NVIDIA Corporation's competitor is about to go public! AI chip company Cerebras Systems (CBRS.US) IPO is priced at $185, with subscription demand exceeding 20 times.

With the continuous surge in demand for artificial intelligence chips, AI chip manufacturer Cerebras Systems' initial public offering (IPO) has been warmly welcomed by the market, with its valuation expected to reach approximately $40 billion. According to sources, Cerebras is expected to complete the U.S. IPO pricing on Wednesday evening at a price of $185 per share, higher than the previously announced price range of $150 to $160. The company had earlier increased the size of the offering to 30 million shares. With a pricing of $185 per share, the IPO is expected to raise approximately $5.5 billion. According to company filings, Cerebras' market value is expected to reach around $40 billion after listing; with restricted stock, employee stock options, and warrants included, the fully diluted valuation is estimated to be around $49 billion. Sources indicate that the IPO subscription demand has exceeded the number of shares issued by 20 times. Due to the exceptionally strong demand in the market, Cerebras and underwriters are trying to more accurately assess the true subscription situation. It is reported that the company is asking institutional investors to specify the number of shares they are willing to purchase and the highest price they are willing to accept when submitting orders. The AI infrastructure investment boom is driving a new wave of IPO frenzy in the semiconductor industry, with Cerebras seen as one of the important new forces challenging NVIDIA Corporation's dominance in AI chips. Currently, Cerebras has established partnerships with several AI industry giants. Earlier this year, Amazon.com, Inc. announced plans to use Cerebras chips alongside its own Trainium processor to run AI software. In February, OpenAI also released the first model running on Cerebras chips. Company filings show that OpenAI currently holds 33.4 million Cerebras warrants, with some of the warrants subject to conditions such as the company's market value exceeding $40 billion, and Cerebras delivering AI computing services on time. Additionally, sources previously revealed that in the weeks leading up to the IPO, Arm Holdings and its parent company SoftBank had discussions with Cerebras regarding potential acquisitions. Financial data shows that Cerebras has experienced rapid growth. The company achieved revenue of $510 million in 2025, with a net profit of $87.9 million; compared to the previous year's revenue of $290.3 million and a net loss of $484.8 million. The IPO is jointly underwritten by Morgan Stanley, Citigroup, Barclays, and UBS Group AG. Cerebras is expected to be listed on the Nasdaq Global Select Market with the stock symbol "CBRS".