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EATTLE, Feb 13, 2003 (BUSINESS WIRE) --

Cray Inc. (Nasdaq:CRAY)
today announced that it has priced its public offering of 7,355,000
shares of common stock from the company and 145,000 shares of common
stock from certain selling shareholders at a public offering price of
$6.20 per share.


Cray intends to use the net proceeds from its sale of shares for
general corporate purposes.


Needham & Company, Inc., SG Cowen Securities Corporation and C.E.
Unterberg, Towbin acted as managing underwriters for the offering. The
closing of the public offering is expected to occur on February 19,
2003, subject to the satisfaction of customary closing conditions.
Cray has granted the underwriters a 30-day option to purchase up to
1,125,000 shares of common stock solely to cover over-allotments, if
any.


This press release does not constitute an offer to sell or the
solicitation of an offer to buy any common stock of the company, which
is made only by the prospectus. A copy of the final prospectus for the
public offering may be obtained from: