On its initial public offering debut, Cerebras saw its stock price nearly double, opening at $350 on the Nasdaq under the ticker CBRS. This surge came after the AI chipmaker priced its shares at $185 each the previous evening, raising $5.55 billion from 30 million shares. The listing marks the largest tech IPO in the United States since Uber went public in 2019.
At the opening bell, Cerebras commanded a market valuation exceeding $100 billion. Trading was briefly paused due to volatility, but shares later settled around $324 in the afternoon. If underwriters choose to purchase an additional 4.5 million shares, total proceeds could climb to $6.38 billion.
The final offering price of $185 significantly surpassed the initial range of $115 to $125 per share, which had been revised upward twice. Cerebras had previously withdrawn its IPO filing before refiling amid renewed investor enthusiasm. The company reported $510 million in revenue and $237.8 million in net income for 2025, a dramatic turnaround from a nearly $500 million net loss the prior year.
Cerebras specializes in chips built on its Wafer-Scale Engine architecture, designed to efficiently handle large language model workloads, challenging Nvidia’s dominance. OpenAI has pledged $20 billion for chip purchases from Cerebras, and Amazon Web Services has integrated the CS-3 system into Amazon Bedrock.
CEO Andrew Feldman emphasized that demand for Cerebras chips, particularly for AI inference, is not speculative. He noted that major AI firms like Anthropic and OpenAI face greater demand for their services than available computing power. The successful IPO is seen on Wall Street as a bellwether for a wave of AI listings, with OpenAI and SpaceX reportedly preparing for late 2026 offerings.