AI Chip Maker Cerebras Surges 108% on IPO Debut, Hitting $66B Valuation

Cerebras Systems, the AI chip designer that builds processors purpose-built for artificial intelligence inference, raised $5.5 billion in its IPO on Thursday after pricing shares at $185 — well above its revised target range — before opening to public trading at $385. The stock closed its first day at $311, giving the company a valuation of $66 billion.

Co-founder and CEO Andrew Feldman and co-founder and CTO Sean Lie held stakes worth approximately $1.9 billion and $1 billion respectively at the IPO price. The debut marks a dramatic turnaround for Cerebras, which shelved its 2024 listing after regulatory scrutiny of an investment by Abu Dhabi-based Group 42 stalled proceedings.

The company returned to markets after reporting $510 million in 2025 revenue — up 76% year-on-year — and a net income swing to $237.8 million from a near-$500 million loss the prior year. Customers now include OpenAI, Amazon Web Services, and Saudi Arabia’s Mohamed bin Zayed University of Artificial Intelligence.