Cerebras Targets $115-$125 IPO Range, Seeks $4B Raise at $40B Valuation
Cerebras Systems plans an IPO pricing shares between $115 and $125, aiming to raise up to $4 billion at a $40 billion valuation. The AI chipmaker reported $510 million in 2025 revenue and $1.38 per share profit, reversing a $9.90 per share loss from 2024.
1. IPO Pricing and Valuation
Cerebras Systems plans to price its shares between $115 and $125, aiming to raise up to $4 billion and secure a valuation near $40 billion on the Nasdaq under ticker CBRS with major underwriters Morgan Stanley, Citigroup, Barclays and UBS.
2. Financial Turnaround
The company posted $510 million in revenue for the year ended December 31, 2025, and earned $1.38 per share, reversing a prior-year loss of $9.90 per share thanks to increased adoption of its wafer-scale engine chips.
3. Competitive Position
Cerebras’ wafer-scale engine architecture positions it as a direct competitor to NVIDIA in AI training and inference markets, challenging NVIDIA’s dominance by offering specialized hardware for large-scale model development.