Cerebras Systems Inc. completed its initial public offering, selling 34.5 million shares of Class A common stock at $185 per share. The offering generated approximately $6.38 billion in gross proceeds before deducting underwriting fees and other expenses, according to a company statement.

The IPO included the full exercise of underwriters' option to purchase an additional 4.5 million shares at the offering price. Cerebras stock began trading on the Nasdaq Global Select Market on May 14, 2026, under ticker symbol NASDAQ: CBRS.

Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank served as lead book-running managers for the offering. Mizuho and TD Cowen acted as bookrunners, while Needham & Company, Craig-Hallum, Wedbush Securities, Rosenblatt, Academy Securities, Credit Agricole CIB, MUFG, and First Citizens Capital Securities served as co-managers.

The Securities and Exchange Commission declared the registration statement for the securities effective on May 13, 2025. The company filed a prospectus describing the offering terms with the SEC.

Cerebras develops AI processing technology, including what it describes as the Wafer-Scale Engine 3, which the company characterizes as a large AI processor. The Sunnyvale, California-based company serves corporations, research institutes, and government entities across four continents with AI infrastructure solutions available both on-premises and in cloud environments.