Cerebras Systems Raises $5.5 Billion in IPO; Stock Surges 68 Percent in First Day

Shares of AI chip company Cerebras Systems began trading on the Nasdaq Global Select Market on May 14 under the ticker CBRS.

The previous day, Cerebras priced its initial public offering (IPO) of 30 million shares at $185 per share alongside 4.5 million stock options for its underwriters. The company raised about $5.55 billion, the biggest IPO of the year so far.

The stock opened the trading day on Thursday at $350 and reached an intraday high of $385 before closing the day at $311.07, which represented a more than 68 percent jump from its IPO price despite multiple price raises ahead of the offering.

Over 32 million shares of Cerebras were traded on its opening day, and the closing price valued the company at nearly $107 billion on a fully diluted basis.

Morgan Stanley, Citigroup, Barclays, and UBS acted as lead advisers for the offering.

“Ringing the @Nasdaq bell is just the beginning,” Cerebras CEO Andrew Feldman wrote on X. “We founded @cerebras with a vision to forever change AI compute. Yesterday, we went public on the @Nasdaq, an important step towards that goal.”

Headquartered in Sunnyvale, California, Cerebras was founded in 2015 by Feldman and four others who previously worked for SeaMicro, a microserver builder that was acquired by AMD in 2012 for $357 million.

The company challenged conventional AI computing by introducing larger wafer-scale processors to the market, compared to other companies that cut silicon wafers down to develop much smaller semiconductors.

Cerebras launched its WSE-1 processor and CS-1 system in 2019 and began selling the technology worldwide.

In January 2026, the company announced a deal with OpenAI, where the ChatGPT-maker committed to purchasing more than $10 billion of Cerbras’s computing power over the next three years. Cerebras will build or lease data centers with its chips and OpenAI will use Cerebras’s cloud services for its AI products.

Shortly after, the company closed a $1 billion Series H funding round in February led by Tiger Global that valued the company at approximately $23 billion post-money.

Cerebras announced on April 17 that it filed for the IPO with the Securities and Exchange Commission.

On May 4, the company announced its IPO price was expected to be between $115 and $125 per share, and that it filed to offer 28 million shares and up to an additional 4.2 million of stock options for its underwriters.

The company later upped the marketed price and number of shares to 30 million shares at between $150 and $160 per share, before the price was finally set at $185 per share before its offering.

Reuters contributed to this report.