Cerebras Systems closed the year’s largest initial public offering so far after selling 34.5 million Class A shares at $185 per share, generating approximately $6.38 billion in gross proceeds before underwriting discounts, commissions and other expenses. The final share count included the full exercise of the underwriters’ 30-day option to purchase an additional 4.5 million shares. The AI hardware company began trading on the Nasdaq Global Select Market on May 14 under the ticker symbol CBRS.
The offering priced above range after strong investor demand for AI infrastructure names. Quartz reported that the base IPO raised $5.55 billion from 30 million shares and drew orders exceeding 20 times the available shares. The final $185 price also surpassed the company’s elevated $150 to $160 marketing range, which had already been revised upward from an initial $115 to $125 target. Lead bookrunners Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank handled the transaction.
The successful listing marks a significant turnaround from Cerebras’ aborted 2024 public market attempt and gives the lead banks a major AI-linked equity capital markets mandate. Quartz reported that the earlier filing was pulled following regulatory and investor scrutiny over revenue concentration, including heavy reliance on UAE-based technology firm G42, which generated more than 80% of first-half revenue that year. Customer concentration remains a factor, with Mohamed bin Zayed University of Artificial Intelligence accounting for 62% of 2025 revenue and G42 making up 24%, according to the company’s filings.
This time, the offering was supported by new commercial agreements, including a December 2025 multi-year contract with OpenAI valued at more than $20 billion, a $1 billion working capital loan, and a March 2026 binding deployment agreement with Amazon Web Services, according to Quartz. Cerebras also reported full-year 2025 revenue of $510 million, up from $290.3 million the prior year, while swinging to net income of $237.8 million after a net loss of $481.6 million in 2024, according to its SEC filing.
