Cerebras has priced its IPO at $185 a share, with the company expecting to net $5.5 billion from the sale of 30 million shares of its Class A common stock.

The pricing was above the expected range, and an increase on the price that the wafer-scale chip and cloud services company had previously mooted.

On May 4, just over two weeks after Cerebras filed to go public, the company said it was looking to sell 28 million shares at $115 to $125 per share.

A week later, this offering was increased to 30 million shares at an expected range of between $150 and $160 a share.

Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank are acting as lead book-running managers for the offering. Mizuho and TD Cowen are acting as bookrunners.

Cerebras filed to go public on April 18, 2026, having reported $87.9m in net income on $510m in revenue during 2025. Revenue was up 76 percent from 2024, with the company reporting a $485m net loss at the time.

As of December 31, Cerebras has $24.6 billion in remaining performance obligations, with an expectation to recognize 15 percent of that in 2026 and 2027. This includes a $10bn deal with OpenAI. The generative AI company will use some 750 megawatts of computing power delivered through 2028.

The April regulatory filing also disclosed that OpenAI could buy an additional 1.25 gigawatts through 2030 and that the generative AI company loaned Cerebras $1bn with a six percent annual interest rate, to build data center infrastructure and provide cloud services.

Cerebras initially filed to go public in 2024 but withdrew following concerns that 87 percent of the company’s revenue for the first six months of 2024 came from Abu Dhabi-based artificial intelligence and cloud computing company G42.

In 2025, the company said 24 percent of its revenue came from G42. However, 62 percent of the company’s revenue from that same financial year came from UAE-based Mohamed bin Zayed University of Artificial Intelligence, with both G42 and the Mohamed Bin Zayed University partnering on a deal to develop Cerebras systems in India.

In February 2026, Cerebras raised $1bn at a $23bn valuation. Earlier this month, it was revealed that OpenAI's president, Greg Brockman, holds a stake in Cerebras worth $2.8m.