The offering is one of the largest U.S. tech IPOs in years and is seen as a wider stress test for a wave of AI listings Wall Street is bracing for later in the year.

Cerebras raised $5.55 billion in its IPO, and with the chipmaker's offering, investors are gearing up for some even bigger AI deals later this year.

The next-gen chipmaker first filed for its IPO in September 2024. Now, after snags that held up its debut, it’s a public company.

Cerebras Systems, the AI chipmaker rival to Nvidia, is set to raise more than $5.5bn after pricing its US IPO at $185 per share.