Shares of Cerebras Systems surged 68% in their Nasdaq debut, as the artificial-intelligence chipmaker delivered one of the strongest first-day performances of the year and signalled a revival in the market for technology listings.
The company priced its shares at $185 on Wednesday evening. The stock opened at $350 on Thursday and closed at $311.07, valuing Cerebras at about $95 billion.
Cerebras sold 30 million shares in the offering, raising $5.55 billion — one of the largest US technology IPOs in years and the biggest of 2026 to date.
Founded a decade ago, Cerebras designs unusually large "wafer-scale" processors built for AI workloads, positioning itself as a challenger to Nvidia in the market for high-performance computing hardware.
The company has diversified its customer base over the past year through agreements with Amazon and OpenAI. OpenAI has committed to adding 750 megawatts of Cerebras-backed low-latency compute through 2028, a deal the company’s prospectus valued at more than $20 billion.
Cerebras first filed to go public in 2024 but withdrew the submission after scrutiny of its heavy reliance on a single customer, the UAE-based, Microsoft-backed firm G42. In its refreshed prospectus, the company said G42 accounted for 24% of revenue last year, down from 85% in 2024.
Analysts pointed to the debut as evidence that investor appetite for AI-related listings has returned in force, after a stretch in which few large technology companies braved public markets.