Cerebras IPO subscription oversubscribed by 20 times; the price range may be raised to $135 per share

According to a May 9 report by Bloomberg, the subscription orders for AI chipmaker Cerebras Systems’ initial public offering (IPO) have exceeded the number of shares being issued by 20 times; citing sources familiar with the matter, Bloomberg said the company plans to move the price range from the originally expected $115 to $125 per share up to $125 to $135 as early as May 11.

IPO Pricing and Offering Details

According to Cerebras’ prospectus released on May 4, 2026 and Bloomberg’s report, this IPO plans to issue more than 28 million shares. At the top limit price of $125, the capital-raising size will reach $3.5 billion, corresponding to a maximum market capitalization of up to $26.6 billion. If the pricing range is raised as Bloomberg reported to $125 to $135, the financing size may increase further.

The lead underwriters for this IPO are Morgan Stanley, Citigroup, Barclays, and UBS Group. Based on data compiled by Bloomberg, the Cerebras IPO is expected to become the largest IPO in the United States in 2026 to date.

Cerebras filed its IPO application in 2024, but was delayed due to U.S. federal regulatory review; this listing is the first public offering after the relaunch.

OpenAI and AWS Cooperation Agreement

According to public information, in January 2026, Cerebras and OpenAI signed a multi-year computing cooperation agreement worth more than $10 billion; OpenAI also holds warrants that allow it to buy more than 33 million shares of Cerebras. In addition, Amazon Web Services (AWS) has reached an agreement to deploy Cerebras CS-3 systems in its data centers.

Cerebras’ core product is the wafer-scale engine, using a complete surface design on an entire silicon wafer, integrating 4 trillion transistors and about 900k AI-optimized cores. On-chip memory is 44 GB, with memory bandwidth of 21 PB/s, mainly targeting ultra-large-scale AI training and inference workloads.

On-Chain Pre-IPO Market Data

According to data as of May 9, 2026 on Hyperliquid’s Pre-IPO trading platform Trade.xyz, Cerebras’ Pre-IPO contract quotes are as follows: the current quote is $290.77 per share, with a 24-hour gain of 17.8%, 24-hour trading volume of $2.58 million, and the market value of open positions of $8.07 million.

Frequently Asked Questions

What are the IPO timeline and price range for Cerebras CBRS?

According to Bloomberg’s reports from May 8 to 9, 2026, Cerebras plans to list on Nasdaq in full on May 14, 2026 (Wednesday) under the code CBRS. The initial pricing range is $115 to $125 per share. Bloomberg cited sources familiar with the matter saying the pricing range is expected to be raised to $125 to $135, and that discussions are still ongoing.

What are the subscription situation and what is the basis for the largest IPO this year for Cerebras IPO?

According to Bloomberg’s report, the Cerebras IPO subscription orders have exceeded the number of shares being issued by 20 times. Based on market data compiled by Bloomberg, using the originally planned fundraising size of $3.5 billion, the Cerebras IPO is expected to become the largest IPO in the United States in 2026 to date.

What is the platform source for Cerebras’ on-chain Pre-IPO data?

According to data as of May 9, 2026 on Hyperliquid’s Pre-IPO trading platform Trade.xyz, the Cerebras Pre-IPO contract is currently quoted at $290.77 per share. The 24-hour gain is 17.8%, 24-hour trading volume is $2.58 million, and the market value of open positions is $8.07 million.