The numbers below come from Cerebras' own SEC filings unless I say otherwise.
Cerebras IPO at a glance
| Question | Answer | Source |
|---|---|---|
| Ticker | CBRS | SEC EDGAR |
| Exchange | Nasdaq | SEC EDGAR |
| IPO price | $185.00 a share | 8-K, May 15, 2026 |
| Shares sold | 34,500,000 Class A shares, including the underwriters' full 4,500,000-share option | 8-K |
| Money raised | $6.4 billion before fees | 8-K |
| First trading day | May 14, 2026 | 424B4 |
| First-day close | About $311.07, up about 68% (reported) | Pipeline Road |
| Offering closed | May 15, 2026 | 8-K |
| Shares outstanding | 237,564,041 (112.2 million Class A, 111.6 million Class B, 13.7 million Class N) on August 5, 2026 | 10-Q |
At the $185 IPO price, those 237.6 million shares were worth about $43.9 billion. That is my calculation and excludes options, warrants and RSUs.
Cerebras first filed to go public in September 2024, withdrew that filing in October 2025 and filed again in April 2026, per its SEC filing history.
Who owns Cerebras?
| Holder | Shares | Stake after the IPO | Notes |
|---|---|---|---|
| Fidelity entities | 20,443,122 | 11.0% | Largest outside holder |
| Benchmark entities | 17,602,983 | 9.5% | Venture investor |
| Foundation Capital entities | 15,302,343 | 8.3% | Partner Steve Vassallo is a director |
| Eclipse entities | 13,466,197 | 7.3% | Founder Lior Susan is a director |
| Alpha Wave entities | 12,074,647 | 6.5% | Venture investor |
| Andrew Feldman, co-founder and CEO | 10,144,876 | 5.4% | Includes 2.49 million option shares |
| Sean Lie, co-founder and CTO | 5,347,647 | 2.9% | Includes 983,333 option shares |
| All directors and officers (9) | 47,242,414 | 24.9% | Includes the fund stakes above that directors represent |
Source: Cerebras 424B4 prospectus, beneficial ownership table, percentages after the offering, based on holdings as of March 31, 2026. Holdings can have changed since; for example, reports in October 2026 said Sean Lie filed to sell more than $153 million of stock.
Cerebras has three share classes. Class A shares were sold to the public, Class B shares are held mostly by pre-IPO holders and insiders, and Class N shares are non-voting.
Does OpenAI own part of Cerebras?
Not yet outright, but it can. As part of a large computing deal, Cerebras issued OpenAI a warrant to buy up to 33,445,026 Class N shares at $0.00001 each. The warrant vests in tranches as milestones are met, including OpenAI funding a roughly $1.0 billion working capital loan in January 2026, Cerebras delivering contracted computing capacity, and certain market capitalization targets.
If fully vested, those shares would equal about 14% of the 237.6 million shares outstanding in August 2026 (my calculation). Cerebras recognized $56.8 million of OpenAI revenue in the second quarter of 2026.
G42, the Abu Dhabi technology group, was Cerebras' biggest customer before OpenAI. G42 provided 85% of revenue in 2024 and 24% in 2025, while the Abu Dhabi university MBZUAI provided 62% in 2025. G42 also holds a fully vested warrant for 1,857,516 Class N shares.
Cerebras revenue and losses
| Period | Revenue | Net income (loss) |
|---|---|---|
| 2024 | $290.3 million | Not shown here |
| 2025 | $510.0 million | Not shown here |
| Q2 2025 | $103.3 million | $309.5 million profit, from other income |
| Q2 2026 | $180.1 million | $(450.5) million |
| First half 2026 | $373.5 million | $(464.5) million |
Sources: Cerebras 424B4 for 2024 and 2025 revenue; 10-Q for the quarter ended June 30, 2026.
Second-quarter revenue rose 74% from a year earlier, driven by cloud and other services, which jumped from $33.0 million to $126.0 million. Research and development spending rose more than fivefold to $320.2 million in the quarter, which is why losses widened after the IPO. Cash and cash equivalents were $6.74 billion on June 30, 2026, up from $702 million at the end of 2025.
What happened to Cerebras stock after the IPO?
The stock opened far above its IPO price and closed its first day near $311, but it gave back those gains over the following months. Reports in October 2026 said it fell below the $185 IPO price as early lock-up releases let pre-IPO holders sell, reaching about $146.98 on October 12, 2026, roughly 62% below its first-day high. Cerebras says its lock-up releases pre-IPO shares in tranches before the standard 180-day period ends.
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Cerebras IPO timeline
- 2024 (September)
Cerebras files its first S-1
- 2025 (October)
Cerebras withdraws the 2024 filing
- 2025 (December)
G42 receives a warrant for 1,857,516 Class N shares
- 2026 (January)
OpenAI deal: about $1.0 billion loan and a warrant for up to 33.4 million shares
- 2026 (April 17)
New S-1 filed
- 2026 (May 14)
CBRS starts trading on Nasdaq; closes near $311
- 2026 (May 15)
IPO closes, raising $6.4 billion
- 2026 (October 12)
Stock hits a reported low after lock-up releases
How I checked this
The IPO terms come from Cerebras' closing 8-K and final 424B4 prospectus, ownership from the prospectus' beneficial ownership table, and financials and share counts from the June 2026 10-Q, all on SEC EDGAR. First-day and October prices are from news reports, labeled as reported. Market values are my arithmetic.
Related reading
Sources & methodology
Observations retain their source, period and definition. Uncertainty is preserved; missing values are not zero.
- Cerebras Systems Inc. final prospectus, Form 424B4 (SEC EDGAR) ↗
SEC EDGAR · 2026-05-14T00:00:00.000Z
- Cerebras Systems Inc. Form 8-K: completion of initial public offering (SEC EDGAR) ↗
SEC EDGAR · 2026-05-15T00:00:00.000Z
- Cerebras Systems Inc. Form 10-Q for the quarter ended June 30, 2026 (SEC EDGAR) ↗
SEC EDGAR · 2026-08-12T00:00:00.000Z
- Cerebras shares close up 68% at $311.07 on Nasdaq debut (Pipeline Road) ↗
Pipeline Road · 2026-05-14T00:00:00.000Z
- Cerebras stock hits record low of $146.98, down 62% from its first-day high (Crypto Briefing) ↗
Crypto Briefing · 2026-10-12T00:00:00.000Z
- Cerebras investor FAQs (Cerebras investor relations) ↗
Cerebras investor relations
Accessed 2026-11-02.