TL;DRCerebras raised $5.55bn at a $95bn debut. SpaceX, OpenAI, and Anthropic, worth $3 trillion combined, could IPO this year.
Cerebras Systems closed its first day on the Nasdaq at $311.07, up 68% from its $185 IPO price, giving the wafer-scale chip company a market capitalisation of approximately $95 billion. The offering raised $5.55 billion, making it the largest US tech IPO since Snowflake’s $3.8 billion debut in 2020. CEO Andrew Feldman rang the bell at the Nasdaq MarketSite holding the company’s dinner-plate-sized Wafer Scale Engine 3 chip. By the close, the two co-founders, Feldman and hardware chief Sean Lie, were billionaires.
The debut is a validation of investor appetite for pure-play AI hardware, a category that has been almost entirely inaccessible to public market investors. CoreWeave, which went public in March 2025 and is now valued at over $58 billion, was the closest prior data point, but it sells cloud infrastructure rather than silicon. Cerebras is the first dedicated AI chip company to list since the generative AI boom began, and its opening-day performance suggests that public market demand for AI exposure is at least as aggressive as the private market has been pricing it.
