private markets.
Cerebras was a prodigious fundraiser as a private company. It secured $2.85 billion in equity funding and $1.85 billion in debt financing over the years, per Crunchbase data, securing most of that total in the past year.
Cerebras’ largest venture stakeholders include Fidelity (11.3% of Class B common stock), Benchmark (9.5%), Foundation Capital (8.3%), Eclipse (7.3%) and Alpha Wave (6.5%). Benchmark, Foundation and Eclipse were lead investors in Cerebras’ $27 million Series A in 2016, so they appear poised to see the largest percentage gains on their holdings.
Investors in the Cerebras IPO, meanwhile, are banking on even more growth and valuation gains ahead. That said, growth of late has been impressive. Revenue increased to $510.0 million in 2025, representing year-over-year growth of 76%, and up more than six-fold over two years.
The company has an impressive list of partners and customers as well. Earlier this year, Cerebras signed a deal to partner with OpenAI in integrating its technology into OpenAI’s compute systems. Other customers listed on its website include Meta, AWS and IBM.
Looking ahead, Cerebras said in its IPO filing that it expects to invest more in research and development as well as sales and marketing. As for a marketing strategy, the company seems to have settled on speed, pitching itself as the builder of “the fastest AI infrastructure in the world.”
In coming quarters, we’ll see if it succeeds in delivering on that promise at scale.
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Illustration: Dom Guzman
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