Overview
- Cerebras Systems, which launched its IPO roadshow Monday, set terms at 28 million shares priced between $115 and $125 to raise as much as $3.5 billion.
- The company has applied to list on the Nasdaq as CBRS and plans a 30‑day option for underwriters to buy 4.2 million additional shares, with Morgan Stanley, Citigroup, Barclays, and UBS leading.
- Underwriters have received indications of orders exceeding $10 billion, according to Bloomberg reports, though the registration is not yet effective and final pricing depends on market conditions.
- Cerebras reported a sharp turnaround in 2025, with $510 million in revenue and $87.9 million in profit after a large loss in 2024, according to its SEC filing.
- Growth plans hinge on major ties that include a multiyear OpenAI deal valued at over $20 billion for about 750 megawatts of compute and a $1 billion OpenAI loan with warrants, plus a binding AWS term sheet to deploy Cerebras systems.