Cerebras Systems raises IPO price range to $150–$160 per share as chip demand surges; company positions wafer-scale chip for inference workloads rather than training.

Cerebras is raising its IPO price range to $150–$160 per share from $115–$125, and increasing shares marketed to 30 million from 28 million, according to Reuters sources.

The WSE-3 chip has 44GB of on-chip SRAM with 21 PB/s of bandwidth—6,000 times faster than an H100's 3.35 TB/s—but only about half the memory, making it well-suited for inference (where an AI produces output tokens) rather than training where chip-to-chip networking limitations become apparent.

Inference workloads have three distinct parts: prefill (highly parallelizable, compute-heavy), and two alternating decode steps (both memory-bandwidth bound, requiring reads from KV cache and model weights), meaning sustained token generation speed matters more than raw compute when everything fits on-chip memory.