Cerebras Systems Files for IPO to List on Nasdaq Under Ticker CBRS

Cerebras Systems Inc. filed a registration statement on Form S-1 with the SEC on April 17, 2026, for its proposed initial public offering. The Sunnyvale-based company intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol CBRS. While the exact number of shares and price range have not yet been determined, the filing represents a major step forward for the AI hardware firm.

Market analysts anticipate the offering could raise approximately $2.0 billion. The IPO targets a valuation between $22 billion and $25 billion, potentially placing it among the largest semiconductor debuts in history. This move follows a successful Series H funding round in February 2026 that valued the company at $23 billion, nearly tripling its previous valuation from late 2025.

The core of the company's competitive edge is the Wafer-Scale Engine 3, known as the WSE-3. This massive processor is 58 times larger than leading GPU chips and is manufactured using a 5nm process. By utilizing an entire silicon wafer for a single chip, Cerebras claims to offer inference speeds up to 15 times faster than traditional GPU-based solutions while using significantly less power.

A significant catalyst for the IPO is a multi-year partnership with OpenAI, which was signed earlier this year. This agreement involves OpenAI purchasing between $10 billion and $20 billion in compute capacity through the year 2028. The deal provides a critical source of revenue diversification for Cerebras, which previously relied on the UAE-based G42 for over 85 percent of its total sales.

Financial data released in the filing shows that Cerebras achieved $510 million in revenue for fiscal year 2025. This represents a 76 percent growth rate compared to the prior year. Additionally, the company reported a massive pipeline of $25 billion in remaining performance obligations, signaling a strong future outlook for its specialized AI infrastructure.

Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank are acting as the lead book-running managers for the proposed offering. Mizuho and TD Cowen are also serving as bookrunners, alongside several other co-managers. The offering remains subject to standard market conditions and the completion of the regulatory review process by the SEC.