Cerebras closed its first day of trading with a market cap close to $100 billion and turned two co-founders into billionaires in the process.

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 Systems Inc. raised $5.55 billion in its US initial public offering, as the artificial intelligence chipmaker seizes on the surging demand for semiconductors.

Company raised $5.55bn from sale of 30 million shares

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.