Cerebras Systems is seeking to raise as much as $3.5 billion in a U.S. initial public offering, offering 28 million shares at $115 to $125 each. [1, 2]
The Sunnyvale, California-based company makes AI chips and runs data centers. It plans to list on Nasdaq, and CEO Andrew Feldman is not selling shares in the offering. [1, 2]
Cerebras filed confidentially for a listing earlier in 2026 after withdrawing a previous registration in 2024. It then filed for an IPO again in April and submitted an updated prospectus on Monday, according to the reports. [1, 2]
The offering could value Cerebras at as much as $26.6 billion at the top of the range, compared with the $23 billion valuation it reported in a venture round in February. The company also said in January it would provide up to 750 megawatts of AI computing power to OpenAI through 2028 in a deal worth more than $20 billion. [2]
Cerebras said fourth-quarter revenue rose about 76% year over year to $510 million, with net income of $87.9 million. The filing also shows Feldman would hold 10.3 million shares after the IPO, worth as much as $1.28 billion at the high end, while 4.2 million additional shares could raise another $525 million if an overallotment option is exercised. [2]
Bloomberg and CNBC reported the IPO plans on Monday. Cerebras is moving ahead with the Nasdaq listing after the latest prospectus filing, with pricing still to come. [1, 2]
