加拿大帝国商业银行美股招股说明书(2025-12-05版)

Filed Pursuant to Rule424(b)(2)Registration No.333-272447 The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanyingunderlying supplement, prospectus supplement and prospectus are not an offer to sell these securities and we are not soliciting an offer to buy these securitiesin any jurisdiction where the offer or sale is not permitted. Subject to Completion, Dated December5, 2025 Pricing Supplement dated, 2025(To Stock-Linked Underlying Supplement dated September5, 2023, Prospectus Canadian Imperial Bank of Commerce Senior Global Medium-Term Notes $Barrier Digital Notes Linked to the Worst Performing of the ClassA Common Stock of RobinhoodMarkets,Inc., the Common Stock of Advanced Micro Devices,Inc., and the Common Stock of Intel The Barrier Digital Notes (the “notes”) provide a Digital Return of at least 72.37% (to be determined on the Trade Date) if the price of the WorstPerforming Reference Stock does not decrease by more than 50%. If the price of the Worst Performing Reference Stock decreases by more than50%, investors will be subject to a 1-to-1 downside exposure to any decrease in the Final Price of the Worst Performing Reference Stock from its For each $1,000 in principal amount of the notes, the Payment at Maturity will be a cash amount depending on the Final Price of the Worst a.If the Final Price of the Worst Performing Reference Stock is greater than or equal to its Barrier Price (50% of its Initial Price):$1,000 + ($1,000 × Digital Return) The notes do not pay interest. The notes will not be listed on any securities exchange. The notes will be issued in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. The notes are unsecured obligations of the Bank and any payment on the notes is subject to the credit risk of the Bank. The notes will notconstitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation, or any other Neither the Securities and Exchange Commission (the “SEC”) nor any state or provincial securities commission has approved ordisapproved of these notes or determined if this pricing supplement or the accompanying underlying supplement, prospectus supplement or Investing in the notes involves risks not associated with an investment in ordinary debt securities. See “Additional Risk Factors” beginningon pagePS-7 of this pricing supplement, and “Risk Factors” beginning on pageS-1 of the accompanying underlying supplement, pageS-1 of (1)CIBC World Markets Corp. (“CIBCWM”), acting as agent for the Bank, will not receive any underwriting discount in connection with thedistribution of the notes. The Bank or one of its affiliates will pay a marketing, referral or other fees of 0.60% per $1,000 principal amount inconsideration for providing education, structuring or other services with respect to the distribution of the notes. See “Supplemental Plan of The initial estimated value of the notes on the Trade Date as determined by the Bank is expected to be between $922.70 and $942.70 per $1,000principal amount of the notes, which is expected to be less than the price to public. See “The Bank’s Estimated Value of the Notes” in this pricingsupplement. We will deliver the notes in book-entry form through the facilities of The Depository Trust Company (“DTC”) on or about December17, 2025against payment in immediately available funds. ADDITIONAL TERMS OF THE NOTES You should read this pricing supplement together with the prospectus dated September5, 2023 (the “prospectus”), the prospectussupplement dated September5, 2023 (the “prospectus supplement”) and the Stock-Linked Underlying Supplement dated September5,2023 (the “underlying supplement”). Information in this pricing supplement supersedes information in the underlying supplement, theprospectus supplement and the prospectus to the extent it is different from that information. Certain terms used but not defined herein You should rely only on the information contained in or incorporated by reference in this pricing supplement and the accompanyingunderlying supplement, the prospectus supplement and the prospectus. This pricing supplement may be used only for the purpose forwhich it has been prepared. No one is authorized to give information other than that contained in this pricing supplement and theaccompanying underlying supplement, the prospectus supplement and the prospectus, and in the documents referred to in those We and CIBCWM are not making an offer to sell the notes in any jurisdiction where the offer or sale is not permitted. You should notassume that the information contained in or incorporated by reference in this pricing supplement or the accompanying underlyingsupplement, the prospectus supplement or the prospectus is accurate as of any date other than the date of the applicable document. Ourbusiness, financial condition, results of ope