Cerebras files updated IPO terms: $3.5bn raise at $26.6bn valuation

Three days after suggesting it might target up to $4bn at $40bn, the AI chipmaker has marketed 28 million shares at $115-$125 each, lining the deal up with its February private valuation rather than above it.

Cerebras Systems was preparing to seek up to $4bn at a roughly $40bn valuation in its long-awaited initial public offering. On Monday, the company filed an updated prospectus that priced the deal more cautiously: 28 million shares at a marketed range of $115 to $125 each, raising as much as $3.5bn at the high end.

At that range, the implied valuation lands closer to $26.6bn, well below the figure circulating last week and roughly in line with the $23bn private mark Cerebras carried after its February Series H.

It is, by any reading, a more grounded number. Whether it is grounded enough is the question the order book will answer.

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