Cerebras raises $5.55bn in the biggest US tech IPO since Snowflake
Priced at $185, above the marketed range, the wafer-scale chip company opens trading on Thursday at a $56.4bn valuation. The OpenAI deal is what got the book covered. The customer concentration footnote is what the next quarter has to answer.
Cerebras Systems priced its IPO at $185 per share on Wednesday evening, above the marketed range, raising $5.55bn and resulting in a fully diluted valuation of $56.4bn. It is the largest US tech IPO since Snowflake’s $3.8bn debut in 2020, and the largest of 2026 by a wide margin.
The shares begin trading on Nasdaq on Thursday under the ticker CBRS.
The pricing is a long way from where the company started this run. Cerebras filed confidentially in late February, refiled in April at a $26.6bn valuation targeting $3.5bn, raised the range to $4.8bn last week, and ended up here. The bookbuild, in plain English, did not need a...
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