Cerebras Systems, the Nvidia competitor that designs giant chips purpose-built for AI, raised $5.5B in its IPO on Thursday by pricing shares at $185 (well above its initial range of $115 to $125 later raised to $150 to $160) and increasing the offering to 30M shares. The stock opened at $385 (up 108%), cooled to close at $311 for a $66B valuation, with co-founder and CEO Andrew Feldman’s stake worth nearly $1.9B and co-founder and CTO Sean Lie’s stake at about $1B at the IPO price. The debut comes a year after Cerebras shelved earlier IPO plans amid a stalled CFIUS review tied to a large investment from Abu Dhabi-based G42 (which accounted for almost all of its revenue), with the company now reporting $510M in 2025 revenue up 76% YoY and a swing to $237.8M in net income from a near half-billion-dollar loss the year before, and customers including OpenAI, G42, Saudi’s MBZUAI, and AWS.
