GoKawiilAndrew Feldman, co-founder and CEO of Cerebras Systems, speaks at the Raise summit in Paris on July 8, 2025. The annual conference gathers global leaders and key speakers in tech and AI.
Cerebras Systems, a maker of artificial intelligence chips, priced its IPO at $185 a share on Wednesday, above the expected range, according to a person with knowledge of the matter. The deal comes as investors gear up for what's expected to be a very busy year for new AI offerings.
The IPO reeled in at least $5.55 billion for Cerebras, which is hitting the market during a silicon renaissance. Intel , Advanced Micro Devices and memory maker Micron are each up more than 80% in the past month, and have notched much more dramatic gains over the past year as investors spread their chip bets from Nvidia to the wider universe of semiconductor companies now benefiting from the AI boom.
It's also one of the largest tech IPOs in years. Uber raised about $8 billion in 2019, and the biggest since then for a U.S. tech company was Snowflake's offering in 2020, which brought in over $3.8 billion. Expanding to include autos, electric-vehicle maker Rivian raised roughly $12 billion in 2021.
At the IPO price, Cerebras is now worth $56.4 billion on a fully diluted basis. Andrew Feldman, Cerebras' co-founder and CEO, now holds a stake worth about $1.9 billion.
Founded in 2016 and headquartered in Silicon Valley, Cerebras has faced a rocky road getting to the Nasdaq, where it will trade under ticker symbol CBRS.
In September 2024, Cerebras filed to go public, but it withdrew its submission a little over a year later after its prospectus was heavily scrutinized due largely to the company's heavy reliance on a single customer in the United Arab Emirates, Microsoft-backed G42.
Cerebras had started shifting its focus away from selling hardware systems and more toward providing a cloud service based on its chips. That means it's going up against cloud providers such as Google and Microsoft , which are both listed as competitors, along with Oracle and CoreWeave.
In its refreshed prospectus, Cerebras said that 24% of revenue last year came from G42, down from 85% in 2024. However, last year Mohamed bin Zayed University of Artificial Intelligence in the UAE accounted for 62% of revenue.
Cerebras scored a big win in January, when it signed a deal with OpenAI worth over $20 billion for 750 megawatts in Cerebras computing capacity. Cerebras claims its Wafer Scale Engine 3 chips offer speed and price advantages over graphics processing units, such as Nvidia's.
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