Cerebras Soars in Blockbuster IPO as AI Chip Race Intensifies

Cerebras Systems opened at $350 per share in one of the year’s most highly anticipated initial public offerings, marking a major debut for a potential rival to NVIDIA.

Cerebras Systems executives celebrate the company’s blockbuster IPO debut on Wall Street. (Photo: Cerebras X)

Shares surged as much as 100% in the opening minutes of trading, reaching as high as $385 before trimming gains. By around 3 p.m. ET, the stock was trading near $330, Ines Ferré reported for Yahoo Finance.

The AI chipmaker had initially priced its shares at $185.

The rally pushed Cerebras’ market capitalization to nearly $70 billion based on outstanding shares disclosed in regulatory filings.

On a fully diluted basis — including restricted shares, stock options, and warrants — Bloomberg estimated the valuation at roughly $86 billion.

The listing is the largest IPO of 2026 so far and highlights continued investor enthusiasm for artificial intelligence semiconductor companies competing with Nvidia.

“We built a chip the size of a dinner plate. It’s 58 times larger than any chip previously built,” Cerebras CEO Andrew Feldman told Yahoo Finance. “We’re more than 15 times faster than the competition,” he added.