Cerebras Systems (CBRS) priced its IPO at $185.00 – a mind-blowing $25.00 above the top of its recently increased price range – on Wednesday night, May 13, 2026. Cerebras, a pioneer AI chipmaker, sold 30 million shares – the number in the recently upsized IPO’s prospectus – at $185.00 each to raise $5.55 billion.
At pricing, Cerebras had a market cap of $39.82 billion ($39,817.37 million).
Cerebras Systems’ stock is expected to start trading tomorrow – Thursday, May 14, 2026 – on the NASDAQ.
Morgan Stanley, Citigroup, Barclays, UBS Investment Bank, Mizuho Securities and TD Securities were the joint book-runners.
Running on a Big Wafer
Cerebras, a rival of GPU titan Nvidia, made a splash with its third-generation Cerebras Wafer-Scale Engine (the “WSE-3”) – the largest chip ever sold – 57 times larger than the leading commercially available GPU, the prospectus said. It has 52 times more compute cores, 880 times more on-chip memory (44 gigabytes), and 7,000 times more memory bandwidth (21 petabytes per second), according to the prospectus.
“The sheer size of the wafer-scale chip allows us to keep more work on-silicon and minimize the time-consuming, power-hungry movement of data,” the prospectus said.
Spring Memory of SNOW
Cerebras Systems’ IPO was reported to be more than 20 times oversubscribed, according to Bloomberg.
The intensity of interest in Cerebras Systems’ IPO is similar to the “Let it SNOW” mood surrounding Snowflake’s (SNOW) IPO in mid-September 2020. (Snowflake’s stock closed today – Wednesday, May 13, 2026 – at $152.37 – up 27 percent from its $120.00 IPO price on Sept. 15, 2020.)
Sam Altman, the CEO of OpenAI, appeared in Cerebras Systems’ online roadshow.
In the Founders Letter in the prospectus, Andrew Feldman, Gary Lauterbach, Sean Lie, Michael James and JP( Jean-Philippe) Fricker wrote:
“In January 2026, we announced a multi-year deal with OpenAI valued at more than $20 billion dollars. OpenAI has agreed to deploy 750 megawatts of Cerebras’s high-speed AI compute, and OpenAI and Cerebras have agreed to co-design future models for future Cerebras hardware.
“In March 2026, we started a multi-year partnership with AWS (Amazon) to bring fast inference to an even bigger scale through global distribution. We’re aiming to give every startup, AI native, and enterprise company easy access to Cerebras’s “blisteringly fast inference.
“We firmly believe that once you go fast, you can never go back. How much would we need to pay you to go back to slow internet?”
It will come as no surprise that Andrew Feldman, co-founder and CEO of Cerebras Systems, is not a fan of “work-life balance,” according to his comments on Fortune magazine’s VC20 podcast last fall.
Cerebras makes money. The Sunnyvale, California-based company, founded in 2016, reported net income of $237.8 million on revenue of $510.0 million for the 12 months that ended on Dec. 31, 2025, according to financial statements in the prospectus.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com website.)
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.