Cerebras Systems, a rival to chipmaking giant Nvidia (NVDA), has reportedly beefed up its IPO pricing plans to $4.8 billion because of surging demand for its shares and AI hardware.
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Cerebras is, according to a Reuters report, considering a new price range for its IPO of between $150 and $160 a share, up from a previously mooted $115 and $125 a share, and is looking at raising the number of shares marketed to 30 million from 28 million.
At the top of this new range, Cerebras would raise roughly $4.8 billion, up from $3.5 billion under its original terms, though the figures could change. The listing would be the biggest IPO globally so far this year, according to Dealogic.
According to the report, Cerebras’ IPO has drawn orders for more than 20 times the number of shares available. That’s perhaps understandable given the surge in AI adoption in recent times, which has led to a corresponding demand for high-performance chips.
Cerebras’ AI Niche
Cerebras operates out of Sunnyvale, California, and builds wafer-scale AI hardware. This refers to chips built using an entire silicon wafer — rather than cutting them into tiny pieces — as a processor.
This design is believed to offer superior computing and memory capacity tailored for AI training and inference, such as using AI to field user queries. Cerebras’ products are seen as competitors to Nvidia’s conventional graphics processing units.
The IPO set to take place this week is the company’s second attempt to list. It first filed for an IPO back in 2024, and planned to go public last year but shelved the plans in October amid U.S. concerns about the Chinese ties of its former minority investor G42, a UAE-based tech conglomerate.
The offering is being led by Morgan Stanley (MS), Citigroup (C), Barclays and UBS Group AG (UBS). Cerebras plans for its shares to trade on the Nasdaq Global Select Market under the symbol CBRS.
The company has continued to bolster its financial war chest, raising $1 billion earlier in February at a $23 billion valuation. In September 2025, the company’s valuation had stood at $8.1 billion after a $1.1 billion fundraise in that month.
Cerebras has reportedly secured a $20 billion deal from OpenAI to provide access to servers powered by its chips. This adds to another $10 billion, 750-megawatt arrangement between both companies.
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