Cerebras targets $40 billion valuation in second IPO attempt

AI chip maker Cerebras Systems is heading to the Nasdaq under the ticker CBRS. The IPO roadshow kicks off Monday, with shares targeted between $115 and $125, Reuters reports, citing a person familiar with the matter.

According to Bloomberg, Cerebras could raise as much as $4 billion at a valuation of around $40 billion. It's the second attempt for the Sunnyvale, California company, which pulled its first IPO filing in October.

Cerebras builds wafer-scale engine chips that speed up training and, in particular, inference for large AI models, putting it in direct competition with Nvidia. Revenue jumped to $510 million in 2025, up from $290 million the year before, and the company turned its first profit. Morgan Stanley, Citigroup, Barclays, and UBS are leading the offering.