Cerebras raises $5.5B, kicking off 2026’s IPO season with a bang

Cerebras raised $5.5 cardinal successful its IPO connected Thursday, pricing shares astatine $185 Wednesday evening, mode higher than its scope ($115 to $125, aboriginal raised to $150-$160), adjacent arsenic it accrued the size of the offering to 30 cardinal shares.

And pre-market trading indicates that shares are going to unfastened with a elephantine pop, arsenic retail investors bid up the terms to drawback them. (We’ll update this communicative aft trading begins.)

Even astatine the IPO price, the institution enters its archetypal time of trading astatine a fully-diluted valuation of $56.4 cardinal (meaning, accounting for each shares). Co-founder CEO Andrew Feldman’s involvement astatine $185/share is worthy astir $1.9 billion, portion co-founder CTO Sean Lie’s involvement weighs successful astatine astir $1 billion.

A twelvemonth ago, it looked similar this time would ne'er hap for Cerebras. The Nvidia competitor, which designed its elephantine spot from scratch, purpose-built for AI, had archetypal filed to spell nationalist successful 2024. But concerns astir a ample concern from Abu Dhabi-based Group 42 mired the IPO successful an endless reappraisal from the Committee connected Foreign Investment successful the United States (CFIUS). Investors were besides chill astir its financials: Group 42 accounted for astir each of Cerebras’s revenues. So those IPO plans were shelved.

IPO ambitions reappeared successful earnest successful April erstwhile the institution was capable to study astir treble the revenues: $510 cardinal successful 2025 (up 76% year-over-year), and from a fistful of customers. It besides reported a monolithic plaything to a nett — to $237.8 cardinal successful nett income — compared to losing astir fractional a cardinal the twelvemonth before.

Investors began salivating.

Cerebras has present travel retired arsenic a large contender for supplying chips for inference — the ongoing compute processing required for models to reply prompts — and present counts OpenAI (in a complicated circular-deal relationship), G42, Saudi’s Mohamed bin Zayed University of Artificial Intelligence and Amazon Web Services arsenic customers.

Developing, volition update this station with first-day of trading numbers.