Cray Inc. Announces Pricing of Public Offering of 7.5 Million Shares of Common Stock at $10.00 per Share

Cray Inc. Announces Pricing of Public Offering of 7.5 Million Shares of Common Stock at $10.00 per Share

Cray Inc. (NASDAQ: CRAY) announced today that it has priced its public offering of 7,500,000 shares of common stock from the company at a public offering price of $10.00 per share. The net proceeds from Cray’s sale of shares will be approximately $70.6 million, after deducting underwriting discounts and commissions and estimated offering expenses. Cray intends to use the net proceeds for working capital and other general corporate purposes, including funding product development and capital expenditures.

Thomas Weisel Partners LLC is serving as sole book-running manager and Needham & Company, LLC is serving as co-lead manager for the offering. C.E. Unterberg, Towbin LLC and Miller Johnson Steichen Kinnard, Inc. are serving as co-managers. The closing of the public offering is expected to occur on December 19, 2006, subject to the satisfaction of customary closing conditions. Cray has granted the underwriters a 30-day option to purchase up to 1,125,000 additional shares of common stock solely to cover over-allotments, if any. The offering of the shares of the company’s common stock may be made only by means of a prospectus, a copy of which may be obtained from the offices of Thomas Weisel Partners LLC at 1-800-933-3445 or by visiting the SEC’s website at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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