Cerebras Systems has filed an updated prospectus for its initial public offering, offering 28 million shares at $115-$125 each, raising as much as $3.5bn at the high end. This move aligns with the company's February private valuation of $23bn. The company's implied valuation lands closer to $26.6bn, well below the figure circulating last week and roughly in line with the $23 billion private mark Cerebras had acquired after its February Series H. The revised IPO terms allow for an underwriter option of an additional 4.2 million shares, which would increase gross proceeds by roughly $525m at the top of the range. If successful, the IPO would be one of the largest IPOs of 2026.