Cerebras (CBRS.US) increases IPO offering size and price guidance, aiming to raise $4.8 billion to become the largest US stock market listing this year.

Artificial intelligence chip manufacturer Cerebras Systems (CBRS.US) has raised the price range and number of shares issued in its IPO, deciding to issue 30 million shares at a price range of $150 to $160 per share. Based on this price and scale, the IPO is expected to raise $4.8 billion, making it the largest IPO of the year in terms of size (excluding private placements). Data shows that including the so-called over-allotment option, Cerebras' IPO could rival the $5.23 billion raised by Arm Holdings Plc in 2023, becoming the largest semiconductor IPO in United States history. The number of shares Cerebras plans to issue has increased from the initial 28 million shares to 30 million shares, resulting in its valuation jumping from $8 billion during a private placement in 2024 to over $48 billion currently, with expectations that on May 14th, the day of its official listing on Nasdaq, the company's total market value will surpass $50 billion. Sources revealed that orders for this IPO have exceeded the number of shares issued by 20 times. The core support behind this remarkable premium is Beijing Dynamic Power's unique competitive position in the AI inference and training market, as well as its secured heavyweight orders. According to regulatory filings, the company has established deep partnerships with OpenAI and Amazon.com, Inc. (AWS), with a multi-year compute procurement agreement with OpenAI alone worth over $20 billion. Amazon.com, Inc. announced this year its plans to combine its Trainium processor with Cerebras chips to run artificial intelligence software, while OpenAI released its first model running on Cerebras chips in February this year. Cerebras, with its iconic Wafer Scale Engine (WSE) architecture, is seen as having the potential to challenge NVIDIA Corporation's market dominance in handling ultra-large-scale language models. In addition, the company achieved $510 million in revenue and $238 million in net profit in the 2025 fiscal year, whereas it had a net loss of $484.8 million and revenue of $290.3 million in the previous year. This high-growth and profitable financial performance significantly boosts investor confidence. Cerebras and its bankers have been working diligently to manage the strong interest in its upcoming listing, as the Philadelphia Semiconductor Index has risen over 30% in the past month. Sources revealed that the company has informed institutional investors participating in the IPO subscription to clearly specify the number of shares subscribed for and the highest bid price in order to assess the true market demand. This issuance is led by Morgan Stanley, Citigroup, Barclays PLC Sponsored ADR, and UBS Group AG. The stock is expected to trade on the Nasdaq Global Select Market under the ticker symbol CBRS. As SpaceX prepares for what could be its largest IPO ever, the overall IPO market activity in the United States is heating up. Data shows that IPO financing on U.S. exchanges has reached $18.9 billion so far this year (excluding special purpose acquisition companies and other financial instruments), compared to $10.4 billion in the same period last year.