Cerebras (CBRS) IPO started trading at $385. The IPO price was set at $185 raising $5.5B at the IPO price. Investor in at the IPO price are already up 108.11%.

Cerebras is an AI chip designer that competes with Nvidia, known for its Wafer-Scale Engine (WSE) — a single chip designed to handle the computational demands of large language models more efficiently than clusters of traditional GPUs. Rather than cutting many small chips from a silicon wafer like the rest of the industry, the WSE-3 uses the entire wafer as a single chip — roughly 57 times larger than the largest competing GPU die — giving it vastly more on-chip memory, more processing cores, and higher interconnect bandwidth, all without the latency of communicating across a multi-chip GPU cluster. The core pitch is speed: fewer systems, less power, less cooling infrastructure — what Cerebras calls the fastest AI inference infrastructure in the world.

The IPO

Cerebras raised $5.55 billion in its IPO, pricing shares at $185 each — well above the marketed range of $150–$160 — making it the largest IPO of the past 12 months. At the IPO price, Cerebras is valued at $56.4 billion on a fully diluted basis, with the stock trading on Nasdaq under ticker symbol CBRS. At the current price that value is now well over $100B

The Numbers

Cerebras reported $510 million in 2025 revenue, up 76% year-over-year, with a remarkable 47% net margin — $238 million in net income — which is rare for an IPO-stage tech company. The deal was massively oversubscribed, with 20x oversubscription at the original price range before the price was raised multiple times.

Key Customers & Deals

OpenAI signed a multiyear $10 billion deal with Cerebras for 750 megawatts of compute capacity, then doubled down with a $20 billion chip purchase agreement. AWS also agreed to deploy Cerebras’ CS-3 system on Amazon Bedrock.

Key Risks

Almost 90% of Cerebras’ revenue stems from two customers, and at roughly 95x 2025 sales, the valuation prices the company to perfection with no margin for error. Competition from Nvidia remains the biggest long-term threat.