American company Cerebras Systems Inc., which specializes in developing chips for artificial intelligence, conducted the largest initial public offering (IPO) of 2026, raising $5.55 billion. The company’s shares were priced at $185 each, exceeding the previously announced range.
This is reported by Finway
Company Valuation and Investor Interest
During the IPO, Cerebras offered 30 million shares in the range of $150–$160 per share, but after raising the price cap, the company was able to attract even more investments. Based on the number of shares issued and outstanding, the company was valued at approximately $40 billion. When accounting for all restricted shares, employee options, and warrants, the fully diluted valuation of Cerebras is around $49 billion.
The demand for the IPO significantly exceeded the supply: according to sources, the volume of bids was more than 20 times the number of available shares. To better gauge investor interest, Cerebras and the underwriters asked auction participants to specify not only the number of shares but also the maximum price they were willing to pay.
Cerebras Partnerships and Financial Results
The company is already closely collaborating with leaders in the artificial intelligence market, including Amazon.com Inc., which announced in 2026 that it would use Cerebras chips alongside its own Trainium to launch AI programs. Additionally, in February, OpenAI released its first model running on Cerebras hardware.
OpenAI currently holds 33.4 million warrants for Cerebras shares, some of which are contingent on meeting certain conditions, including deadlines for providing computing power and achieving a market capitalization of over $40 billion.
“The offering valued Cerebras at approximately $40 billion based on the number of shares issued and outstanding as stated in the company’s documents.”
Arm Holdings Plc and its main shareholder SoftBank Group Corp. offered to buy Cerebras shortly before the IPO; however, the company continued its preparations for the offering. In 2025, Cerebras achieved a net profit of $87.9 million on revenue of $510 million, a significant turnaround from the previous year when it reported a net loss of $484.8 million and revenue of $290.3 million.
The underwriters for the offering were Morgan Stanley, Citigroup Inc., Barclays Plc, and UBS Group AG. It is expected that Cerebras shares will soon begin trading on the Nasdaq Global Select Market under the ticker CBRS.