AI chipmaker Cerebras plans a $3.5B IPO at $115-125/share, reporting $510M revenue and $238M profit in 2025 as it challenges Nvidia in AI compute.

Artificial intelligence chip manufacturer and data center operator Cerebras Systems is seeking to raise up to $3.5 billion in a U.S. IPO, positioning itself more directly against Nvidia and other incumbents as capital floods into AI infrastructure.

According to its latest filing with the U.S. Securities and Exchange Commission, the Sunnyvale, California-based company plans to sell 28 million shares of Class A common stock at an initial price range of $115 to $125 per share on the Nasdaq Global Select Market under the ticker “CBRS.”

Cerebras moves to public markets amid AI boom

At the top of the range, the base deal would raise $3.5 billion before any greenshoe, confirming an earlier Bloomberg report that described Cerebras as looking to “counter rivals in the red-hot sector” with fresh equity capital.

From withdrawn filing to multi?billion bid

Cerebras had previously filed to go public but pulled that application months after raising more than $1 billion in private funding at an $8 billion valuation, before later submitting a confidential registration that set the stage for the current offering.

The New York Times noted that in its prospectus the company reported 2025 revenue of about $510 million, up roughly 75% year over year, and a swing to an annual profit of approximately $238 million after a sizable loss in 2024, underscoring how AI demand has transformed its financial profile.

A Morningstar analysis highlighted that Cerebras’ WSE-3 AI processor is “58 times larger than Nvidia’s B200 chip,” a design the company claims enables far higher bandwidth and “extremely fast” inference for large AI models.

In an earlier feature, crypto.news examined how specialist chip firms like Cerebras are trying to chip away at Nvidia’s grip on AI compute by pushing domain?specific architectures and courting cloud providers.

Another crypto.news analysis detailed how the AI infrastructure boom has created a pipeline of multi?billion?dollar IPO candidates, with Cerebras often cited alongside other data?center heavyweights as potential listings.

A separate crypto.news report also emphasized surging investor demand for AI chip exposure, noting that underwriters have seen order books “multiple times covered” for recent offerings, a backdrop Cerebras now appears ready to tap with its $3.5 billion deal.

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