Cerebras successfully launched its IPO on Thursday, raising $5.5 billion after pricing shares at $185 on Wednesday evening. This price significantly exceeded the initial range of $115 to $125, which had already been raised to $150-$160, and the company also increased the offering size to 30 million shares. Pre-market trading suggests a strong opening surge, as retail investors are aggressively bidding up the price to secure shares. (We will update this story once trading begins.)

At the IPO price, Cerebras enters its first day of trading with a fully-diluted valuation of $56.4 billion, accounting for all shares outstanding. Co-founder and CEO Andrew Feldman’s stake at $185 per share is worth nearly $1.9 billion, while co-founder and CTO Sean Lie’s stake is valued at approximately $1 billion. Just a year ago, this milestone seemed unlikely for Cerebras. The Nvidia competitor, which designed its massive chip from scratch specifically for AI applications, initially filed for its public offering in 2024. However, concerns over a substantial investment from Abu Dhabi-based Group 42 triggered an extended review by the Committee on Foreign Investment in the United States (CFIUS). Additionally, investors were wary of the company’s financials, as Group 42 accounted for nearly all of Cerebras’s revenue at the time. These factors forced the company to shelve its IPO plans.

IPO ambitions resurfaced in earnest this April, when Cerebras reported roughly double the revenue—$510 million in 2025, a 76% year-over-year increase—drawn from a handful of customers. The company also swung dramatically to profitability, posting $237.8 million in net income compared to a loss of nearly half a billion dollars the previous year. Investors quickly became enthusiastic. Cerebras has now emerged as a major contender for supplying chips used in inference—the ongoing computational processing required for AI models to respond to prompts. Its customer base now includes OpenAI (through a complex circular-deal arrangement), G42, Saudi Arabia’s Mohamed bin Zayed University of Artificial Intelligence, and Amazon Web Services. This story is developing; we will update with first-day trading figures.