Bond.az -- AI chipmaker Cerebras Systems Inc opened at $350 per share on the NASDAQ after pricing its IPO at $185. Shares last traded at $312.70, up 69%.
The Santa Clara-based company raised $5.55 billion by selling 30 million shares, well above its original terms of 28 million shares at $115-$125.
The opening price implied a fully diluted valuation of about $100 billion, more than triple its $23 billion private valuation from February 2026.
Demand was extraordinary: institutional orders exceeded available shares by more than 20 times, according to Reuters.
Cerebras makes the Wafer-Scale Engine (WSE), a processor with 4 trillion transistors and 900,000 cores, competing with Nvidia in AI inference.
The company signed a $20 billion deal with OpenAI and partnered with Amazon Web Services to offer the WSE to cloud customers.
Revenue for 2025 reached $510 million, up 75% year-over-year. Operating loss was $345 million. Remaining performance obligation stood at $24.6 billion.
This is Cerebras' second IPO attempt. The first failed in 2024 due to a CFIUS review of its partnership with UAE-based G42.
Before the IPO, reports emerged that Arm Holdings and SoftBank attempted to acquire the company. Cerebras rejected the offer.
U.S. IPO proceeds have doubled to $22.3 billion in 2026, with Cerebras accounting for about a quarter. Upcoming IPOs include SpaceX, OpenAI, and Anthropic.
