Cerebras completes IPO on Nasdaq at ~$56bn valuation

Cerebras Systems began trading on the Nasdaq Global Select Market under the ticker CBRS, roughly a year after the AI-chip maker had withdrawn an earlier IPO filing. The company priced shares at $185 the day before, raising about $5.55 billion, and the stock opened near $350 — almost double the offer price — before closing its first day around $311, implying a fully diluted valuation of roughly $56.4 billion. Coverage described it as the largest US tech IPO since Uber’s 2019 listing.

Cerebras makes wafer-scale AI processors — single chips roughly the size of a dinner plate carrying around four trillion transistors — pitched as an alternative to Nvidia GPUs for AI inference workloads. The company reported revenue growing from $25 million in 2022 to $510 million in 2025, driven substantially by a multi-year deal with OpenAI covering inference capacity that filings valued at more than $20 billion at full build-out, and a term sheet signed with Amazon Web Services in March 2026.

The listing also exposed a concentration risk: Cerebras disclosed that about 86% of its 2025 revenue came from two customers linked to the United Arab Emirates, leaving the newly public company reliant on a small number of relationships for the great majority of its income. The successful debut, following a scrapped filing the previous year amid concerns including that customer concentration, made Cerebras one of the clearest public-market tests yet of whether investors would price AI-infrastructure challengers to Nvidia on the same scale as the incumbent.