Cerebras prices IPO at $185, debuts on Nasdaq at ~$100B fully-diluted valuation
The wafer-scale-engine specialist priced at $185 a share and raised $5.55 billion on 30M Class A shares, more than tripling its $23B private mark from February. Trades as CBRS.
Cerebras Systems priced its IPO on May 13 and began trading as CBRS on the Nasdaq Global Select Market on May 14. At the open the company carried an implied fully-diluted valuation of roughly $100 billion — about 3× its February 2026 private valuation of $23 billion.
Backstopping the public-market enthusiasm: a $20 billion, 750-megawatt contract with OpenAI signed earlier in 2026, a March partnership with AWS to offer WSE access to cloud customers, and a stated $24.6 billion remaining performance obligation on the books. The flagship WSE-3 chip is 46,225 mm² with 4 trillion transistors and 900,000 cores — Cerebras's pitch is wafer-scale silicon as the contrarian bet against GPU homogeneity.