Cerebras IPO Launches Roadshow
Cerebras IPO seeks up to $3.5 billion from 28 million shares at $115-$125, implying up to a $26.6 billion public valuation and testing investor demand.
KEY TAKEAWAYS
- Following the filing, the company will offer 28 million shares at $115-$125, targeting up to $3.5 billion.
- Underwriters have a 30-day option to buy 4.2 million additional shares.
- The range implies up to a $26.6 billion fully diluted valuation.
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Cerebras Systems said in a press release that it launched its IPO roadshow on May 4, 2026, seeking new capital as the chipmaker prepares to set a public valuation above its most recent private round.
Deal Size, Pricing and Valuation
The company plans to offer 28 million shares of Class A common stock at a price range of $115 to $125 per share, targeting gross proceeds up to $3.5 billion at the high end, the press release showed. Underwriters have a 30-day option to buy an additional 4.2 million shares. The fully diluted valuation implied at the top of the range would reach up to $26.6 billion, aligning with the roughly $23 billion private valuation established in the company’s February 2026 Series H round. The updated S-1 registration statement has been filed with the SEC but is not yet effective.
Listing, Syndicate and Ownership
Cerebras intends to list on the Nasdaq Global Select Market under the ticker CBRS. Lead managers on the offering are Morgan Stanley, Citigroup, Barclays and UBS Investment Bank. Bookrunners include Mizuho and TD Cowen, while co-managers named in the prospectus include Needham & Company, Craig-Hallum, Wedbush Securities, Rosenblatt, Academy Securities, Credit Agricole CIB, MUFG and First Citizens Capital Securities. CEO Andrew Feldman will not sell shares in the offering and will hold 10.3 million shares after the deal. The company’s product lineup centers on the Wafer-Scale Engine 3 (WSE-3) AI processor.
The offering will convert Cerebras’s private valuation into a public market test as it prepares to trade under the CBRS ticker.
