Cerebras Pops 68% in Nasdaq Debut, Lifting AI Chipmaker's Value to $95 Billion
AI chip maker Cerebras surged 68% on its first Nasdaq trading day, pushing its market value to roughly $95 billion. The offering drew $5.55 billion in demand, marking one of the year's largest technology listings.
AI hardware maker Cerebras Systems began trading on Nasdaq under the ticker CBRS on Thursday, opening at the $185 IPO price and closing the day up 68%. The pop lifted the company's market capitalisation to about $95 billion, a critical gauge of investor appetite for a Silicon Valley contender pitching itself as a rival to Nvidia.
Cerebras markets its wafer-scale chips as an alternative to Nvidia GPUs for training large language models. The IPO drew $5.55 billion in demand, the biggest technology listing of the year so far. Executives said proceeds would fund expansion of data centre capacity in the United States and the United Arab Emirates.
Analysts said the premium debut confirms continued investor demand for AI infrastructure plays. Some cautioned that the valuation still looks stretched and that Cerebras must deliver on revenue forecasts. The company is expected to outline a one-billion-dollar revenue target for this year.
More from North America
SpaceX IPO prospectus could land as soon as next week, sources say
Elon Musk's SpaceX could file its initial public offering prospectus as soon as next week, sources told CNBC. The listing would be one of the largest tech IPOs of the decade if it goes through.
Dow recaptures 50,000 as S&P 500 closes above 7,500 for first time
Wall Street hit new highs as an AI-led rally lifted major indexes. The Dow added 370 points to retake 50,000, and the S&P 500 closed above 7,500 for the first time ever.
Fed Governor Miran Resigns, Throws Support Behind Warsh as New Chair
US Federal Reserve Governor Stephen Miran submitted his resignation and publicly endorsed Kevin Warsh, who is taking over as the new Fed chair. The move clears space for Warsh to shape his leadership team after a senior reshuffle at the central bank.