Cerebras Systems lifts IPO price range to $150-$160 as investor appetite surges
Pricing is scheduled for May 13 on the Nasdaq Global Select Market, with Morgan Stanley, Citigroup, Barclays, and UBS Group AG acting as lead underwriters.
Cerebras Systems is set to increase the price range of its initial public offering to between $150 and $160 per share, a significant adjustment from the original target of $115 to $125. The Sunnyvale, California-based artificial intelligence chipmaker also plans to expand the number of shares marketed to 30 million, up from the initial 28 million.
This revision comes as demand for the company's stock has intensified, with sources indicating that orders have exceeded 20 times the available supply. At the top of the new price range, Cerebras would raise approximately $4.8 billion, compared to the roughly $3.5 billion projected under the original terms. The figures remain subject to change before final pricing, but the move reflects a broader surge in interest driven by the company's specialised hardware.
Cerebras' chips are designed specifically for inference, the computations that allow AI models to respond to user queries, distinguishing them from the GPU chips traditionally relied upon for model training. As AI labs shift focus from training to deployment, the firm has seen surging demand for its processors, which operate in a market currently dominated by Nvidia.
The listing is scheduled for pricing on May 13 and will trade on the Nasdaq Global Select Market under the symbol CBRS. The offering is being led by a consortium of major financial institutions including Morgan Stanley, Citigroup, Barclays, and UBS Group AG. According to Dealogic, this transaction would mark the biggest initial public offering globally so far this year.
This launch represents Cerebras' second attempt to go public, following a previous filing in 2024 that was subsequently withdrawn. The company's financial trajectory has been bolstered by a cleared national security review regarding its partnership with G42, a UAE-based AI firm that accounted for more than 80 per cent of its revenue in the first half of 2024.
Following the regulatory clearance, Cerebras secured major clients including Amazon and OpenAI, two of the largest builders of AI infrastructure. These developments have positioned the chipmaker to capitalise on the growing adoption of artificial intelligence, turning semiconductors into a key component of the technology supply chain.
