Cerebras Systems shares rise 89 percent in Nasdaq debut
Cerebras shares rose 89 percent in their Nasdaq debut, valuing the firm at 106.75 billion dollars. It is the largest initial public offering of the year.
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Cerebras Systems shares jumped 89% to $350 in their Nasdaq debut, raising $5.55 billion at a $106.75 billion valuation. The listing is the largest IPO so far this year, occurring as artificial intelligence demand drives markets to record highs. The Sunnyvale-based chip designer uses a wafer-scale engine designed to challenge traditional GPU-based systems in AI computing.
Cerebras priced its IPO at $185 per share before the stock opened at $350 on Thursday. Demand for the offering was high, with orders exceeding available shares by more than 20 times.
