Cerebras Systems Inc. completed its initial public offering by selling 34.5 million shares of Class A common stock at $185 per share, a move that generated approximately $6.38 billion in gross proceeds before deducting underwriting fees and other expenses, according to a company statement.
The offering incorporated the full exercise of the underwriters' option to buy an additional 4.5 million shares at the same $185 offering price. Trading of Cerebras stock commenced on the Nasdaq Global Select Market on May 14, 2026, under the ticker symbol CBRS.
Underwriting and management
Several major banks led the transaction. Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank acted as lead book-running managers for the offering. Mizuho and TD Cowen served as bookrunners. A group of co-managers included Needham & Company, Craig-Hallum, Wedbush Securities, Rosenblatt, Academy Securities, Credit Agricole CIB, MUFG, and First Citizens Capital Securities.
Regulatory filing
The Securities and Exchange Commission declared the registration statement for the securities effective on May 13, 2025. The company filed a prospectus with the SEC that set out the terms of the offering.
Business profile
Cerebras develops AI processing technology, including what it describes as the Wafer-Scale Engine 3, which the company characterizes as a large AI processor. The Sunnyvale, California-based firm provides AI infrastructure solutions to corporations, research institutes, and government entities across four continents. Those solutions are offered both on-premises and in cloud environments.
What this means
The offering completed with a full exercise of the underwriters' option and a substantial amount raised on a gross basis. The company has secured a public listing on the Nasdaq Global Select Market and has a prospectus on file with the SEC following the declaration of effectiveness of its registration statement.
Beyond the transaction specifics, the company's stated product focus - the Wafer-Scale Engine 3 - and its stated customer base span multiple sectors and geographies, with infrastructure available both on customer premises and in cloud settings.