* IPO demand exceeded supply by over 20 times, leading to

higher price and share count

* Cerebras valued at $56.43 billion, largest US IPO this

year

* AI and defense sector IPOs surge as investor appetite

rebounds

(Updates to change attribution following company statement in

headline and paragraph 1)

By Echo Wang

NEW YORK, May 13 (Reuters) - Cerebras Systems priced its

U.S. initial public offering at $185 per share on Wednesday,

above the top end of its indicated price range, the company

said, confirming a Reuters report.

The IPO raised $5.55 billion for Cerebras, based on 30

million shares sold. It implies a valuation on Cerebras on a

fully diluted basis of $56.43 billion, making it the largest

stock market debut so far this year.

The company previously upsized the highly anticipated IPO,

increasing the price and number of shares after investors placed

orders for more than 20 times the number of shares available,

Reuters reported.

The company marketed the offering at between $150 and $160

per share, up from an earlier range of $115 to $125 per share.

It also increased the number of shares on offer to 30 million

from 28 million.

CNBC was first to report on the pricing.

BROADER IPO MARKET REBOUND

Cerebras' IPO comes as investor appetite for new listings

returns globally, with U.S. offerings leading much of the

rebound.

IPO proceeds in the United States have more than doubled so

far this year to $22.3 billion from the same period in 2025,

according to Dealogic, as investors pile into companies linked

to artificial intelligence and defense spending, ahead of

SpaceX's blockbuster offering this summer.

That momentum has fueled a wave of defense and aerospace

listings in recent weeks, including aerospace parts maker Arxis ( ARXS )

, drone manufacturer AEVEX ( AVEX ) and national

security satellite company HawkEye 360 ( HAWK ).

Founded in 2015, Cerebras makes ‌specialized chips ⁠for

running advanced AI models, competing in a market dominated by

Nvidia ( NVDA ). Demand for Cerebras' processors has surged as

AI labs shift from training models to deploying them.

Revenue at Sunnyvale, California-based Cerebras rose ⁠to

$510 million ​in the year ended December 31, from $290.3 million

a year earlier, according to a filing with the SEC.

Shares of the company will start trading on ​the Nasdaq

Global Select Market under the symbol CBRS on Thursday.

The offering is being led by Morgan Stanley ( MS ),

Citigroup ( C ), Barclays ( BCS ) and UBS Group AG.