Cerebras has launched its long-awaited IPO roadshow, moving the AI chip company from a confidential filing process into a priced public-market test. In a Monday press release, the company said it plans to sell 28 million Class A shares at $115 to $125 each and list on Nasdaq under the ticker CBRS.

What changed

This is the first time Cerebras has attached a public price range to the offering it refiled in April. Based on the range in the press release, the base deal would raise roughly $3.2 billion to $3.5 billion before fees, with underwriters holding a 30-day option to buy up to 4.2 million additional shares.

Cerebras named Morgan Stanley, Citigroup, Barclays, and UBS as lead book-running managers. The company’s amended S-1/A is now on file with the U.S. Securities and Exchange Commission, though the registration statement is still not effective and the final offering terms can still change.

Why it matters

Cerebras is one of the few independent AI infrastructure companies trying to reach public markets at scale. Unlike software-first AI startups, it sells wafer-scale processors and cloud compute systems aimed at training and inference workloads, making the IPO a cleaner test of investor appetite for AI hardware and infrastructure exposure.

The next milestone is pricing, not just paperwork. If demand holds through the roadshow, Cerebras could become one of the largest AI infrastructure listings of the year and a useful signal for how public investors want to value the current compute buildout.