Cerebras Systems has raised its IPO price range to $150 to $160 per share, reflecting strong investor demand for the offering. At the top of that range, the company would be valued at about $32 billion. The company is targeting a Nasdaq listing under the ticker CBRS in mid-May.

From $4B to $32B in under two years

Cerebras initially filed to sell 28 million shares at $115 to $125 each, but stronger demand pushed the range higher to 30 million shares. The company reported $510 million in revenue for 2025, up 76% from $290.3 million in 2024, with net income of $87.9 million.

It also disclosed $24.6 billion in remaining performance obligations at year-end 2025, signaling substantial customer commitments. Cerebras had raised $720 million previously at a $4 billion private valuation in 2024.

Taking a swing at Nvidia

Cerebras is positioning itself as an alternative to Nvidia in AI inference. In its launch materials, the company says its systems can deliver much faster inference performance on selected models, while earlier CS-3 materials highlighted higher tokens-per-second throughput at similar power and cost.

The company’s approach is different from the standard GPU cluster model. Instead of linking thousands of chips together, Cerebras uses one wafer-scale processor to handle more of the workload on a single piece of silicon.

What this means for investors

The updated IPO terms put Cerebras in rare territory for a tech debut. The combination of fast revenue growth, meaningful losses turned into profit, and a large customer backlog gives the company a stronger profile than many early-stage AI hardware names.

Still, the valuation has climbed quickly, and that leaves limited room for execution mistakes once the company begins trading publicly. Building wafer-scale chips remains expensive, and long-term success will depend on scaling production, maintaining margins, and converting demand into durable revenue.

Cerebras enters the public market with real products, real customers, and rising expectations. The IPO will test whether investors are willing to pay a premium for an AI hardware company trying to challenge Nvidia on a different technical path.