Cerebras Hikes IPO Range to $150–$160, Targets $4.8B

Cerebras Systems raised its planned IPO range to $150–$160 per share, increased the offering to 30 million shares and is targeting a market value near $4.8 billion when the deal is priced on May 13. The company will list on the Nasdaq under the ticker CBRS.

The revised range replaces an earlier $115–$125 band and expands the deal from about $3.5 billion to roughly $4.8 billion. People familiar with the offering reported orders ran about 20 times the shares available. Morgan Stanley, Citigroup, Barclays and UBS are managing the sale. Final pricing and share counts may change when the offering is formally priced on May 13.

Sunnyvale, California–based Cerebras makes processors designed for AI inference, the part of model deployment that handles responding to user queries rather than the training phase. The company positions its chips as more efficient for inference workloads than general-purpose graphics processing units.

Cerebras paused an earlier IPO after a U.S. national security review looked into its relationship with UAE-based G42, which made up more than 80% of Cerebras’ revenue in the first half of 2024; the Committee on Foreign Investment in the United States later cleared the company. After the review was resolved, Cerebras added customers including Amazon and OpenAI and raised about $1 billion in private capital in February.

Market data show the planned listing would be the largest initial public offering globally so far in 2026.

Investment into startups focused on inference hardware has grown. Dealroom figures show roughly $8.3 billion in global funding to such startups; MatX, Ayar Labs and Etched each raised $500 million in 2026, while Axelera and Olix secured more than $200 million each. Patrick Schneider-Sikorsky, director at the Nato Innovation Fund, argued: ‘Inference is dominant now, and the existing GPU architecture wasn’t built for it in ways that matter most at scale.’ Carlos Espinal, managing partner at Seedcamp, observed: ‘It’s becoming a core part of how people think about AI infrastructure.’

The revised offering lifted sentiment in Asian chip markets. South Korea’s KOSPI closed nearly 5% higher on the day, with SK Hynix rising about 12% and Samsung Electronics up roughly 6%.

Nvidia remains a leading supplier of AI accelerators and reported more than $18 billion in research and development spending in its most recent fiscal year. The company has acquired assets from other inference startups and announced multibillion-dollar investments in photonics technology.