Cerebras Prices IPO at $185, Pops 68% on Nasdaq Debut and Closes With a $5.55 Billion Raise and a $106.75 Billion Fully Diluted Valuation

Overview

Cerebras Systems priced its long-delayed initial public offering at $185.00 per share on May 13, 2026, then watched its stock open at $350 and close its first Nasdaq session at $311.07, according to the company’s pricing announcement and the IPOScoop trading recap. The wafer-scale AI chipmaker sold 30 million Class A shares, raising $5.55 billion and reaching a fully diluted valuation of $106.75 billion by Reuters’ tally on opening, according to Reuters reporting carried by Investing.com. The debut caps a journey that began with a withdrawn 2024 listing attempt and a CFIUS review of Cerebras’ UAE customer relationships, as previously reported when the company refiled its S-1 in April.

What We Know

Pricing. Cerebras priced its offering at $185.00 per share, $25 above the top of an already-upgraded range, per IPOScoop. The company sold 30 million Class A shares and granted underwriters a 30-day option to purchase up to 4,500,000 additional shares, according to the official pricing release. Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank served as lead book-running managers, with Mizuho and TD Cowen as additional bookrunners, the same release confirms. Sources told Reuters the offering had drawn orders for more than 20 times the number of shares available, as Reuters reported.

Trading. Class A common stock began trading on the Nasdaq Global Select Market under the ticker CBRS on May 14, with the offering expected to close on May 15, per Cerebras’ announcement. Shares opened at $350, 89% above the IPO price, according to Reuters, and closed the first session at $311.07, a gain of 68.15% on the IPO price, as IPOScoop recorded. The stock then slid about 10% on Friday, May 15, Yahoo Finance reported.

Valuation, two ways. The fully diluted valuation Reuters cited at the open — incorporating all outstanding restricted stock, options, and warrants — was $106.75 billion, according to the Reuters wire. Using only 215.23 million outstanding shares at the $311.07 close, basic market capitalization works out to roughly $67 billion, The Motley Fool calculated. TechCrunch put the same close at a market cap of $66 billion.

The product story. Cerebras describes its Wafer-Scale Engine 3 as “the world’s largest and fastest commercialized AI processor” delivering “inference up to 15 times faster than leading GPU-based solutions,” in the company’s own words. CEO Andrew Feldman, speaking after the debut, framed the chip’s physical scale: “We built a chip the size of a dinner plate. It’s 58 times larger than any chip previously built,” Yahoo Finance reported. In a separate interview, Feldman pitched the inference-led demand thesis: “In Silicon Valley we understand just how big AI will be, and what that means. We make AI with training, and we use it with inference. As these models get smarter, the amount we use them will explode,” BNN Bloomberg quoted.

Financials. Cerebras reported 2025 revenue of $510 million, up 76% year-over-year, with hardware sales up 69% and cloud services up 99%, The Motley Fool summarized from the S-1. GAAP net income for 2025 was $237.8 million, per TechCrunch, but Tech Times pointed out that the figure included a $363.3 million one-time, non-cash accounting gain and that excluding stock-based compensation and a change in fair value left a non-GAAP net loss of $75.7 million. The same prospectus showed a 2025 GAAP operating loss of $145.9 million, The Motley Fool noted, with R&D consuming 48% of sales.

Customer concentration. Cerebras’ filings disclose that two UAE-linked entities together accounted for roughly 86% of 2025 revenue, Tech Times reported, citing the prospectus: G42 fell to 24% of revenue in 2025 from 85% in 2024, while Mohamed bin Zayed University of Artificial Intelligence accounted for 62% of 2025 revenue and 77.9% of accounts receivable as of December 31, 2025. The prospectus describes MBZUAI as “a related party of G42,” the same article noted.

The OpenAI relationship. Cerebras’ founders disclosed in their Founders Letter that “In January 2026, we announced a multi-year deal with OpenAI valued at more than $20 billion dollars,” as IPOScoop quoted. The Master Relationship Agreement commits to deploying 750 megawatts of Cerebras inference capacity through 2028, and OpenAI advanced $1 billion at 6% annual interest secured by warrants to purchase up to 33.4 million shares at near-zero exercise price, Tech Times reported from the S-1. TechCrunch characterized the arrangement as a “complicated circular-deal relationship” given the warrant and loan structure layered on top of the supply contract. Other named customers include Amazon Web Services and Meta Platforms, The Motley Fool reported.

Founder stakes. At the IPO price, CEO Andrew Feldman’s stake was worth approximately $1.9 billion and CTO Sean Lie’s approximately $1 billion, TechCrunch calculated. The Founders Letter accompanying the prospectus was signed by Feldman, Gary Lauterbach, Sean Lie, Michael James, and JP Fricker, IPOScoop noted.

What We Don’t Know

The two market-cap figures circulating in coverage — $106.75 billion fully diluted at the open and roughly $67 billion basic at the close — reflect different counting conventions rather than a contradiction, but Cerebras has not separately broken out how many of the 215.23 million outstanding shares are subject to lockups, nor when the OpenAI warrants for up to 33.4 million additional shares could be exercised. The trajectory of the stock from here is unknown: it gave back about 10% of its first-day pop on Friday, Yahoo Finance reported, and Cerebras’ first earnings report as a public company will be the first quantitative test of whether the OpenAI ramp and AWS deal can diversify revenue away from the UAE concentration the S-1 discloses.

Context

The debut closes a long arc for Cerebras. The company filed for an IPO in 2024 but withdrew amid a CFIUS review of its G42 relationship, TechCrunch recapped, and refiled its S-1 in April 2026, as previously reported. Reuters described the listing as “the largest so far this year”, arriving as the Semiconductor Index has gained more than 107% year-over-year, BNN Bloomberg noted. Whether Cerebras justifies a public-market valuation an order of magnitude above its private one will turn on the next several quarters of OpenAI deployments and on the AWS term sheet reported separately translating into recurring hardware and cloud revenue.