AI chip developer Cerebras appears to be scaling up its IPO significantly beyond initial plans. According to sources familiar with the process, the company is considering raising both the price range and the number of shares offered due to exceptionally strong investor interest. This could make the IPO the largest of 2026 to date.
Whereas Cerebras previously targeted an offering price between $115 and $125 per share, a price range of $150 to $160 is now reportedly being considered, according to Reuters. At the same time, the number of shares being offered may rise from 28 million to 30 million. If the final price lands at the top of that range, the company could raise nearly $4.8 billion.
The strong demand underscores the current level of interest in companies benefiting from the rapid growth of AI infrastructure. According to insiders, demand for shares is now more than twenty times greater than the number of shares being offered. Cerebras plans to set the final IPO price on May 13.
Focus Shifts to Inference
Cerebras is explicitly positioning itself as an alternative to traditional GPU suppliers such as Nvidia. The company develops so-called wafer-sized processors under the name WSE-3. These chips are significantly larger than traditional GPUs and are designed to handle inference workloads faster through large amounts of integrated SRAM memory, according to SiliconANGLE .
Within the AI sector, the focus is increasingly shifting from training models to running them efficiently in production environments. It is precisely in this area that Cerebras is trying to distinguish itself. The company claims that its architecture is better suited for large inference workloads than many existing GPU-based systems.
This positioning appears to be resonating with major technology companies. Since its earlier plans for an IPO in 2024, Cerebras has secured clients including Amazon and OpenAI.
Cerebras says it has now become profitable. According to recently published IPO documents, revenue rose by 76 percent in 2025 to $290.3 million. The company posted a net profit of $87.9 million, after suffering a loss of $485 million the previous year.
Second attempt after security review
This is not Cerebras’ first attempt to go public. The company had previously filed plans for an IPO but withdrew them last year. Among other factors, its relationship with G42 played a role—an AI company from the United Arab Emirates that was responsible for the majority of Cerebras’ revenue at the time.
That partnership led to an investigation by U.S. regulators due to potential national security risks. Ultimately, the deal was given the green light, clearing the path for an IPO once again.
The timing of the IPO coincides with a period in which investors are flocking to companies benefiting from the global wave of AI investment. Suppliers of specialized AI chips, in particular, are currently among the most popular categories on the stock market.
Cerebras’ IPO is being led by Morgan Stanley, Citigroup, Barclays, and UBS Group. The stock is set to trade on the Nasdaq under the ticker CBRS.