Cerebras Raises IPO Range to $150–$160, Targets $48.8B Valuation

Price Range and Demand

AI chip startup Cerebras Systems raised its Nasdaq IPO price range to $150–$160 per share from the original $115–$125 and increased the share count from 28 million to 30 million. The offering attracted over 20 times the available shares in demand. Trading begins May 14 under ticker CBRS.

Scale and Valuation

Total raise at top of range: ~$4.8 billion

Fully diluted market cap: $48.8 billion

More than double its February 2026 funding round valuation

Business Profile

Cerebras holds a $10B+ supply deal with OpenAI, which is both a customer and an investor. A partnership with AWS Trainium provides a major cloud distribution channel. The company's Wafer Scale Engine (WSE) architecture delivers faster inference per query than GPU clusters for many workloads.

Broader AI Chip Context

NVIDIA's estimated share of the AI accelerator market has slipped from 90%+ in 2024 to roughly 68% in early 2026 as AMD, Intel, and alternative vendors gain ground. The global AI chip market is projected to reach $670B by 2036 at a 22.6% CAGR.

Source: CNBC