Cerebras Systems, a rival to chipmaking giant Nvidia (NVDA), is set to list in New York today raising a forecast-busting $5.5 billion because of surging demand for its shares and AI hardware.
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Cerebras has priced its IPO – involving 30 million class A common stock shares – at $185 per share. In early May, it was reportedly planning a $3.5 billion raise through the sale of 28 million shares at between $115 and $125 each. Last week, that had grown to forecasts of up to $4.8 billion at a range of $150-160 per share.
It is believed the company will be valued at around $56 billion after the IPO, making it the largest listing this year to date. It is set to begin trading today – May 14 – with the ticker CBRS on the Nasdaq Global Select Market. The offering is being led by Morgan Stanley (MS), Citigroup (C) Barclays and UBS Group (UBS).
The surge in demand for its shares in the IPO is perhaps not surprising given the increase in AI adoption in recent times. This has led to a corresponding demand for high-performance chips.
Is Cerebras Superior to Nvidia?
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.
Cerebras is behind WSE-3, touted by the company to be the “largest” AI chip ever built with its 19-times more transistors and 28-times more compute than the Nvidia B200.
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 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 company, which reportedly turned down a takeover approach from tech rivals Arm Holdings (ARM) and SoftBank (SFTBF) before this IPO, 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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