(CBRS)
Cerebras Systems
An AI chip company founded in 2016 and headquartered in Sunnyvale, California. Cerebras designs the world's largest AI chip — the Wafer Scale Engine (WSE-3) — and provides AI compute infrastructure to leading technology companies including OpenAI.
Expected to list on 14 May 2026, subject to change
$150.00 – $160.00
Expected price
$34.4 billion
Expected Market Value
NASDAQ Global Select Market
Exchange (TBC)
Last updated: 24 September 2026. IPO terms, instrument availability and market data can change. Verify key details against the latest official announcement.
Cerebras Systems Company Overview
About Cerebras Systems
Cerebras Systems is an AI infrastructure company founded in 2016 and headquartered in Sunnyvale, California.
The company designs and manufactures the world’s largest AI chip — the Wafer Scale Engine (WSE-3) — which is 57× larger than the Nvidia H100 and delivers up to 10× faster AI training and inference performance.
Cerebras generated $290.3 million in revenue in 2025, representing 76% year-over-year growth, and reported $87.9 million in net income, a rare achievement for an AI hardware company at the time of its IPO.
The company’s flagship customer is OpenAI, which has committed over $20 billion for 750MW of Cerebras compute capacity through 2028. Personal backers of the OpenAI deal include Sam Altman, Greg Brockman, and Ilya Sutskever.
The IPO Opportunity
The Cerebras IPO is the largest technology IPO of 2026 to date, raising $4.8 billion at a valuation of approximately $34.4 billion.
The offering was upsized by 40%, from $3.5 billion to $4.8 billion, driven by institutional demand that exceeded available shares by 20 times.
CBRS will begin trading on the NASDAQ Global Select Market on May 14, 2026.
Key Information
| Metric | Details |
|---|---|
| Founded | 2016, Sunnyvale, California |
| Employees | ~400 |
| 2025 Revenue | $290.3 million (+76% YoY) |
| 2025 Net Income | $87.9 million (profitable) |
| IPO Valuation | ~$34.4 billion |
| Exchange | NASDAQ Global Select Market |
| Ticker | CBRS |
| IPO Price Range | $150.00 – $160.00 per share |
| Shares Offered | 30 million (upsized) |
| Total Raise | $4.8 billion |
| Key Customer | OpenAI: $20B+ deal through 2028 |
| Oversubscription | 20× |
What is CBRS?
CBRS is the NASDAQ ticker for Cerebras Systems, Inc., an AI hardware and infrastructure company.
Unlike traditional semiconductor businesses, Cerebras has designed a single chip the size of an entire silicon wafer (the WSE-3), enabling massively parallel AI computation at speeds no GPU cluster can match.
The company operates both on-premise (CS-3 systems) and cloud-based (Cerebras Cloud) compute services, with live customers including AWS, Meta Llama API, Perplexity, and Mistral.
Technology: WSE-3 vs Nvidia H100
The Cerebras WSE-3 chip represents a fundamentally different approach to AI compute:
| Cerebras WSE-3 | Specification | Nvidia H100 |
|---|---|---|
| 46,225 mm² | Chip Size | 814 mm² |
| 4 Trillion | Transistors | 80 Billion |
| 900,000 | AI Cores | 16,896 CUDA Cores |
| 44 GB SRAM | On-Chip Memory | 50 MB L2 Cache |
| 21 PB/s | Memory Bandwidth | 3.35 TB/s |
| 125 PetaFLOPS | Peak AI Performance | ~4 PetaFLOPS |
| 10× faster | Inference Speed | Baseline |
Key Customer: OpenAI
OpenAI has committed over $20 billion for 750MW of Cerebras compute capacity through 2028.
Cerebras won this business from Nvidia, providing fast inference for an OpenAI model that writes code.
Personal backers of the deal include Sam Altman, Greg Brockman, and Ilya Sutskever, OpenAI’s most prominent founders.
Additional cloud partners include Amazon Web Services (via Bedrock), Meta Llama API, Perplexity, and Mistral.
Founder: Andrew Feldman, Co-Founder & CEO
Andrew Feldman holds approximately 10.3 million shares post-IPO (valued at approximately $1.28 billion) and is selling zero shares in the offering, a strong signal of founder conviction.
Prior to Cerebras, Feldman co-founded SeaMicro, a low-power microserver company, which was acquired by AMD in 2012 for $334 million. He subsequently served as Corporate VP at AMD Data Center Server Solutions.
Under his leadership, Cerebras achieved the first Wafer-Scale Engine (WSE-1) in 2019, a milestone the industry had considered impossible for 75 years, and secured the $20B+ OpenAI partnership in 2026.
Why Consider the Cerebras IPO?
- Already profitable: $87.9M net income on $290.3M revenue in 2025, reversing a $485M loss the prior year
- $20B+ OpenAI contract: Cerebras won fast inference business from Nvidia for OpenAI’s code-writing model
- AWS partnership: Cerebras chips are available inside Amazon Web Services data centres via Bedrock
- 20× oversubscribed: institutional demand forced a 40% upsize from $3.5B to $4.8B
- Founder not selling: Andrew Feldman holds 10.3M shares and sells zero in the offering
- Largest tech IPO of 2026: $4.8B raised, $34.4B valuation; a bellwether for SpaceX, OpenAI, and Anthropic
- Addressable market: $453 billion TAM estimated for 2027 at 51% CAGR
Source: Cerebras Systems S-1 filing
Interested investors should review the IPO prospectus and consult a financial advisor before making any decisions.
Past performance is not a reliable indicator of future results. Investments in IPOs carry risk and should be carefully considered.
Important Information
CBRS is the common stock of Cerebras Systems, Inc., an AI hardware and infrastructure company listed on the NASDAQ Global Select Market.
Trading via NAGA is offered as a Contract for Difference (CFD), providing price exposure to CBRS from the first day of trading on May 14, 2026.
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Important Information
Cerebras Systems IPO timing, listing venue, share count, price range, valuation and other terms may change and should be verified against the latest official issuer, exchange or regulatory announcement.
NAGA Markets Europe Ltd does not provide participation in Cerebras Systems's primary IPO allocation or pre-IPO shares unless expressly stated otherwise in approved, jurisdiction-specific materials. Access to any instrument after public trading begins is subject to availability, eligible-client status, market conditions and applicable regulations.
Market data may be delayed or indicative. Past performance is not a reliable indicator of future results. Investments involve risk and may result in losses. Interested investors should review the official offering documents and consult a qualified financial adviser before making any investment decisions.
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