The IPO Buzz: Upsized Cerebras (CBRS Proposed) & Fervo (FRVO Proposed) Top $9.3B IPO Lineup

Upsize this. IPO bankers pushed out the memo early today. Two big IPOs – AI chipmaker Cerebras Systems  (CBRS Proposed) and geothermal energy start-up Fervo Energy (FRVO Proposed) – dramatically increased the size of their deals in SEC filings early Monday – May 11, 2026 – to expand the estimated proceeds for this week’s IPO Calendar to $9.3 billion – up from $7.4 billion originally. This week’s calendar still consists of five large IPOs set for pricing this week. In addition, a large NASDAQ Direct Listing is also expected this week.

Let’s take a look at the new terms for Cerebras Systems  (CBRS Proposed) and Fervo Energy (FRVO Proposed):

Cerebras Systems  (CBRS Proposed) upsized its IPO early today – Monday, May 11, 2026 – to 30 million shares – up from 28 million shares originally – and increased the price range to $150.00 to $160.00 – up from $115.00 to $125.00 originally – to raise $4.65 billion – up from $3.36 billion under the original terms. Under the new terms, Cerebras would have a market cap of $33.36 billion – if priced at the $155.00 mid-point of its new range.

Morgan Stanley, Citigroup, Barclays and UBS Investment Bank are leading the joint book-running team, which includes Mizuho and TD Cowen. 

Cerebras, based in Sunnyvale, California, provides hardware and software built for AI computing, the prospectus said. Cerebras earned net income of $237.8 million on revenue of $510 million for 2025, the prospectus said.

Fervo Energy (FRVO Proposed) upsized its IPO early today – Monday, May 11, 2026 – to 70 million shares – up from 55.56 million shares originally – and lifted the price range to $25.00 to $26.00 – up from the original price range of $21.00 to $24.00 – to raise $1.79 billlion – up from from $1.25 billion originally.  At pricing, Fervo Energy would have a market cap of $7.23 billion, if priced at the $25.50 mid-point of its new range.

J.P. Morgan, BofA Securities, RBC Capital Markets and Barclays are the joint lead book-runners of Fervo Energy’s IPO.

Fervo Energy, based in Houston, is a geothermal energy company developing enhanced geothermal systems (EGS) to generate electricity, the company said.

“We use horizontal drilling and hydraulic fracturing to reach underground rock formations and circulate heat from them to produce geothermal power in places that do not have natural permeability,” Fervo Energy said in the prospectus, in reference to its drilling techniques – essentially the “fracking” techniques used by natural gas drillers.

Fervo Energy, founded in 2017, is not profitable: The company reported a net loss of $57.79 million on revenue of $0.14 million – revenue of roughly $140,000 – for the 12 months that ended Dec. 31, 2025, according to financial statements in the prospectus.