Cerebras Systems is raising its IPO price range to $150 to $160 per share, up from an initial band of $115 to $125, as investor demand for the AI chipmaker's shares continues to climb, according to Reuters, citing unnamed sources.

The Sunnyvale, California-based company is also increasing the number of shares marketed to 30 million from 28 million. Sources who declined to be named given the sensitivity of the information said Cerebras is weighing a revised price range of $150 to $160 per share โ€” up from $115 to $125 โ€” while also looking to increase the number of marketed shares from 28 million to 30 million. Should shares price at the high end, total proceeds would reach approximately $4.8 billion โ€” compared with $3.5 billion under the original structure โ€” though both figures could still shift before the IPO's May 13 pricing date, according to CNBC.

Demand has been intense enough that orders have come in at more than 20 times the available share supply, Reuters reported. Data from Dealogic shows the offering would rank as the top IPO by size anywhere in the world through this point in 2026. Bloomberg News had previously reported that Cerebras planned to raise its IPO price range to $125 to $135 per share.

Cerebras makes wafer-scale AI chips โ€” processors built using an entire silicon wafer rather than being cut into smaller pieces โ€” designed for AI training and inference workloads. Nvidia is its primary competitor, and Cerebras has positioned its hardware around inference โ€” the stage at which trained models field live user requests โ€” at a moment when that workload is consuming a growing share of the industry's compute spending.

The underwriting syndicate is led by Morgan Stanley, Citigroup, Barclays, and UBS. Once listed, the stock will carry the ticker CBRS on the Nasdaq Global Select Market.

The company has bolstered its customer base and balance sheet since abandoning a 2024 IPO attempt amid national security scrutiny over its ties to G42, a UAE-based tech firm. G42, a UAE-based technology firm that generated more than 80 percent of Cerebras's revenue during the first half of 2024, drew scrutiny from federal regulators; CFIUS ultimately reviewed the relationship and signed off on it. Since then, Cerebras has secured OpenAI and Amazon Web Services as customers. A multi-year contract with OpenAI, announced in December 2025, calls for OpenAI to purchase 750 megawatts of Cerebras computing capacity, with the deal valued at over $20 billion. OpenAI also provided Cerebras a $1 billion working capital loan. In March 2026, AWS signed a binding term sheet to become the first hyperscaler to deploy Cerebras systems in its own data centers.

Cerebras reported full-year 2025 revenue of $510 million, according to its SEC filing, up from $290.3 million in the prior year. The company swung to net income of $237.8 million in 2025 after recording a net loss of $481.6 million in 2024.