Shares of US chip startup Cerebras Systems surged Thursday in its trading debut, more than doubling at one point and hitting a market value of $80 billion. Shortly after 1730 GMT, Cerebras stood at $332.51, up around 80 percent on the Nasdaq exchange after earlier reaching $385.

Cerebras Systems upsized its IPO to 30 million shares at $150-$160 each, targeting $4.8B with a $33B valuation as the book was oversubscribed roughly 20x.

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.

Company raised $5.55bn from sale of 30 million shares

Share price above the expected range

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.

It topped expectations that were already high.

Cerebras starts trading on Nasdaq Global Select Market on Thursday under the ticker symbol 'CBRS'.