Cerebras prices IPO at $185, pops 68% in Nasdaq debut to ~$95bn market cap — biggest US listing of 2026

AI chipmaker Cerebras Systems completed a blockbuster Nasdaq IPO under ticker CBRS, pricing 30 million Class A shares at $185 — above the marketed range — to raise about $5.55 billion (up to ~$6.38bn with the over-allotment). The stock surged on its first session, closing up roughly 68% at $311.07 and intraday reaching the mid-$380s, briefly triggering a volatility halt, and ending its debut day worth about $95 billion on a fully diluted basis. The pricing alone valued the company near $56.4bn, a sharp step-up from the ~$23bn valuation of its most recent private round in February 2026.

Cerebras, known for its wafer-scale engine processors, reported FY2025 revenue of about $510 million, up roughly 76% year over year, swinging to net income of about $88 million from a prior-year loss; some outlets characterized the period as an operating loss (~$146m) with a ~39% gross margin, a discrepancy reflecting differing GAAP/adjusted presentations. Multiple outlets called it the biggest US IPO of 2026 to that point and the first major pure-play AI listing to reach public markets after a months-long drought, with bankers reading the demand as a signal that a wave of AI offerings — potentially OpenAI, Anthropic and SpaceX — could follow. The pop revived debate over IPO underpricing and froth in AI valuations; the stock gave back ground in subsequent sessions.

Reporting consistently noted the ~187x price-to-sales multiple as a marker of how aggressively the market was pricing AI-compute scarcity.