Cerebras targets $40 billion valuation in second IPO attempt, with shares priced between $115 and $125

AI chip maker Cerebras Systems is heading to Nasdaq under ticker CBRS. The IPO roadshow begins Monday with share pricing targeted between $115 and $125, and the company could raise as much as $4 billion at a valuation of around $40 billion. This is the company's second IPO attempt after pulling its first filing in October.

Cerebras builds wafer-scale engine chips that accelerate training and inference (the step where an AI produces answers) for large AI models, competing directly with Nvidia. Revenue jumped to $510 million in 2025, up from $290 million in the prior year, and the company turned its first profit.

Morgan Stanley, Citigroup, Barclays, and UBS are leading the offering.