Cerebras IPO Priced Above Range, 20x Oversubscribed: What You Need To Know About Nvidia Challenger Going Public

• Cerebras develops giant AI chips and supercomputers designed to train and run artificial intelligence models much faster than traditional GPUs.
• The stock will list on the Nasdaq Global Select Market under the symbol “CBRS” on Thursday.
• Cerebras IPO is the biggest so far this year.

Cerebras Systems raised an estimated $5.6 billion in its U.S. initial public offering after pricing its shares at $185 apiece — above the company’s earlier guidance — underscoring the intense investor appetite for AI-linked hardware firms.

The company sold 30 million shares, it said in a statement on Wednesday, and was valued at $56.43 billion on a fully diluted basis. Shares of Cerebras will start trading on Nasdaq's Global Select Market under the ticker “CBRS” on Thursday.

CBRS IPO Oversubscribed

Cerebras’ IPO, the biggest so far this year, is being closely watched because the company is one of the few pure-play AI chipmakers challenging Nvidia in the fast-growing AI infrastructure market. 

Previously, Cerebras raised the price of the offering to between $150 and $160 per share, up from an earlier range of $115 to $125 per share, and increased the number of shares on offer to 30 ​million from 28 million.

Still, investors placed orders for more than 20 times the number of available shares, Reuters reported, underscoring the strong interest in next-gen AI hardware companies.

CBRS Seen As Nvidia Challenger

Cerebras develops giant AI chips and supercomputers designed to train and run artificial intelligence models much faster than traditional GPUs. The Sunnyvale, California-based company clocked $510 million in sales last year, up from $290.3 million in 2024.

Earlier this year, Cerebras signed a deal to partner with OpenAI in integrating its technology into OpenAI’s compute systems. Other customers listed on its website include Meta, AWS, and IBM.

Investors anticipate that 2026 will be a bumper year for IPOs with stock sales by heavyweights OpenAI, Anthropic, and SpaceX. Recent notable IPOs include aerospace parts maker Arxis, drone manufacturer AEVEX, and security satellite company HawkEye 360, among others.

Retail View On CBRS

On Stocktwits, the retail sentiment for CBRS was at the highest possible level, ‘extremely bullish’ (100/100). Although most traders expect shares to rise on the opening day, some were skeptical that the valuation would hold up in the near term.

“It is definitely a ‘nosebleed’ valuation by any traditional metric… ​When you look at their $510 million in 2025 revenue, you're looking at a Price-to-Sales (P/S) ratio of over 110x. To put that in perspective, even NVIDIA—at its most ‘expensive’ during the AI boom—rarely sustained a P/S ratio that high,” a trader said.

Another wrote: “I’ll buy when the hype and reality meet…much lower levels.”

Cerebras has raised funding from investors including Benchmark, Fidelity, Coatue, Tiger Global, AMD, and others across multiple rounds.

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