By Echo Wang
NEW YORK, May 13 (Reuters) - Cerebras Systems priced its U.S. initial public offering at $185 per share on Wednesday, above the top end of its indicated price range, people familiar with the matter said.
The IPO raised $5.55 billion for Cerebras, based on 30 million shares sold. It implies a valuation on Cerebras on a fully diluted basis of $56.43 billion, making it the largest stock market debut so far this year.
The company previously upsized the highly anticipated IPO, increasing the price
and number of shares after investors placed orders for more than 20 times the number of shares available, Reuters reported.
The company marketed the offering at between $150 and $160 per share, up from an earlier range of $115 to $125 per share. It also increased the number of shares on offer to 30 million from 28 million.
The sources requested anonymity ahead of an official announcement. Cerebras did not immediately respond to a request for comment.
CNBC was first to report on the pricing.
BROADER IPO MARKET REBOUND
Cerebras' IPO comes as investor appetite for new listings returns globally, with U.S. offerings leading much of the rebound.
IPO proceeds in the United States have more than doubled so far this year to $22.3 billion from the same period in 2025, according to Dealogic, as investors pile in to companies linked to artificial intelligence and defense spending, ahead of SpaceX’s blockbuster offering this summer.
That momentum has fueled a wave of defense and aerospace listings in recent weeks, including aerospace parts maker Arxis, drone manufacturer AEVEX and national security satellite company HawkEye 360.
Founded in 2015, Cerebras makes specialized chips for running advanced AI models, competing in a market dominated by Nvidia. Demand for Cerebras' processors has surged as AI labs shift from training models to deploying them.
Revenue at Sunnyvale, California-based Cerebras rose to $510 million in the year ended December 31, from $290.3 million a year earlier, according to a filing with the SEC.
Shares of the company will start trading on the Nasdaq Global Select Market under the symbol CBRS on Thursday.
The offering is being led by Morgan Stanley, Citigroup, Barclays and UBS Group AG.
(Reporting by Echo Wang in New YorkEditing by Matthew Lewis)
