Cerebras Raises $5.55B in Largest AI IPO Ever

Cerebras Systems successfully completed its IPO on May 14, 2026, raising $5.55 billion by pricing 30 million class A common shares at $185 each on the Nasdaq Global Select Market under the ticker symbol "CBRS." The Sunnyvale, California-based AI chipmaker achieved a valuation of approximately $56.43 billion on a fully diluted basis, making this the largest IPO of 2026 and what analysts are calling "the largest AI IPO of all time." Shares were indicated to open 90 percent higher than the IPO price as demand far exceeded supply, with the offering drawing orders for more than 20 times the number of shares available. The IPO significantly exceeded earlier expectations. Just two weeks prior, Cerebras had projected raising $3.5 billion through 28 million shares priced between $115 and $125 each, and even last week estimates had grown to proceeds of up to $4.8 billion at a range of $150 to $160 per share. The company initially filed for its public listing in September 2024 but withdrew its plans the following September after drawing scrutiny over its heavy reliance on G42, a UAE-based AI company that provided more than 85 percent of its revenue in 2024, prompting a national security review by the Committee on Foreign Investment in the United States. Since then, Cerebras has diversified its customer base by securing Amazon and OpenAI as clients. Founded in 2015, Cerebras positions itself as a competitor to industry leader Nvidia, claiming to build the "fastest AI infrastructure in the world" using its wafer-scale engine technology that packs hundreds of thousands of compute cores onto a single processor roughly the size of a dinner plate. Its flagship WSE-3 chip is marketed as the largest AI chip ever built, featuring 19 times more transistors and 28 times more compute than Nvidia's B200. The IPO was led by Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank, with the underwriters granted a 30-day option to purchase up to an additional 4.5 million shares.