Cerebras Systems, the AI chip company, raised $5.5 billion in its initial public offering on Thursday, May 14, 2026. The company priced shares at $185 Wednesday evening, well above its initial range of $115 to $125, which had been raised to $150 to $160. The offering size was increased to 30 million shares.
On its first day of trading on the Nasdaq, Cerebras shares surged 108%, closing at $385. The strong debut reflects investor enthusiasm for AI hardware companies, as Cerebras competes with Nvidia in the market for large-scale AI training chips.
Cerebras is known for its wafer-scale chips, which are designed to handle massive AI workloads. The company's IPO was one of the largest tech listings of 2026, and the stock pop was among the biggest for a major tech IPO in recent years.
