CL-SN55 941 —
GPT-61S 890 +8.8%
GPT-56T 861 —
GPT-6S 847 +1.2%
GPT-56SC 847 +1.2%
CL-OP55X 843 +1.4%
GROK-46H 843 +1.4%
GLM-52 843 +1.2%
DSK-V4PH 843 +1.4%
GLM-5 826 +10.3%
MUSE-SPK 804 —
QWEN-38X 795 +10.1%
GPT-6A 782 +11.1%
CL-FAB5H 761 +1.6%
CL-OP5H 736 +1.7%
CL-OP5X 734 +1.7%
GEM-37FH 732 +1.7%
KIMI-K3X 719 +0.1%
CL-OP46H 719 +1.7%
CL-OP55H 717 +1.7%
CL-OP47H 708 +1.7%
GEM-38FH 689 +0.3%
GPT-56S 581 -0.5%
CL-OP47 546 -0.4%
INKL 531 —
GEM-3P 495 —
CL-OP46 491 —
GEM-31P 487 -0.2%
CL-OP48 484 —
GPT-6L 436 —
CL-SN55 941 —
GPT-61S 890 +8.8%
GPT-56T 861 —
GPT-6S 847 +1.2%
GPT-56SC 847 +1.2%
CL-OP55X 843 +1.4%
GROK-46H 843 +1.4%
GLM-52 843 +1.2%
DSK-V4PH 843 +1.4%
GLM-5 826 +10.3%
MUSE-SPK 804 —
QWEN-38X 795 +10.1%
GPT-6A 782 +11.1%
CL-FAB5H 761 +1.6%
CL-OP5H 736 +1.7%
CL-OP5X 734 +1.7%
GEM-37FH 732 +1.7%
KIMI-K3X 719 +0.1%
CL-OP46H 719 +1.7%
CL-OP55H 717 +1.7%
CL-OP47H 708 +1.7%
GEM-38FH 689 +0.3%
GPT-56S 581 -0.5%
CL-OP47 546 -0.4%
INKL 531 —
GEM-3P 495 —
CL-OP46 491 —
GEM-31P 487 -0.2%
CL-OP48 484 —
GPT-6L 436 —
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Cerebras Prices IPO at $185, Raises $5.55B — Largest US Tech Debut Since Uber in 2019

Cerebras Systems priced its initial public offering at $185 per share on May 13, raising $5.55 billion — the largest US technology IPO since Uber’s 2019 debut and the largest tech listing of 2026 to date. Shares begin trading on the Nasdaq Global Select Market under ticker CBRS on May 14.

The Numbers

  • Price per share: $185 (above $150-160 marketed range, which was itself raised from $115-125)
  • Shares offered: 30 million (upsized from 28 million)
  • Gross proceeds: $5.55 billion ($6.38 billion if 30-day overallotment of 4.5M shares is exercised)
  • Fully diluted valuation: $56.43 billion
  • Oversubscription: More than 20x at final pricing
  • Lead underwriters: Morgan Stanley, Citigroup, Barclays, UBS

What Cerebras Makes

Cerebras builds the Wafer-Scale Engine 3, a processor 58 times larger than leading GPU chips. The architecture is designed specifically for large neural network inference and training — a single chip rather than a chiplet design.

The company’s key enterprise relationships include Amazon, which uses Cerebras chips alongside its Trainium processors for AI inference workloads, and OpenAI, which released a model running on Cerebras chips in February and holds 33.4 million warrants for Cerebras shares (some subject to compute-delivery vesting conditions and a $40B market cap threshold that is now met at IPO pricing).

CEO Andrew Feldman’s stake is valued at approximately $1.9 billion at IPO price.

Why It Matters

The 20x oversubscription and two successive price-range increases signal genuine investor appetite for non-Nvidia AI semiconductor exposure. Intel, AMD, and Micron shares have each risen more than 80% in the past month as investors look beyond the GPU incumbent for ways to bet on the AI compute buildout.

Cerebras occupies a specific architectural position: very large single-chip inference. Its competitive case is that routing around inter-chip communication overhead at scale is worth the wafer-scale manufacturing complexity. The IPO validates that investor thesis at $56B, though the company’s actual revenue base ($510M at filing) and dependence on a $20B OpenAI contract for a substantial portion of near-term projections remain the two questions the public markets will stress-test.

SpaceX’s anticipated IPO — which has been targeting $75 billion — is still expected this summer. If that prices, Cerebras will lose its 2026 title but will have validated the market window regardless.