From Wafer Scale Engine to Public Markets: AI Chip Innovator Cerebras Raises $6.38 Billion in Oversubscribed IPO

Cerebras Systems, developer of the Wafer Scale Engine 3, a massive AI processor built on a single silicon wafer large enough to cover a human face has completed its initial public offering after selling a total of 34,500,000 shares of Class A common stock at $185.00 per share. The offering included the full exercise of the underwriters’ 30-day option to purchase an additional 4,500,000 shares at the same price. Gross proceeds reached approximately $6.38 billion before deducting underwriting discounts, commissions, and other offering expenses.

The company initially priced 30,000,000 shares at $185.00. Shares began trading on the Nasdaq Global Select Market on May 14, 2026, under the ticker symbol “CBRS.” The offering closed on May 15, 2026. The Securities and Exchange Commission declared the registration statement effective on May 13, 2025, and the company filed a prospectus with the SEC detailing the terms.

Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank served as lead book-running managers. Mizuho and TD Cowen acted as bookrunners. Needham & Company, Craig-Hallum, Wedbush Securities, Rosenblatt, Academy Securities, Credit Agricole CIB, MUFG, and First Citizens Capital Securities served as co-managers.

On its first trading day, Cerebras shares closed at $331.07, representing a 68% increase from the ...

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