Cerebras Raises IPO Price Range, Planning to Go Public Next Thursday

According to Bloomberg, AI chip manufacturer Cerebras Systems plans to raise its initial public offering price range as early as next Monday (May 12th), from the previous range of $115 to $125 per share to $125 to $135 per share. Subscription orders have currently exceeded the available shares by more than twenty times.

Cerebras previously planned to issue 28 million shares, priced between $115 and $125 per share, aiming to raise a maximum of $3.5 billion, with a market value of approximately $26.6 billion at the highest pricing; including options, restricted stock units, and warrants, the diluted valuation is about $33 billion.

The IPO is expected to be priced next Wednesday (May 14th) and officially listed on the NASDAQ Global Select Market on Thursday (May 15th), with the stock code "CBRS".

If this IPO is successfully completed, it will become the largest IPO in the United States so far this year. The underwriting team is jointly led by Morgan Stanley, Citigroup, Barclays, and UBS.

Major Cooperation with OpenAI and Amazon

Cerebras officially submitted its IPO application last month, after signing two significant cooperation agreements in a row.

In January this year, OpenAI reached a more than $10 billion, three-year chip cooperation agreement with Cerebras, and OpenAI also holds options to purchase more than 33 million shares of Cerebras; OpenAI is integrating Cerebras' Wafer-Scale Engine (WSE) into its inference architecture to significantly reduce the output delay of complex programming and inference tasks.

In March this year, Amazon Web Services (AWS) also signed an agreement to use Cerebras chips in its data centers.

Challenging NVIDIA's Technical Route

Cerebras, founded in 2015 and headquartered in Sunnyvale, California, focuses on developing specialized chips and supercomputers for training and running large AI models.

Unlike NVIDIA's architecture of connecting thousands of small GPUs (such as Blackwell B200) on a single silicon wafer, Cerebras adopts the "one large chip" design route - its Wafer-Scale Engine chip is about the size of a dinner plate, achieving extremely low inference delay with a simpler architecture, positioning itself as a high-speed alternative to NVIDIA's GPU solution.

In recent years, the company has continued to expand its AI cloud service business, opening new data centers and establishing cooperation with several large technology companies.

This is not Cerebras' first attempt to go public. The company first submitted its listing application in September 2024 but subsequently withdrew due to pending regulatory review, and then completed a $1.1 billion private financing in October of the same year.

This second attempt at an IPO, coupled with the endorsements of OpenAI and AWS, has significantly increased market enthusiasm, and the oversubscription multiple has fully reflected investors' high pursuit of the AI infrastructure track.