# Cerebras Systems — Capital Time Machine

Cerebras has a documented preferred-share financing history from Series A through H, followed by its May 2026 IPO. The original issue prices and offering price support a detailed pre-IPO worksheet.

Canonical citation: https://capitaltimemachine.com/private/cerebras

Ticker: CBRS
Sector: AI & semiconductors
Public-market route: Underwritten IPO
Evidence reviewed: 2026-09-24

## How to use this research

Selected historical funding and listing evidence, not a complete private cap table or live quote. Funding totals, company valuations and per-share prices are different measures. A hypothetical value is not actual sale proceeds; investor access is not established.

## Funding and listing history

### A — Series A

Date: 2016-05-01
Event type: Preferred equity

May 2016. 32,058,817 shares issued; later repurchases are separate.

Reported capital or financing: $27.2 million

Reported price: $0.85 per preferred share

Source: [2024 Form S-1](https://www.sec.gov/Archives/edgar/data/2021728/000162828024041596/cerebras-sx1.htm)
Source location: Note 10: actual Series A–F issuances, dates and gross proceeds.

Source: [April 2026 Form S-1 and exhibits](https://investors.cerebras.ai/static-files/69e853fd-a7f2-438a-a0b0-79cb2807ebed)
Source location: Certificate of incorporation: Original Issue Price definition, Series A through H; retains full price precision.

### B — Series B

Date: 2017-01-01
Event type: Preferred equity

Jan 2017. 9,076,079 shares issued.

Reported capital or financing: $25 million

Reported price: $2.754493 per preferred share

Source: [2024 Form S-1](https://www.sec.gov/Archives/edgar/data/2021728/000162828024041596/cerebras-sx1.htm)
Source location: Note 10: actual Series A–F issuances, dates and gross proceeds.

Source: [April 2026 Form S-1 and exhibits](https://investors.cerebras.ai/static-files/69e853fd-a7f2-438a-a0b0-79cb2807ebed)
Source location: Certificate of incorporation: Original Issue Price definition, Series A through H; retains full price precision.

### C — Series C

Date: 2017-07-01
Event type: Preferred equity

Jul & Oct 2017. 7,264,680 shares issued across two months.

Reported capital or financing: $65 million

Reported price: $8.9474 per preferred share

Source: [2024 Form S-1](https://www.sec.gov/Archives/edgar/data/2021728/000162828024041596/cerebras-sx1.htm)
Source location: Note 10: actual Series A–F issuances, dates and gross proceeds.

Source: [April 2026 Form S-1 and exhibits](https://investors.cerebras.ai/static-files/69e853fd-a7f2-438a-a0b0-79cb2807ebed)
Source location: Certificate of incorporation: Original Issue Price definition, Series A through H; retains full price precision.

### D — Series D

Date: 2018-11-01
Event type: Preferred equity

Nov 2018–Apr 2019. 4,943,849 shares issued in multiple closings.

Reported capital or financing: $79.8 million

Reported price: $16.1458 per preferred share

Source: [2024 Form S-1](https://www.sec.gov/Archives/edgar/data/2021728/000162828024041596/cerebras-sx1.htm)
Source location: Note 10: actual Series A–F issuances, dates and gross proceeds.

Source: [April 2026 Form S-1 and exhibits](https://investors.cerebras.ai/static-files/69e853fd-a7f2-438a-a0b0-79cb2807ebed)
Source location: Certificate of incorporation: Original Issue Price definition, Series A through H; retains full price precision.

### E — Series E

Date: 2019-11-01
Event type: Preferred equity

Nov 2019–May 2020. 14,848,436 shares issued; a later customer warrant is separate.

Reported capital or financing: $272.1 million

Reported price: $18.3249 per preferred share

Source: [2024 Form S-1](https://www.sec.gov/Archives/edgar/data/2021728/000162828024041596/cerebras-sx1.htm)
Source location: Note 10: actual Series A–F issuances, dates and gross proceeds.

Source: [April 2026 Form S-1 and exhibits](https://investors.cerebras.ai/static-files/69e853fd-a7f2-438a-a0b0-79cb2807ebed)
Source location: Certificate of incorporation: Original Issue Price definition, Series A through H; retains full price precision.

### F — Series F

Date: 2021-10-01
Event type: Preferred equity

Oct–Nov 2021. 9,168,419 shares issued; this filing total is more precise than the rounded $250 million announcement.

Reported capital or financing: $254.4 million

Reported price: $27.7448 per preferred share

Source: [2024 Form S-1](https://www.sec.gov/Archives/edgar/data/2021728/000162828024041596/cerebras-sx1.htm)
Source location: Note 10: actual Series A–F issuances, dates and gross proceeds.

Source: [April 2026 Form S-1 and exhibits](https://investors.cerebras.ai/static-files/69e853fd-a7f2-438a-a0b0-79cb2807ebed)
Source location: Certificate of incorporation: Original Issue Price definition, Series A through H; retains full price precision.

### F-1 — Series F-1

Date: 2024-07-01
Event type: Preferred equity

Jul–Sep 2024. 5,798,089 shares closed. The contemplated G42 primary purchase was not consummated.

Reported capital or financing: $85 million

Reported price: $14.66 per preferred share

Source: [Final May 2026 prospectus](https://www.sec.gov/Archives/edgar/data/2021728/000162828026035214/cerebras-424b4.htm)
Source location: Cover: $185 offering price. Preferred-stock note: 1:1 conversion. Related-party financing: F-1, G and H.

Source: [April 2026 Form S-1 and exhibits](https://investors.cerebras.ai/static-files/69e853fd-a7f2-438a-a0b0-79cb2807ebed)
Source location: Certificate of incorporation: Original Issue Price definition, Series A through H; retains full price precision.

### G — Series G

Date: 2025-09-01
Event type: Preferred equity

Sep–Oct 2025. 30,359,557 shares issued in multiple closings.

Reported capital or financing: About $1.1 billion

Reported price: $36.2324 per preferred share

Source: [Final May 2026 prospectus](https://www.sec.gov/Archives/edgar/data/2021728/000162828026035214/cerebras-424b4.htm)
Source location: Cover: $185 offering price. Preferred-stock note: 1:1 conversion. Related-party financing: F-1, G and H.

Source: [April 2026 Form S-1 and exhibits](https://investors.cerebras.ai/static-files/69e853fd-a7f2-438a-a0b0-79cb2807ebed)
Source location: Certificate of incorporation: Original Issue Price definition, Series A through H; retains full price precision.

### H — Series H

Date: 2026-01-01
Event type: Preferred equity

Jan–Feb 2026. 11,394,059 shares issued in multiple closings.

Reported capital or financing: About $1.0 billion

Reported price: $89.0156 per preferred share

Source: [Final May 2026 prospectus](https://www.sec.gov/Archives/edgar/data/2021728/000162828026035214/cerebras-424b4.htm)
Source location: Cover: $185 offering price. Preferred-stock note: 1:1 conversion. Related-party financing: F-1, G and H.

Source: [April 2026 Form S-1 and exhibits](https://investors.cerebras.ai/static-files/69e853fd-a7f2-438a-a0b0-79cb2807ebed)
Source location: Certificate of incorporation: Original Issue Price definition, Series A through H; retains full price precision.

### IPO — IPO closes

Date: 2026-05-15
Event type: Underwritten IPO

34.5 million Class A shares at $185, including the underwriters’ option: $6.3825 billion gross by arithmetic before expenses.

Reported capital or financing: $6.3825 billion gross

Reported price: $185 offering price

Source: [Final May 2026 prospectus](https://www.sec.gov/Archives/edgar/data/2021728/000162828026035214/cerebras-424b4.htm)
Source location: Cover: $185 offering price. Preferred-stock note: 1:1 conversion. Related-party financing: F-1, G and H.

Source: [IPO closing announcement](https://investors.cerebras.ai/news-releases/news-release-details/cerebras-systems-announces-closing-initial-public-offering)
Source location: May 15, 2026: 34.5 million shares including the underwriters’ option.

## Documented share calculations

### A — Series A

Starting price: 0.85 USD per starting share
Starting date or context: May 2016 · issuance period

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Preferred shares convert 1:1 into common shares. Original issue-price precision is retained. Multiple closing dates are represented by the stated issuance period; no specific personal purchase date is assumed.

Public trading begins: 2026-05-15
Supported ending dates begin: 2026-05-15
Share basis reviewed through: 2026-05-15

Documented endpoint: IPO offering price · $185; 185 USD per share on 2026-05-15.

Formula: amount ÷ 0.85 × (1) × applicable dated public splits × ending share price. 

Source: [2024 Form S-1](https://www.sec.gov/Archives/edgar/data/2021728/000162828024041596/cerebras-sx1.htm)
Source location: Note 10: actual Series A–F issuances, dates and gross proceeds.

Source: [April 2026 Form S-1 and exhibits](https://investors.cerebras.ai/static-files/69e853fd-a7f2-438a-a0b0-79cb2807ebed)
Source location: Certificate of incorporation: Original Issue Price definition, Series A through H; retains full price precision.

Source: [Final May 2026 prospectus](https://www.sec.gov/Archives/edgar/data/2021728/000162828026035214/cerebras-424b4.htm)
Source location: Cover: $185 offering price. Preferred-stock note: 1:1 conversion. Related-party financing: F-1, G and H.

Source: [IPO closing announcement](https://investors.cerebras.ai/news-releases/news-release-details/cerebras-systems-announces-closing-initial-public-offering)
Source location: May 15, 2026: 34.5 million shares including the underwriters’ option.

### B — Series B

Starting price: 2.754493 USD per starting share
Starting date or context: Jan 2017 · issuance period

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Preferred shares convert 1:1 into common shares. Original issue-price precision is retained. Multiple closing dates are represented by the stated issuance period; no specific personal purchase date is assumed.

Public trading begins: 2026-05-15
Supported ending dates begin: 2026-05-15
Share basis reviewed through: 2026-05-15

Documented endpoint: IPO offering price · $185; 185 USD per share on 2026-05-15.

Formula: amount ÷ 2.754493 × (1) × applicable dated public splits × ending share price. 

Source: [2024 Form S-1](https://www.sec.gov/Archives/edgar/data/2021728/000162828024041596/cerebras-sx1.htm)
Source location: Note 10: actual Series A–F issuances, dates and gross proceeds.

Source: [April 2026 Form S-1 and exhibits](https://investors.cerebras.ai/static-files/69e853fd-a7f2-438a-a0b0-79cb2807ebed)
Source location: Certificate of incorporation: Original Issue Price definition, Series A through H; retains full price precision.

Source: [Final May 2026 prospectus](https://www.sec.gov/Archives/edgar/data/2021728/000162828026035214/cerebras-424b4.htm)
Source location: Cover: $185 offering price. Preferred-stock note: 1:1 conversion. Related-party financing: F-1, G and H.

Source: [IPO closing announcement](https://investors.cerebras.ai/news-releases/news-release-details/cerebras-systems-announces-closing-initial-public-offering)
Source location: May 15, 2026: 34.5 million shares including the underwriters’ option.

### C — Series C

Starting price: 8.9474 USD per starting share
Starting date or context: Jul & Oct 2017 · issuance period

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Preferred shares convert 1:1 into common shares. Original issue-price precision is retained. Multiple closing dates are represented by the stated issuance period; no specific personal purchase date is assumed.

Public trading begins: 2026-05-15
Supported ending dates begin: 2026-05-15
Share basis reviewed through: 2026-05-15

Documented endpoint: IPO offering price · $185; 185 USD per share on 2026-05-15.

Formula: amount ÷ 8.9474 × (1) × applicable dated public splits × ending share price. 

Source: [2024 Form S-1](https://www.sec.gov/Archives/edgar/data/2021728/000162828024041596/cerebras-sx1.htm)
Source location: Note 10: actual Series A–F issuances, dates and gross proceeds.

Source: [April 2026 Form S-1 and exhibits](https://investors.cerebras.ai/static-files/69e853fd-a7f2-438a-a0b0-79cb2807ebed)
Source location: Certificate of incorporation: Original Issue Price definition, Series A through H; retains full price precision.

Source: [Final May 2026 prospectus](https://www.sec.gov/Archives/edgar/data/2021728/000162828026035214/cerebras-424b4.htm)
Source location: Cover: $185 offering price. Preferred-stock note: 1:1 conversion. Related-party financing: F-1, G and H.

Source: [IPO closing announcement](https://investors.cerebras.ai/news-releases/news-release-details/cerebras-systems-announces-closing-initial-public-offering)
Source location: May 15, 2026: 34.5 million shares including the underwriters’ option.

### D — Series D

Starting price: 16.1458 USD per starting share
Starting date or context: Nov 2018–Apr 2019 · issuance period

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Preferred shares convert 1:1 into common shares. Original issue-price precision is retained. Multiple closing dates are represented by the stated issuance period; no specific personal purchase date is assumed.

Public trading begins: 2026-05-15
Supported ending dates begin: 2026-05-15
Share basis reviewed through: 2026-05-15

Documented endpoint: IPO offering price · $185; 185 USD per share on 2026-05-15.

Formula: amount ÷ 16.1458 × (1) × applicable dated public splits × ending share price. 

Source: [2024 Form S-1](https://www.sec.gov/Archives/edgar/data/2021728/000162828024041596/cerebras-sx1.htm)
Source location: Note 10: actual Series A–F issuances, dates and gross proceeds.

Source: [April 2026 Form S-1 and exhibits](https://investors.cerebras.ai/static-files/69e853fd-a7f2-438a-a0b0-79cb2807ebed)
Source location: Certificate of incorporation: Original Issue Price definition, Series A through H; retains full price precision.

Source: [Final May 2026 prospectus](https://www.sec.gov/Archives/edgar/data/2021728/000162828026035214/cerebras-424b4.htm)
Source location: Cover: $185 offering price. Preferred-stock note: 1:1 conversion. Related-party financing: F-1, G and H.

Source: [IPO closing announcement](https://investors.cerebras.ai/news-releases/news-release-details/cerebras-systems-announces-closing-initial-public-offering)
Source location: May 15, 2026: 34.5 million shares including the underwriters’ option.

### E — Series E

Starting price: 18.3249 USD per starting share
Starting date or context: Nov 2019–May 2020 · issuance period

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Preferred shares convert 1:1 into common shares. Original issue-price precision is retained. Multiple closing dates are represented by the stated issuance period; no specific personal purchase date is assumed.

Public trading begins: 2026-05-15
Supported ending dates begin: 2026-05-15
Share basis reviewed through: 2026-05-15

Documented endpoint: IPO offering price · $185; 185 USD per share on 2026-05-15.

Formula: amount ÷ 18.3249 × (1) × applicable dated public splits × ending share price. 

Source: [2024 Form S-1](https://www.sec.gov/Archives/edgar/data/2021728/000162828024041596/cerebras-sx1.htm)
Source location: Note 10: actual Series A–F issuances, dates and gross proceeds.

Source: [April 2026 Form S-1 and exhibits](https://investors.cerebras.ai/static-files/69e853fd-a7f2-438a-a0b0-79cb2807ebed)
Source location: Certificate of incorporation: Original Issue Price definition, Series A through H; retains full price precision.

Source: [Final May 2026 prospectus](https://www.sec.gov/Archives/edgar/data/2021728/000162828026035214/cerebras-424b4.htm)
Source location: Cover: $185 offering price. Preferred-stock note: 1:1 conversion. Related-party financing: F-1, G and H.

Source: [IPO closing announcement](https://investors.cerebras.ai/news-releases/news-release-details/cerebras-systems-announces-closing-initial-public-offering)
Source location: May 15, 2026: 34.5 million shares including the underwriters’ option.

### F — Series F

Starting price: 27.7448 USD per starting share
Starting date or context: Oct–Nov 2021 · issuance period

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Preferred shares convert 1:1 into common shares. Original issue-price precision is retained. Multiple closing dates are represented by the stated issuance period; no specific personal purchase date is assumed.

Public trading begins: 2026-05-15
Supported ending dates begin: 2026-05-15
Share basis reviewed through: 2026-05-15

Documented endpoint: IPO offering price · $185; 185 USD per share on 2026-05-15.

Formula: amount ÷ 27.7448 × (1) × applicable dated public splits × ending share price. 

Source: [2024 Form S-1](https://www.sec.gov/Archives/edgar/data/2021728/000162828024041596/cerebras-sx1.htm)
Source location: Note 10: actual Series A–F issuances, dates and gross proceeds.

Source: [April 2026 Form S-1 and exhibits](https://investors.cerebras.ai/static-files/69e853fd-a7f2-438a-a0b0-79cb2807ebed)
Source location: Certificate of incorporation: Original Issue Price definition, Series A through H; retains full price precision.

Source: [Final May 2026 prospectus](https://www.sec.gov/Archives/edgar/data/2021728/000162828026035214/cerebras-424b4.htm)
Source location: Cover: $185 offering price. Preferred-stock note: 1:1 conversion. Related-party financing: F-1, G and H.

Source: [IPO closing announcement](https://investors.cerebras.ai/news-releases/news-release-details/cerebras-systems-announces-closing-initial-public-offering)
Source location: May 15, 2026: 34.5 million shares including the underwriters’ option.

### F-1 — Series F-1

Starting price: 14.66 USD per starting share
Starting date or context: Jul–Sep 2024 · issuance period

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Preferred shares convert 1:1 into common shares. Original issue-price precision is retained. Multiple closing dates are represented by the stated issuance period; no specific personal purchase date is assumed.

Public trading begins: 2026-05-15
Supported ending dates begin: 2026-05-15
Share basis reviewed through: 2026-05-15

Documented endpoint: IPO offering price · $185; 185 USD per share on 2026-05-15.

Formula: amount ÷ 14.66 × (1) × applicable dated public splits × ending share price. 

Source: [Final May 2026 prospectus](https://www.sec.gov/Archives/edgar/data/2021728/000162828026035214/cerebras-424b4.htm)
Source location: Cover: $185 offering price. Preferred-stock note: 1:1 conversion. Related-party financing: F-1, G and H.

Source: [April 2026 Form S-1 and exhibits](https://investors.cerebras.ai/static-files/69e853fd-a7f2-438a-a0b0-79cb2807ebed)
Source location: Certificate of incorporation: Original Issue Price definition, Series A through H; retains full price precision.

Source: [Final May 2026 prospectus](https://www.sec.gov/Archives/edgar/data/2021728/000162828026035214/cerebras-424b4.htm)
Source location: Cover: $185 offering price. Preferred-stock note: 1:1 conversion. Related-party financing: F-1, G and H.

Source: [IPO closing announcement](https://investors.cerebras.ai/news-releases/news-release-details/cerebras-systems-announces-closing-initial-public-offering)
Source location: May 15, 2026: 34.5 million shares including the underwriters’ option.

### G — Series G

Starting price: 36.2324 USD per starting share
Starting date or context: Sep–Oct 2025 · issuance period

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Preferred shares convert 1:1 into common shares. Original issue-price precision is retained. Multiple closing dates are represented by the stated issuance period; no specific personal purchase date is assumed.

Public trading begins: 2026-05-15
Supported ending dates begin: 2026-05-15
Share basis reviewed through: 2026-05-15

Documented endpoint: IPO offering price · $185; 185 USD per share on 2026-05-15.

Formula: amount ÷ 36.2324 × (1) × applicable dated public splits × ending share price. 

Source: [Final May 2026 prospectus](https://www.sec.gov/Archives/edgar/data/2021728/000162828026035214/cerebras-424b4.htm)
Source location: Cover: $185 offering price. Preferred-stock note: 1:1 conversion. Related-party financing: F-1, G and H.

Source: [April 2026 Form S-1 and exhibits](https://investors.cerebras.ai/static-files/69e853fd-a7f2-438a-a0b0-79cb2807ebed)
Source location: Certificate of incorporation: Original Issue Price definition, Series A through H; retains full price precision.

Source: [Final May 2026 prospectus](https://www.sec.gov/Archives/edgar/data/2021728/000162828026035214/cerebras-424b4.htm)
Source location: Cover: $185 offering price. Preferred-stock note: 1:1 conversion. Related-party financing: F-1, G and H.

Source: [IPO closing announcement](https://investors.cerebras.ai/news-releases/news-release-details/cerebras-systems-announces-closing-initial-public-offering)
Source location: May 15, 2026: 34.5 million shares including the underwriters’ option.

### H — Series H

Starting price: 89.0156 USD per starting share
Starting date or context: Jan–Feb 2026 · issuance period

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Preferred shares convert 1:1 into common shares. Original issue-price precision is retained. Multiple closing dates are represented by the stated issuance period; no specific personal purchase date is assumed.

Public trading begins: 2026-05-15
Supported ending dates begin: 2026-05-15
Share basis reviewed through: 2026-05-15

Documented endpoint: IPO offering price · $185; 185 USD per share on 2026-05-15.

Formula: amount ÷ 89.0156 × (1) × applicable dated public splits × ending share price. 

Source: [Final May 2026 prospectus](https://www.sec.gov/Archives/edgar/data/2021728/000162828026035214/cerebras-424b4.htm)
Source location: Cover: $185 offering price. Preferred-stock note: 1:1 conversion. Related-party financing: F-1, G and H.

Source: [April 2026 Form S-1 and exhibits](https://investors.cerebras.ai/static-files/69e853fd-a7f2-438a-a0b0-79cb2807ebed)
Source location: Certificate of incorporation: Original Issue Price definition, Series A through H; retains full price precision.

Source: [Final May 2026 prospectus](https://www.sec.gov/Archives/edgar/data/2021728/000162828026035214/cerebras-424b4.htm)
Source location: Cover: $185 offering price. Preferred-stock note: 1:1 conversion. Related-party financing: F-1, G and H.

Source: [IPO closing announcement](https://investors.cerebras.ai/news-releases/news-release-details/cerebras-systems-announces-closing-initial-public-offering)
Source location: May 15, 2026: 34.5 million shares including the underwriters’ option.

## Later share adjustments

No separate share-class distribution is modeled.

## Coverage gaps and limitations

- The Series F-1 financing closed for $85 million; a larger contemplated G42 purchase did not close.

- Round totals, carrying values and company valuations measure different things.

- IPO paper marks do not establish an investor’s allocation, liquidity or realized proceeds.

Entered prices and later-date share-basis assumptions are unverified. Excludes fees, taxes, dividends, warrants and other distributions; fractional shares are illustrative. Historical investor allocations, minimums and selling rights are not established.

Methodology: https://capitaltimemachine.com/methodology

Research terms: https://capitaltimemachine.com/terms