Cerebras Systems Inc. announced final pricing for its initial public offering at $185.00 per share for 30,000,000 shares of Class A common stock. At that price and share count, the company estimates gross proceeds of approximately $5.55 billion from the offering.
The company gave the underwriters a 30-day option to purchase up to an additional 4,500,000 shares at the same offering price, less underwriting discounts and commissions. If the underwriters exercise that option in full, total proceeds could rise to roughly $6.38 billion.
Shares of Cerebras are expected to start trading on the Nasdaq Global Select Market on May 14, 2026, under the ticker symbol CBRS. The offering is scheduled to close on May 15, 2026, subject to customary closing conditions.
A syndicate of banks is leading the transaction. Morgan Stanley, Citigroup, Barclays and UBS Investment Bank are serving as lead book-running managers. Mizuho and TD Cowen are acting as bookrunners, and a group of co-managers includes Needham & Company, Craig-Hallum, Wedbush Securities, Rosenblatt, Academy Securities, Credit Agricole CIB, MUFG and First Citizens Capital Securities.
Cerebras develops AI processing hardware, highlighted by its Wafer-Scale Engine 3 processor. The company states that this processor is 58 times larger than leading GPU chips and that it delivers inference up to 15 times faster than GPU-based solutions on open-source models. The Securities and Exchange Commission has declared the registration statement for the securities effective.
Context and next steps: With pricing set and the SEC declaration completed, the offering moves toward the planned trading debut and closing dates in mid-May 2026, subject to the usual post-pricing conditions and potential actions by the underwriters.
Note on proceeds and potential change in share count: The availability of a 30-day option to buy additional shares means the ultimate size of the offering could increase beyond the base 30 million shares, altering total proceeds if the option is exercised.