Cerebras Systems (CBRS) is expected to begin trading on Nasdaq on May 13–14, 2026, with an IPO priced at $125–$135 per share, targeting a raise of approximately $3.5 to $3.8 billion and a fully diluted valuation of $26 to $27 billion. The offering of 28 million Class A shares was raised from $115 to $125 due to more than 20 times oversubscription. Cerebras generated $510 million in revenue in 2025, up 76% year-over-year, and posted net income of $238 million, a 47% net margin. Morgan Stanley, Citigroup, Barclays, and UBS are leading the deal. The company builds wafer-scale AI chips, with its Wafer-Scale Engine (WSE-3) roughly 57 times larger than the largest competing GPU die. Its flagship CS-3 system is sold as a turnkey compute environment. A multi-year agreement with OpenAI for 750 megawatts of AI compute capacity is a prominent win. At $135 per share, Cerebras is priced at approximately 51 to 53 times its 2025 trailing revenue. CoreWeave, a comparable, went public in March 2026 at a $23 billion valuation and is not yet profitable at the same scale. Post-IPO performance depends on revenue growth accelerating beyond 76%, gross margin expansion, and adding a second major hyperscaler customer beyond OpenAI