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Cerebras IPO Valued at $95B, Creates Two New Billionaires

Cerebras Systems debuted on Nasdaq Thursday with shares surging 68% in a blockbuster initial public offering that minted two billionaires. Co-founder and CEO Andrew Feldman and hardware technology chief Sean Lie each hold stakes valued at $3 billion following the offering. The chipmaker raised $5.55 billion in the year's largest IPO after withdrawing a prior public filing seven months earlier to pursue private capital. The company's $95 billion market valuation caps a remarkable turnaround for the semiconductor maker, which now benefits from surging demand for AI chips across the sector. Feldman said Cerebras reached sufficient maturity to access public markets. The company can now fund growth opportunities. Early investors capitalized significantly on the day-one surge. Venture firms including Benchmark and Foundation Capital realized substantial gains from their Series A participation in 2016.