<p id="speakable-summary" class="wp-block-paragraph">Cerebras Systems raised $5.5 billion in its IPO on Thursday, pricing shares at $185 Wednesday evening, way higher than its range ($115 to $125, later raised to $150 to $160), even as it increased the size of the offering to 30 million shares.</p>
<p class="wp-block-paragraph">It then opened to public trading at $385, more than double (up 108%), as retail investors bid up the price to grab shares. The stock cooled a bit soon after, trading midday at above $330. It ended the day at $311 and a $66 billion valuation, according to Yahoo Finance. But the price was rising again in after-hours trading.</p>
<p class="wp-block-paragraph">Even at the IPO price of $185, the company entered its first day of trading at a fully diluted valuation of $56.4 billion (meaning, accounting for all shares). Co-founder CEO Andrew Feldman’s stake at $185/share was worth nearly $1.9 billion, while co-founder and CTO Sean Lie’s stake weighed in at about $1 billion.</p>
<p class="wp-block-paragraph">And obviously, if the above $300 price holds, the company and founders are worth far more than that.</p>
<p class="wp-block-paragraph">A year ago, it looked like this day would never happen for Cerebras. The Nvidia competitor, which designed its giant chip from scratch, purpose-built for AI, had first filed to go public in 2024. But concerns about a large investment from Abu Dhabi-based Group 42 mired the IPO in an endless review from the Committee on Foreign Investment in the United States (CFIUS). Investors were also cool about its financials: Group 42 accounted for almost all of Cerebras’ revenue. So those IPO plans were shelved.</p>
<p class="wp-block-paragraph">IPO ambitions reappeared in earnest in April when the company <a href="https://www.sec.gov/Archives/edgar/data/2021728/000162828026033143/cerebras-sx1a2.htm#ibd339ea2eafe457fa4b52fadf16fc05d_2302" target="_blank" rel="noreferrer noopener nofollow">was able to report about double the revenue</a>: $510 million in 2025 (up 76% year-over-year), and from a handful of customers. It also reported a massive swing to a profit — to $237.8 million in net income — compared to losing nearly half a billion the year before.</p>
<p class="wp-block-paragraph">Investors began salivating.</p>
<p class="wp-block-paragraph">Cerebras has now come out as a major contender for supplying chips for inference — the ongoing compute processing required for models to answer prompts — and counts OpenAI (in a <a href="https://techcrunch.com/2026/05/04/openais-cozy-partner-cerebras-is-on-track-for-a-blockbuster-ipo/" target="_blank" rel="noreferrer noopener">complicated circular-deal relationship</a>), G42, United Arab Emirates’ Mohamed bin Zayed University of Artificial Intelligence, and Amazon Web Services as customers.</p>
<p class="wp-block-paragraph"><em>Correction: This story was updated to reflect that Mohamed bin Zayed University is located in the UAE.</em></p>
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