Cerebras stock jumps 68% in Nasdaq debut, lifting AI chipmaker to $95 billion

Cerebras Systems jumped 68% on its first day of trading on the Nasdaq, underlining how strong appetite remains for artificial intelligence listings. The stock, priced at $185 in its initial public offering, traded around $311 during the session, lifting the company's market capitalisation to roughly $95 billion.

The deal, one of 2026's largest pure-play AI IPOs, raised about $5.55 billion. Paper gains for founders and early backers swelled into the billions on day one. Chief executive Andrew Feldman's holding is now worth more than $3.2 billion, while early venture capital backers also recorded sharp markups on their investments.

Investors describe Cerebras as one of the few pure AI chipmakers attempting to take market share from Nvidia, which dominates the data centre training segment. The company makes single-wafer-scale chips for data centres running large language models, an approach designed to handle larger workloads at lower latency. The AI segment of the equity rally has powered back to strength in recent weeks.