Cerebras Systems shares opened at $350 on Thursday, nearly 89% above their initial public offering price, valuing the artificial intelligence chipmaker at about $100 billion in a blockbuster market debut. The company priced its IPO at $185 per share on Wednesday, selling 30 million Class A shares to raise $5.55 billion.
The offering was initially marketed at 28 million shares priced between $115 and $125 before the range was twice revised higher during the roadshow.
The final pricing gave Cerebras a fully diluted valuation of more than $56 billion, more than double the approximately $23 billion valuation it secured in a private funding round in February.
Institutional demand for the IPO exceeded available shares by more than 20 times, according to reports, prompting the company to increase both the price range and the number of shares offered.
The listing marked Cerebras’ second attempt to go public after the company withdrew a previous filing in 2024 following a national security review tied to its partnership with UAE-based AI firm G42, which accounted for more than 80% of its revenue in the first half of that year.
The Committee on Foreign Investment in the United States later cleared the arrangement.
Bloomberg had earlier reported that Arm Holdings and SoftBank Group made a late-stage acquisition bid for Cerebras, which the company rejected.
Morgan Stanley, Citigroup, Barclays and UBS Investment Bank acted as lead book-running managers for the IPO.
Cerebras develops AI processing systems including its Wafer-Scale Engine 3 processor, which the company says is 58 times larger than leading GPU chips and capable of delivering inference speeds up to 15 times faster than GPU-based alternatives for open-source AI models.