GoKawiilCerebras Systems soared 68% in its Nasdaq debut on Thursday, closing at $311.07 after selling shares at $185, well above the company's expected range. That values the chipmaker at about $95 billion.
The company sold 30 million shares in its offering late Wednesday, raising $5.55 billion, the largest initial public offering for a U.S. tech company since Uber's debut in 2019. If underwriters exercise their option to buy 4.5 million additional shares, total proceeds could reach $6.38 billion.
The stock opened at $350, peaked at $386 and then drifted lower in Thursday's trading session.
Cerebras, based in Silicon Valley, is benefiting from the artificial intelligence boom, which has lifted wide swaths of the semiconductor space in recent months, with Intel , Advanced Micro Devices and Micron all notching triple-digit gains this year. The VanEck Semiconductor ETF has jumped 58% so far in 2026.
The rise of AI agents that can automatically complete tasks has boosted demand for Nvidia's dominant graphics processing units, as well as more traditional central processing units.
Cerebras is the biggest pureplay AI IPO to hit Wall Street and the first notable tech offering in months, as the market has struggled to rebound from the downturn that began in 2022, when inflation began soaring. But investors could be in for a wave of historic IPOs with a focus on AI. Elon Musk's SpaceX, which merged with AI company xAI in February, is gearing up for a share sale, and model developers OpenAI and Anthropic could hit the market later this year.