Cerebras Systems Raises $5.5 Billion in IPO; Stock Surges 68 Percent in First Day

An employee holds a silicon wafer with chips etched into it at Applied Materials in Sunnyvale, Calif., on May 22, 2023. Jim Wilson/Pool/AFP via Getty Images

Shares of AI chip company Cerebras Systems began trading on the Nasdaq Global Select Market on May 14 under the ticker CBRS.

The previous day, Cerebras priced its initial public offering (IPO) of 30 million shares at $185 per share alongside 4.5 million stock options for its underwriters. The company raised about $5.55 billion, the biggest IPO of the year so far.