Cerebras lifts IPO price range as demand for AI chip stocks surges
Cerebras Systems is raising the price range for its long-awaited IPO to $150-$160 a share, up from the $115-$125 band it set when it launched the offering earlier this month, according to people familiar with the deal.
The AI chipmaker is also increasing the number of shares it plans to sell to 30 million from 28 million, Reuters reported, as investor demand pushed orders to more than 20 times the available stock.
At the top of the new range, Cerebras would raise about $4.8 billion before the underwriters’ overallotment option, or roughly $5.5 billion if the company exercises its 4.2 million-share option.
The offering is scheduled to price on May 13, with trading set to begin on Nasdaq under the ticker CBRS, according to Reuters and Cerebras’ own IPO announcement.
Cerebras, based in Sunnyvale, California, builds wafer-scale AI chips aimed at inference and other high-throughput workloads, positioning itself as a specialized alternative to GPU-based systems. In its IPO materials, the company described its flagship WSE-3 processor as “the world’s largest and fastest commercialized AI processor.”
The move marks a sharp step up from the range Cerebras disclosed when it first filed. On April 17, the company said in its IPO announcement that “The number of shares of Class A common stock to be offered and the price range for the proposed offering have not yet been determined,” and on May 4 it said, “The initial public offering price is expected to be between $115.00 to $125.00 per share.”
The company’s second run at the public markets comes after its prior attempt was interrupted by a national security review tied to its work with Abu Dhabi-based G42.
Reuters reported that the review has since been cleared, removing the main obstacle that derailed the earlier process.
The new terms also come as Cerebras tries to present itself as one of the few pure-play AI infrastructure vendors with enough customer demand to support a multibillion-dollar public debut.
Cerebras’ latest filings suggest the market is rewarding AI infrastructure names that can show both growth and a path to profit.
Reuters reported last week that the company logged $510 million in 2025 revenue and profitability in 2025, a combination that helps explain why investors have been willing to push the valuation higher as the offering moves toward pricing.
The updated range puts Cerebras in a stronger position for a debut that could rank among the biggest tech listings of the year, but the deal still depends on pricing, final demand at the close of bookbuilding and the usual market conditions that can move fast in late-stage IPO windows.
