Cerebras Systems priced its IPO at $185 per share, raising $5.55bn at a $56.4bn fully diluted valuation — the largest US tech IPO since Snowflake's 2020 debut. The wafer-scale chip company, which designs the dinner-plate-sized Wafer Scale Engine targeting AI inference workloads, saw its valuation nearly double from $26.6bn in April to $56.4bn at pricing in just five weeks. A key driver was a multi-year OpenAI contract for 750MW of inference capacity worth over $10bn at signing, which helped offset concerns about heavy customer concentration — G42 and a related entity accounted for ~86% of 2025 revenue. Shares begin trading on Nasdaq under ticker CBRS on Thursday.
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