Cerebras Nearly Doubles on Nasdaq Debut, Crossing $100 Billion Valuation

CNBC reported Thursday that AI chipmaker Cerebras Systems (CBRS) nearly doubled on its first day of Nasdaq trading, opening at $350 per share against a $185 IPO price. The debut pushed the company’s market capitalization past $100 billion, cementing Cerebras as one of the most consequential pure-play AI listings to date.

A Record-Breaking Tech Offering

The Silicon Valley-based chipmaker sold 30 million shares in its overnight offering, pulling in $5.55 billion. That is the largest fundraise by a U.S. technology company since Uber went public in 2019. Underwriters retain an option to purchase an additional 4.5 million shares. Exercising that option would lift total proceeds to roughly $6.38 billion.

The listing arrives during a powerful run for semiconductor stocks broadly. Intel, Advanced Micro Devices, and Micron have all posted triple-digit gains so far this year. The VanEck Semiconductor ETF has climbed 58% in 2026, buoyed by insatiable demand tied to AI infrastructure buildout.

A Long Road to Market

The Cerebras IPO journey was far from straightforward. The company first filed to go public in September 2024 before pulling that submission roughly a year later. Regulators and investors had flagged the company’s heavy dependence on a single customer, UAE-based Microsoft partner G42, which at one point represented 85% of total revenue.

Cerebras refiled in April 2026 with a significantly reshaped customer picture. G42’s share of annual revenue had fallen to 24%. However, Abu Dhabi’s Mohamed bin Zayed University of Artificial Intelligence still accounted for 62% of last year’s revenue. CEO Andrew Feldman told CNBC that large anchor customers are a defining feature of the current AI infrastructure market, describing joint work with the UAE university as collaborative model training for English-Arabic language systems.

Financials and the Competitive Landscape

Revenue at Cerebras jumped 76% last year to $510 million. The company swung to a net profit of $88 million from a loss exceeding $480 million the prior year. Feldman co-founded the company in 2016 and holds roughly 5% of voting power, with his stake valued near $2 billion at IPO pricing. Fidelity holds approximately 11%.

Cerebras competes directly against Nvidia, which remains the world’s most valuable company. Cerebras argues its chip architecture delivers speed and cost advantages over Nvidia’s dominant GPUs. Nvidia itself paid $20 billion for Groq assets late last year, a move widely seen as a direct response to Cerebras-style challengers.

The IPO market has been sparse. Only 31 tech listings closed in 2025, down from 121 four years prior. Investors are now watching potential offerings from SpaceX, OpenAI, and Anthropic later in 2026.

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