US AI Chip Company Cerebras Starts IPO Roadshow, To Raise Over $3.22B And Sign $20B Deal With OpenAI

US AI chip company Cerebras Systems announced on May 4 local time that it will launch the roadshow for its proposed initial public offering (IPO) of Class A common stock. The company has filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), planning to issue 28 million Class A common shares, with underwriters having an option to purchase up to an additional 4.2 million shares. The IPO price range is $115 to $125 per share, expected to raise at least $3.22 billion.

Cerebras is one of the few wafer-level chip manufacturers. Recent news indicates it has signed a three-year contract worth over $20 billion with OpenAI.