Cerebras Systems Inc shares jumped 68 percent in its trading debut after raising US$5.5 billion in the year’s largest initial public offering (IPO), illustrating investors’ surging appetite for artificial intelligence (AI) data centers and the chips running them.
Shares of the Sunnyvale, California-based company pared earlier gains to close at US$311.07 in New York on Thursday, above the US$185 IPO price, after being halted earlier for volatility.
Cerebras’ first-time share sale raised nearly 60 percent more than its target when it launched and priced above a marketed range that was revised higher on Monday.
The trading gave Cerebras a market value of US$67 billion, based on the outstanding shares in its filings.
Accounting for restricted shares, options and warrants, the company has a fully diluted value of about US$83 billion.
