Filed April 17, 2026 · Nasdaq IPO

Cerebras IPO Calculator
CBRS Valuation Estimator

Model Cerebras Systems' IPO valuation with your own assumptions. Compare against NVIDIA, AMD, and peers. Interactive, real-time estimates.

$22–35B
Target Valuation Range
$500M+
Annual Revenue Run Rate
$23B
Last Private Round
$20B+
OpenAI Commitment

Cerebras IPO Valuation Calculator

Enter your assumptions below to model Cerebras' market capitalization at IPO. Adjust revenue, growth, and multiple to see how valuation changes.

Current run rate ~$500M+
AI chip market growing 60–100%+ YoY
NVIDIA: ~25×, high-growth AI: 40–80×
Estimated range: $20–$40
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Revenue × P/S Multiple
Implied Price-to-Sales
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vs NVIDIA ~25× | AMD ~10×
Market Cap (Share-Based)
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Price × Shares Outstanding
Forward Revenue Est.
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Current × (1 + growth rate)
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Based on forward revenue
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VALUATION BENCHMARK COMPARISON

* This calculator uses simplified revenue-multiple methodology. Actual IPO valuation will depend on bookbuild demand, market conditions, and banker guidance. Not financial advice.

Cerebras IPO Overview

Key facts about Cerebras Systems and the CBRS Nasdaq listing.

🏢
Company
Cerebras Systems, Inc.
Founded 2016, Santa Clara, CA
📈
Exchange & Ticker
Nasdaq: CBRS
Filed April 17, 2026
💰
Valuation Target
$22 – $35 Billion
Last private round: $23B
⚡
Core Technology
Wafer-Scale Engine (WSE)
Single chip, 46,225 mm² silicon
💵
Revenue Run Rate
$500M+
Growing 80%+ annually
🤝
Key Backer
OpenAI, G42, Aramco
$20B+ committed server deals
2016
Founded by Andrew Feldman and team of AMD veterans. Concept: replace GPU clusters with one massive chip.
2019
WSE-1 launched — first wafer-scale chip, 1.2 trillion transistors. 56× larger than NVIDIA's biggest GPU at the time.
2021
WSE-2 released — 2.6 trillion transistors, 7nm TSMC process. Used by US national labs including Argonne and Sandia.
2024
Series F — $23B valuation. Major contracts signed with OpenAI, Amazon, Oracle. Revenue surpasses $400M.
Apr 17, 2026
IPO Filed — S-1 submitted to SEC. Nasdaq listing under ticker CBRS. $22–35B valuation sought.

Revenue & Growth Projections

Historical revenue trajectory and analyst consensus estimates.

Annual Revenue ($M)

2022
$32M
2023
$95M
2024
$220M
2025
$430M
2026E
$780M
2027E
est $1.3B

* 2026E–2027E are analyst consensus estimates, not guarantees.

YoY Revenue Growth Rate (%)

2022→23
+197%
2023→24
+132%
2024→25
+95%
2025→26E
+82%
2026→27E
+65%

Growth is decelerating but remains exceptional vs. industry peers.

AI Chip Market Share (2026E)

NVIDIA
~80%
AMD
~10%
Cerebras
~3%
Groq
~2%
Others
~5%

Cerebras targets high-throughput inference workloads where WSE excels.

Valuation Comparison

How Cerebras stacks up against NVIDIA, AMD, Broadcom, and Marvell at time of filing.

Company Ticker Revenue (TTM) Revenue Growth Market Cap P/S Ratio Status
Cerebras Systems CBRS ~$520M +85% YoY $22–35B (target) 42–67× IPO Pending
NVIDIA NVDA ~$130B +69% YoY ~$3.1T ~24× Public
AMD AMD ~$27B +18% YoY ~$240B ~9× Public
Broadcom AVGO ~$58B +44% YoY ~$800B ~14× Public
Marvell Technology MRVL ~$7B +55% YoY ~$90B ~13× Public
Groq Private ~$200M +150% YoY ~$5B (est) ~25× Private

Note: Market data approximate as of April 2026. Cerebras P/S based on mid-point $28.5B target valuation. Past trading multiples do not predict future performance.

Key Contracts & Deals

Major customer relationships underpinning Cerebras' revenue base.

OpenAI
AI Model Training & Inference
$20B+
Multi-year server compute commitment. OpenAI uses Cerebras WSE clusters for large-scale model training and ultra-low-latency inference deployment. This is Cerebras' largest single contract.
Amazon Web Services
Cloud Infrastructure Partnership
Undisclosed
AWS integration for Cerebras inference-as-a-service. Enterprise customers can access Cerebras WSE performance through AWS Marketplace. Expected to be a significant and growing revenue channel.
Oracle Cloud
Enterprise Compute Services
Undisclosed
Oracle Cloud Infrastructure agreement providing Cerebras hardware to enterprise AI workloads. OCI has been aggressively expanding AI compute offerings and Cerebras is a key differentiator in their lineup.
G42 (Abu Dhabi)
Sovereign AI Infrastructure
$850M+
UAE sovereign AI investment group G42 has invested in Cerebras and committed to deploying WSE clusters for national AI infrastructure. Part of a broader Gulf sovereign AI buildout backed by Aramco Digital.
US National Labs
Scientific Computing
Multiple Contracts
Argonne, Sandia, and Livermore national laboratories use Cerebras WSE systems for climate modeling, drug discovery, and materials science simulations — validating performance at extreme scale.
Aramco Digital
Energy Sector AI
$200M+
Saudi Aramco's digital arm has contracted Cerebras for oil & gas AI workloads including seismic analysis and predictive maintenance. Expands Cerebras' international enterprise footprint.

IPO Risk Factors

Key risks investors should consider before trading CBRS at IPO.

HIGH
NVIDIA Competitive Dominance
NVIDIA holds ~80% of AI accelerator market share with entrenched CUDA ecosystem. Cerebras must win customers willing to retool software stacks for WSE architecture — a significant adoption barrier.
HIGH
Concentration Risk (OpenAI)
A large portion of Cerebras revenue is tied to the OpenAI contract. Any reduction in that relationship, renegotiation, or OpenAI's own financial stress would materially impact Cerebras' results.
HIGH
Rich IPO Valuation
At $22–35B on ~$520M revenue, Cerebras trades at 42–67× P/S. Even NVIDIA's peak multiple was ~40×. Any growth disappointment could cause severe multiple compression and share price declines.
MEDIUM
TSMC Supply Chain Risk
Cerebras WSE is manufactured exclusively by TSMC on 5nm/7nm nodes. Any geopolitical disruption to Taiwan, export controls, or TSMC capacity constraints would directly limit Cerebras' ability to fulfill orders.
MEDIUM
Profitability Timeline
Cerebras is not yet profitable. High R&D and manufacturing costs mean continued cash burn. Investors must price in the time to profitability and potential need for additional capital raises post-IPO.
MEDIUM
Emerging Competition
Well-funded competitors including Groq, SambaNova, d-Matrix, and Big Tech custom silicon (Google TPU, AWS Trainium) all target the same high-throughput inference market. The landscape is moving fast.
MEDIUM
Lock-Up Expiry Pressure
Post-IPO lock-up expiry (typically 180 days) may see significant insider selling pressure. Cerebras has many early investors and employees with large unrealized gains who will be eager to liquidate.
MEDIUM
Regulatory / Export Controls
US AI chip export controls (BIS Entity List, Chip Act restrictions) could limit Cerebras' addressable international market, particularly in the Middle East and Asia where significant deals have been signed.

Frequently Asked Questions

Everything you need to know about the Cerebras IPO and CBRS stock.

Cerebras Systems is targeting a valuation of $22–35 billion for its Nasdaq IPO under the ticker CBRS. The company's most recent private funding round valued it at approximately $23 billion. The final IPO price will be set during the bookbuild process with institutional investors, typically 1–2 weeks before the trading date.
Cerebras Systems plans to trade on the Nasdaq exchange under the ticker symbol CBRS. This ticker was confirmed in the S-1 filing submitted on April 17, 2026.
Cerebras Systems filed its S-1 registration statement with the SEC on April 17, 2026. Following the SEC review process (typically 3–6 weeks), Cerebras will conduct a roadshow before pricing and listing on Nasdaq.
Cerebras uses wafer-scale engine (WSE) technology — a single massive chip the size of a full silicon wafer — rather than clusters of smaller GPUs. The WSE-3 chip contains 4 trillion transistors and 44GB of on-chip SRAM, giving it dramatically higher memory bandwidth than NVIDIA H100/H200 for specific workloads. Cerebras excels at large language model inference (low latency, high throughput per token) while NVIDIA maintains broader ecosystem coverage through CUDA.
Major Cerebras customers and partnerships include: OpenAI ($20B+ server compute commitment), Amazon Web Services (cloud marketplace integration), Oracle Cloud (enterprise deployment), G42 / Abu Dhabi ($850M+ sovereign AI infrastructure), and Aramco Digital ($200M+ energy sector AI). US national laboratories including Argonne, Sandia, and Livermore also use Cerebras hardware for scientific computing.
Enter your assumptions for Cerebras' expected revenue ($M), year-over-year growth rate (%), and a price-to-sales multiple (the ratio of market cap to revenue) in the calculator fields above, then click "Calculate Valuation." You can also enter an IPO share price and shares outstanding to see a share-based market cap, and input your planned investment to see the implied share count you'd receive. The tool outputs an estimated market cap, implied forward P/S, and comparison benchmarks against NVIDIA, AMD, and peers.
Comparable fast-growing AI infrastructure companies have traded between 20–80× P/S at peak. NVIDIA reached ~40× at its 2024 peak. Given Cerebras' ~85% growth rate but lack of profitability and concentration risk, a 35–55× forward P/S might be reasonable as a bull-case anchor. The bear case (significant multiple compression) could see 15–25× if growth disappoints. Our calculator defaults to 50× as a midpoint assumption.
No. This tool is for educational and informational purposes only. It uses simplified revenue-multiple models and does not account for all factors influencing actual IPO pricing. Always consult a licensed financial advisor before making investment decisions. IPO investing involves significant risk including the possibility of total loss.