Cerebras Pops 68% in Largest U.S. Tech IPO Since Uber, Hitting $95B Valuation

AI chipmaker Cerebras Systems pulled off the largest U.S. technology IPO since Uber's 2019 debut last Thursday, with shares surging 68 percent on their first day of trading on the Nasdaq under ticker CBRS. The wafer-scale chip designer priced its offering at $185 per share Wednesday evening, well above its raised guidance range of $150 to $160, then opened at $350 Thursday morning before settling at $311.07 at the closing bell.

The deal raised $5.55 billion across 30 million shares and pushed Cerebras to a market capitalization of roughly $95 billion, with a fully diluted valuation near $106 billion. If underwriters exercise their option on an additional 4.5 million shares, total proceeds could reach $6.38 billion. Demand was more than 20 times oversubscribed, according to Bloomberg, and lead underwriters were Morgan Stanley, Citigroup, Barclays, and UBS.

Cerebras designs AI processors roughly the size of a dinner plate, with about four trillion transistors on a single piece of silicon, a design the company says is 57 times larger than Nvidia's H100. CEO Andrew Feldman, who co-founded the company in 2016, holds a stake now worth around $3.2 billion. Co-founder and CTO Sean Lie holds roughly $1.7 billion. Fidelity, Benchmark, Foundation Capital, and Eclipse are also major holders.

The path to public markets was not smooth. Cerebras first filed in September 2024 but withdrew its prospectus a year later after regulators scrutinized the company's heavy reliance on a single United Arab Emirates customer, Microsoft-backed G42. In its refreshed S-1, Cerebras disclosed that G42 accounted for 24 percent of 2025 revenue, down from 85 percent the prior year, though the Mohamed bin Zayed University of Artificial Intelligence in the UAE made up 62 percent of last year's revenue. Two customers combined still represented roughly 86 percent of 2025 sales.

To diversify, Cerebras signed a more than $20 billion cloud deal with OpenAI in January and an Amazon Web Services partnership in March, both of which include stock warrants. Shares dropped roughly 10 percent on Friday, the day after the debut, as analysts flagged a price-to-sales multiple north of 130. SpaceX, OpenAI, and Anthropic are all expected to test public markets later this year, and Cerebras is being read as a leading indicator for that wave.