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Cerebras Soars 68% in Nasdaq Debut, Raising $5.55 Billion

Cerebras Systems closed at $311 Thursday after its Nasdaq debut, marking a 68% gain from its $185 offering price. The Silicon Valley chipmaker sold 30 million shares Wednesday, raising $5.55 billion in the largest U.S. tech IPO since Uber's 2019 debut. The offering valued the company at approximately $95 billion. Underwriters hold options to purchase an additional 4.5 million shares, potentially bringing total proceeds to $6 billion. The stock opened at $350 and peaked at $386 before settling lower. Cerebras, a 10-year-old company, has strengthened its market position through partnerships with Amazon and OpenAI. The semiconductor sector has gained momentum, with the VanEck Semiconductor ETF jumping 58% and peers like Intel, Advanced Micro Devices, and Micron posting triple-digit returns.